Non-fungible tokens or NFTs!
Recommended for Secondary Grades
Non-fungible tokens or NFTs are talked about a lot today. An NFT artwork is sold at an auction for US$69 million (about ₹515 crores). The work is called Everydays: The First 5000 Days. It is created by an artist named Mike Winkelmann (also known as Beeple).
However, this artwork is not a sculpture, painting or even a print. instead, it is a unique digital (online) token.
What is a blockchain?
A blockchain is a digital, public ledger (record) that records online transactions. This is maintained by many computers around the world.
Key facts about Non-fungible tokens!
- A non-fungible item is something that is unique or one-of-a-kind.
- This could be something like a painting, which is unique.
- An example is The Mona Lisa. There is only one of them in the world.
- NFTs are similar – they are also unique. They can be sold or bought but they are digital.
- This means they are only online.
- Technically anything digital could be sold as an NFT.
- When you buy an NFT, you get a “token” – a digital certificate that shows you own the NFT. A record of who owns what NFT is stored on a blockchain.
- However, since the NFT is digital, the art can be copied and shared by anyone.
- The owner only owns the “certificate” that shows they own the original work.
The following video from YouTube user “Easy Peasy Finance” does a great job of explaining NFTs in terms children can understand.
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