We have seen an unprecedented in popularity of NFTS in the last couple years since their creation. However, a lot of people still haven’t caught on the new wave and it’s because of one simple reason: They don’t know or understand what an NFT is. Here is a brief explanation:
An NFT is a “Non fungible Token”. That is still a very broad definition of the subject so it’s better to use an example from the cryptocurrency world: a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. NFTs are different since each one is linked to a specific item.
Most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs. NFTs can really be anything digital (such as drawings, music, images and videos), but a lot of the current excitement is around using the tech to sell digital art.
This also opens up the debate about copyrights and beyond. Since anyone can copy a digital file as many times as they want, including the art that’s included with an NFT, the question is: “Who is the owner?”.
Most NFT artists still receive a payout every time their artwork exchanges hands, and even if you bought the original one, the artist still retains the rights of it like physical art.
Whether we like or don’t like NFTs, what we can’t change is the impact they are currently having and will continue to have for many decades to come.
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