NFTs are unique, digital items with blockchain-managed ownership. This looks complex, but is actually way simpler than you might think!
NFT stands for non-fungible tokens, which is a modern and technical way of saying and proving that you’re the owner of a digital item, such as:
- Game items
- Virtual reality items
- Crypto domain names and more.
Before NFTs arrived on the scene, there was no way for people to prove who’s the real owner of stuff on the internet. Unlike art in a physical museum or gallery, or even at someone’s house, where the real deal has the signature of the artist and when you purchase it you get a Certificate of Authenticity, on the internet things were a bit more chaotic, lots of people could post or repost an image, a tweet, even a text, but who owns it?
Now your ownership is proved via blockchain and it’s public, this way anyone can see information such as who and when the NFT was created, who bought it, the price it was paid and who’s the current owner. It also guarantees that your token is safe in your wallet and that it will stay there until when you decide to negotiate it, with the possibility of asset interoperability across multiple platforms. It’s the Certificate of Authenticity for the age of digital assets.
And while NFTs are a digital token, the experience they can give you can go way beyond that! It can be a way to support your favorite content creator, to show your contribution to projects you believe in, act as a ticket to exclusive platforms and groups, and so much more!
If you would like a deeper look into NFTs, feel free to check out the following link: The Non-Fungible Token Bible: Everything you need to know about NFTs - OpenSea Blog