Non-Fungible tokens are all the rage nowadays and obviously for all the good reasons!
Creators and artists are using the Non-Fungible tokens to take charge of their work. They are taking control of their work, improving their relationships with their communities, and monetizing them.
In the future, there are fair chances that will be crucial for the people who are buying, using and sharing virtual objects and experiences.
However, even after getting so much content on the Non-Fungible tokens, this word can sound like a buzzword most of the time, and it can be confusing for the people who are new to the Non-Fungible Tokens.
In this short article, let’s find out more about Non-Fungible tokens :
What Are Non-Fungible Tokens?
Basically, Non-Fungible Tokens are the smart contracts that represent the ownership of the unique digital items like videos, pictures, digital art, music, tickets to an event, and unique legal documents) or anything digital with a unique identity.
If something is Non-Fungible Tokens, it simply means that it is unique and it can’t be replaceable with anything else.
For instance, a dollar bill is a fungible item as any dollar can be replaceable by another with the same worth. Non Fungible items outside the crypto world could be assets like land, diamonds or even baseball cards. Further, an
is not interchangeable with a different item because of its unique properties.
Non Fungible Tokens only have one official owner, and the contract and transactions are recorded and secured on the Ethereum blockchain.
Now, if you have questions like others: can I take screenshots or download them?
Yes, you can. You can take the screenshot of the NFT images just like you can take the photo of the original Mona Lisa photo.
But, you are not the original owner of the NFTs of the Mona Lisa.
How do NFTs have a Unique Identity?
Every NFT has a unique signature that authenticates the NFT and any of the transactions related to it.
The transaction details include who created it, owns it, sold it and how much it costs.
The creation of the NFT is called minting, and when a digital file gets minted, the Non-Fungible Token is generated and stored on the blockchain.
In addition, blockchain technology offers a record of the ownership of a public and distributed database that anyone can see.
Suggested Reads: Is it possible to reverse the Fractional NFTs?
