As everything becomes more digital, there's a need to replicate the properties of physical items like scarcity, uniqueness, and proof of ownership. NFTs and Ethereum solve some of the problems that exist in the internet today. For example, ETH or dollars are fungible because 1 ETH / $1 USD is exchangeable for another 1 ETH / $1 USD. These things are not interchangeable for other items because they have unique properties.įungible items, on the other hand, can be exchanged because their value defines them rather than their unique properties. Non-fungible is an economic term that you could use to describe things like your furniture, a song file, or your computer. They can only have one official owner at a time and they're secured by the Ethereum blockchain – no one can modify the record of ownership or copy/paste a new NFT into existence. They let us tokenise things like art, collectibles, even real estate.
NFTs are tokens that we can use to represent ownership of unique items. And one day owning your car might be proved with an NFT. It's only a matter of time before Kanye puts a run of Yeezys on Ethereum. If Andy Warhol had been born in the late 90s, he probably would have minted Campbell's Soup as an NFT. Really they can be used to represent ownership of any unique asset, like a deed for an item in the digital or physical realm. But digital art is only one way to use NFTs. And celebrities are joining in as they spot a new opportunity to connect with fans.
Digital artists are seeing their lives change thanks to huge sales to a new crypto-audience. NFTs are currently taking the digital art and collectibles world by storm.
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