An NFT (non-fungible token) is a unique digital item stored on a blockchain. NFTs can represent almost anything, and serve as a digital record of ownership.

Fungible vs. non-fungible

Before we dive into NFTs, it’s important to understand the “non-fungible” part of “non-fungible token.” When an item is fungible, it means it’s interchangeable with another of the same item. Non-fungible, on the other hand, means the item is totally unique, and therefore has its own unique value. For example, two cars of the same make and model might have different values based on how many miles are on the odometer, their accident records, or if it was previously owned by a celebrity.

How do NFTs work?

NFTs operate on blockchain technology. The blockchain is basically a large, digital, public record. The most popular blockchains are distributed across many nodes, which is why you’ll hear them described as “decentralized.” So instead of a central company-owned server, the blockchain is distributed across a peer-to-peer network. Not only does this ensure that the blockchain remains immutable, it also allows the node operators to earn money, instead of a single company. Because the blockchain records and preserves history, it is uniquely positioned to transform provable authenticity and digital ownership. When someone creates, transfers, buys, sells, or otherwise does something with an NFT, that all gets recorded on the blockchain. This is what enables authentication. This record serves as a permanent statement of authenticity that can be viewed or accessed by anyone. Today, when you buy a piece of art or a collector’s item, it typically comes with a paper certificate of authenticity, which you must then keep track of forever. It is easily forgotten, lost or destroyed, creating a very fragile system for authenticity. Blockchain’s offer a simple and more secure solution to this long standing issue of proving authenticity. Let’s say you want to buy a piece of artwork from Tyler Hobbs. With NFTs, you can see the entire history of that piece, all the past owners, every sale, all the way back to Hobbs’ original creation of the piece. Without NFTs, you wouldn’t know if you were buying the real piece or just a really good fake. NFTs can establish which items are authentic and which are not.

The impact of NFT technology

Blockchain technology is revolutionary for digital goods. With NFTs, digital goods can be scarce, openly transferable, and have authenticated ownership. But you might be thinking…so what? For creators, these new attributes are incredibly powerful. Instead of distributing their artwork, music, or other creations on platforms that are traditionally hard to monetize, they’re able to sell unique and authenticated items on a blockchain-based marketplace. In addition to the initial sales, the underlying code that powers NFTs also can also enable creators to receive set creator earnings on every secondary sale. For example, a developer could make an in-game skin that can be used across a variety of games and has established authenticity and ownership, and that developer can earn money every time that skin is bought or sold. This technology is revolutionary for collectors, too. Imagine you’re about to buy a concert ticket online— with NFTs, you can trust its authenticity, because of the undisputed blockchain history, instead of relying on the reseller’s word. There are primarily 6 types of NFTs

• Art
• GameFi
• Membership
• Domain name
• Virtual World
• Sports

The platform supports all types of NFTs but we are focusing on Art. Art NFTs today mostly have no utility tied to them. We are on a mission to increase utility in Art NFT by having the platform ready for the NFT to produce more content on the IP. Creators have the ability and freedom to produce content and increase NFTs utility as well. We truly believe this will be a grand new step into the future.