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2022-01-14 06:22:03

How NFTs Help Shape the Future

NFT stands for Non-Fungible Token – Non-Fungible meaning unique, and token meaning record of ownership stored on a blockchain. Put together, an NFT is a record of ownership of a unique item that’s stored on a blockchain. While NFTs had their start in generative art, their use cases have expanded to include other digital items like metaverse land, blockchain game characters, and music. Further, a process called tokenization allows the ownership of physical items to be encoded into blockchains, expanding NFT use cases even further to include things like merchandise, real estate, and physical art. Data stored on blockchains is immutable and transparent – immutable meaning tamper-resistant, and transparent meaning visible and verifiable by all. Because NFTs exist on the blockchain, they cannot be deleted, and their existence is publicly verifiable. This makes NFTs ideal for ownership rights management and securely storing important records. Their applications are limited only by the human imagination. The logic behind NFTs – their creation, how they are transferred between people, and their utility – is managed by smart contracts, bits of software that enforce digital agreements and run on decentralized networks like Ethereum. Combined with immutability and transparency, smart contracts make NFTs trustless, making it possible for people to transact directly without risk of fraud. Thanks to trustlessness, networks of anonymous indi...

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