Non-fungible token: Difference between revisions
m Links to the main English Wikipedia should be avoided as the words are often too complex. It is better to leave a red link. Tag: 2017 source edit |
remove bad/promotional infographic |
||
| Line 1: | Line 1: | ||
[[File:NFT Non Fungible Token - Explained.jpg|thumb|explanation of how NFTs work]] |
|||
A '''non-fungible token''' ('''NFT''') is a way of proving that a digital item is the only one of its kind in existence and therefore cannot be copied or reproduced without the owner's knowledge and consent.<ref>{{cite web|date=2021-05-29|title=Non-fungible tokens aren’t a harmless digital fad – they’re a disaster for our planet {{!}} Adam Greenfield|url=http://www.theguardian.com/commentisfree/2021/may/29/non-fungible-tokens-digital-fad-planet-nfts-artists-fossil-fuels|access-date=2021-06-02|website=the Guardian|language=en}}</ref> They can be thought of as a digital [[certificate of authenticity]]. NFTs can be considered modern-day collectibles. They're bought and sold online, and represent a digital proof of ownership of any given item. NFTs are securely recorded on a blockchain.<ref>{{Cite web|title=Where’s the Future of NFT Headed?|url=https://cryptobullrun.co/nft-statistics-trends/|url-status=live|access-date=2021-10-12|language=en-US}}</ref> |
A '''non-fungible token''' ('''NFT''') is a way of proving that a digital item is the only one of its kind in existence and therefore cannot be copied or reproduced without the owner's knowledge and consent.<ref>{{cite web|date=2021-05-29|title=Non-fungible tokens aren’t a harmless digital fad – they’re a disaster for our planet {{!}} Adam Greenfield|url=http://www.theguardian.com/commentisfree/2021/may/29/non-fungible-tokens-digital-fad-planet-nfts-artists-fossil-fuels|access-date=2021-06-02|website=the Guardian|language=en}}</ref> They can be thought of as a digital [[certificate of authenticity]]. NFTs can be considered modern-day collectibles. They're bought and sold online, and represent a digital proof of ownership of any given item. NFTs are securely recorded on a blockchain.<ref>{{Cite web|title=Where’s the Future of NFT Headed?|url=https://cryptobullrun.co/nft-statistics-trends/|url-status=live|access-date=2021-10-12|language=en-US}}</ref> |
||
Revision as of 11:04, 25 January 2022
A non-fungible token (NFT) is a way of proving that a digital item is the only one of its kind in existence and therefore cannot be copied or reproduced without the owner's knowledge and consent.[1] They can be thought of as a digital certificate of authenticity. NFTs can be considered modern-day collectibles. They're bought and sold online, and represent a digital proof of ownership of any given item. NFTs are securely recorded on a blockchain.[2]
Technology
NFTs use the same blockchain technology used by cryptocurrencies like Bitcoin to keep a ledger, a permanent record of all tokens and who owns them. Each entry is unique.
Usage
They are used wherever virtual goods can be collected and traded as one-off objects. Examples are collectibles, digital art, music and individual virtual objects used in computer games.
They differ from fungible tokens used in cryptocurrencies, which are exactly the same as each other and, therefore, can be used as a way of doing trade just as if they were money.[3]
References
- ↑ "Non-fungible tokens aren't a harmless digital fad – they're a disaster for our planet | Adam Greenfield". the Guardian. 2021-05-29. Retrieved 2021-06-02.
- ↑ "Where's the Future of NFT Headed?". Retrieved 2021-10-12.
{{cite web}}: CS1 maint: url-status (link) - ↑ Sharma, Rakesh. "Non-Fungible Token (NFT)". Investopedia. Retrieved 2021-06-02.
{{cite web}}: CS1 maint: url-status (link)