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3 thoughts on “NFT – a foray”
Could you explain what an NFT is (for dummies that is). I have tried but all the explanations are complicated.
It’s a really good question Manu and I’m not sure that the answer is entirely clear since it’s a pretty new trend but also, it’s far from guaranteed to endure. I’m in no way an expert but I do have an interest because of my DanelDoodles and the like. This one above is not an example of an NFT, it just looks like some of them do in my view. Check this marketplace out, one of the popular ones where you actually buy and sell NFT’s to get an idea: https://opensea.io/ More explanation below:
NFT stands for non-fungible token. They are a “one-of-a-kind” asset in the digital world that can be bought and sold like any other piece of property, but they have no tangible form of their own.
The digital tokens can be thought of as certificates of ownership for virtual or physical assets.
Traditional works of art such as paintings are valuable because they are one of a kind. But digital files can be easily and endlessly duplicated.
With NFTs, artwork can be “tokenised” to create a digital certificate of ownership that can be bought and sold.
A record of who owns what is stored on a shared ledger known as the blockchain.
The records cannot be forged because the ledger is maintained by thousands of computers around the world.
So especially for digital creations, it could be a really handy way to protect your work and sell it so that buyers are guaranteed to maintain exclusivity on what they have purchased.
Hope that very much simplified explanation helped 😉
Thank you Stephen, that cleared it for me. There are some amazing NFT’s on OpenSea, some really creative people out there.