Tracking who owns a digital file is tricky, as it can be copied and distributed in the blink of an eye. Now that you know a bit more about how NFTs work and how they are defined, keep reading to learn more about the power and purpose of NFTs. The creator writes a smart contract that defines the use, royalties, and legal aspects of the NFT.An NFT-unique data makes it easy to verify the creator, owner, and enables token transfer between owners. NFTs can have only one owner at a time.An NFT is created, or “minted,” from digital objects that can represent both tangible and intangible items.NFTs are blockchain agnostic, meaning they can be built on a variety of blockchains.NFTs exist on a blockchain, which is a distributed public ledger that records transactions.Past just representing objects, they’re backed by smart contracts that allow them to have unique properties such as secondary sales and transferable value. NFTs are digital assets that represent either digital or physical objects like art, music, event tickets, videos, and more. So, what is an NFT then? They are tokens that live on a blockchain and represent ownership of unique items. For instance, one dollar and one dollar are equal to one another. Fungible items on the other hand can be exchanged for one another. For instance, the Mona Lisa is not equal to Starry Night-they both have unique properties which make them non-fungible. Non-fungible means that something cannot be exchanged for another item because it’s unique.
Understand the purpose and power of NFTs.Define and describe a non-fungible token (NFT).After completing this unit, you’ll be able to:
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