NFTs – A Basic Overview
Non Fungible Tokens – Say What?
In the emerging digital landscape, an NFT, or Non Fungible Token for the long winded, is a digital unit of data stored on a distributed, digital ledger – commonly known as a blockchain. NFTs represent, in their most common usage, a digital certificate of authenticity or proof of ownership of a digital asset. To understand the function or usability of NFTs is to also become familiar with the way a blockchain works.
Blockchain, at heart, is an attempt to create a secure environment in which trust does not have to be established, for it is (theoretically) secure enough that it doesn’t require trust in any given transaction; the working existence of such a blockchain, the actuality of it, represents all the security necessary to participate.
A blockchain is a growing list of records, otherwise known as blocks, that are linked together in a distributed (decentralized) database using cryptographic protocols. NFTs leverage such a technology to provide proof of ownership of a particular address, most often pointing to a digital file. NFTs have gained popularity and adoption with digital creators such as graphic artists, game developers, musicians and even famous meme celebrities such as the originators of Nyan Cat and Disaster Girl.
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