Here at Nifty's, we distribute and are a collective ground for NFTs. Whether you're completely new to the NFT/cryptocurrency world or were first involved upon their conception, we'll be happy to break down exactly what NFTs are and what their relationship is with cryptocurrency.
NFTs or 'Non-Fungible Tokens':
An NFT, or a ‘Non-Fungible Token”, is simply a unit of data. What makes the unit unable to be duplicated, or “non-fungible”, is the fact it lives on a blockchain. The blockchain is a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.
Think of the blockchain as a digital record-keeper. Not only does it keep track of ownership and transactions, but, because it’s completely unique, it ensures that the NFT cannot be duplicated.
An NFT is a representation of ownership on the internet. We have taken for granted that you can never own anything on the internet, but with blockchain, ownership is permanent.
The Verge respectfully put it, "NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original."
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