NFTs — An Internet Native IP
You may be wondering: what actually is an NFT and what is the underlying potential? Here are a few thoughts.
In case you have not yet noticed: NFTs are the latest trend and are currently making every crypto heart beat faster. NFT art is now traded in the millions. Would you like an example? Twitter’s Co-Founder and CEO Jack Dorsey is currently offering his first tweet for sale. The 2 million threshold has already been surpassed! Crazy, eh!
But what are Non-Fungible Tokens (NFTs), what applications can benefit from them, and what are the long-term implications? The purpose of this blog is to try to answer and educate on these questions. I do not claim to provide conclusive answers to these questions. No, on the opposite, I am simply sharing my personal view with the outside world. What this blog is NOT: project shilling or bashing.
Ok cool, everything good so far? So, let us start with the basics: what exactly are NFTs?
An NFT is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable.
But wait, what is the basic rationale behind this? Well, there are many proposed uses of Ethereum¹ smart contracts that depend on tracking distinguishable assets:
