In recent years, a new digital file format has promised to revolutionize how things can be owned, bought, and sold across the internet: the “non-fungible token,” or NFT for short. As interest in NFTs—essentially receipts or signatures for digital assets—continues to increase across the world, artists and publishers have started to experiment with the technology.
Want to know more about NFTs? We’ve got you covered.
To understand NFTs, it’s useful to understand their underlying technology: the blockchain.
Blockchains are computer protocols designed to get many computers to agree on the same sequence of transactions without trusting each other. Instead of using third parties to verify transactions, blockchains rely on economic incentives and cryptography to make faking a transaction expensive and easy to spot.