How Do NFTs Work?
Non-fungible tokens can be created on contract-enabled blockchains with non-fungible token tools and support. Ethereum was the first to be widely used, NEO, EOS, etc now also have NFT standards.
Non-fungible tokens and their smart contracts allow for detailed information to be added, like the identity of the owner, etc. The potential of non-fungible tokens is to provide proof of digital ownership of an asset in the digital world making the easy flow of buy and sell on non-fungible items.
6
52 reads
CURATED FROM
IDEAS CURATED BY
19 | Generalist, Content Creator, Student at Christ University. Stashing about entrepreneurship, self-help, spirituality and the most interesting stuff I read.
Similar ideas to How Do NFTs Work?
What is an NFT?
NFT stands for Non-fungible token.
- cannot be exchanged/replicated/replaced because they are unique.
- allows you to buy & sell ownership of unique digital assets.
Non-fungible token (NFT)
- In economics, a fungible asset is like money - it is something with units that can be interchanged. With money, a $10 can be exchanged for two $5, and it still has the same value.
- If something is non-fungible, it has unique properties and cannot be i...
How NFTs work
Traditional art is valuable because they are unique. But digital files can be duplicated.
With NFTs, artwork can be "tokenised" - a digital certificate of ownership that can be bought and sold. A record of who owns what is stored on a shared ledger known as...
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates