In this section we explore the world of Non-Fungible Tokens. Namely what they are, how they work and why its such an exciting technology. We provide you with a brief overview of this but in order to develop a deeper understanding of NFTs we recommend that you click on the underlined texts.
What are Non-Fungible Tokens?
NFTs are tokens which represent ownership of unique items. The key term in their name is non-fungible meaning they are non-interchangeable, unique and irreplaceable. Artwork is a perfect example of non-fungible assets. NFTs can only have one official owner at a time and ultimately allow us to tokenise items such as art, music and real estate.
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Here are two sources for learning more about NFTs. Namely what they are, how they work and their applications.
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How do NFTs work?
NFTs assign ownership digital objects represented as a unique piece of data trackable on the blockchain as a public ledger. NFTs are minted from these digital objects which can represent both digital and non-digital assets. NFT minting refers to turning a digital file into a crypto collectible on the blockchain.
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NFT ownership is done through the use of a uniqueID and metadeta which cannot be replicated. In which the minting is done through smart contracts which assigns ownership and manages the transferability of the NFT. For greater detail of how NFTs work check out the following article and video:
What are the Potential Applications of NFTs?
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