A new buzzword has been making the rounds — NFTs or Non-Fungible Tokens. I thought I’d take a minute to explain NFTs…
You might have heard of the name Mike Winkelmann (also known as Beeple) whose digital JPG collage “Everydays”
sold for $69M last month. Think about it for a second. A digital painting that can be replicated! What is going on?
NFTs, or non-fungible tokens are stored on a digital ledger called a blockchain. Think of a blockchain as a digital registry and a NFT in it certifies the owner of a particular digital asset (something like a house deed that certifies you as the owner of the house). So, just like that, digital assets now have a unique way of representing their owners. It’s like the physical world — anyone can buy a Monet print but there will only be 1 person who owns the original.
Just like all new things in tech, we’ll have to wait and see where NFTs go…Although, I like the concept and it could have true potential in our day to day lives - real-estate, medical reports, vehicle registrations, deeds etc.
Enjoy the read!