'Oases Opinions Series: What NFTs are and why Digital Ownership Matters' oases nft
NFTs, short for non-fungible tokens, are blockchain-based cryptographic tokens. The big distinction from fungible tokens like bitcoin is that each NFT has unique properties, containing different data like directions to a specific artwork. This is in comparison to the example of bitcoin, where each token is in theory the same, mutually interchangeable, and therefore fungible.
NFTs have for the first introduced genuine digital ownership, providing transparency and true scarcity to native digital assets. Recorded on public ledgers secured by blockchain technology means the tokens are theoretically immutable and therefore become digital certificates of ownership. . While this is starting to get very technical, it is also very important as it is what makes NFTs unique and as mentioned before, a true certificate of ownership of a digital asset. The hash size is small compared to the input and has the same length regardless of the size of the original artwork data. The mathematical hash function is deterministic and "one way" which means that the artwork data cannot be recreated from only the hash.
NFTs enable artists to digitalize their work and the ownership to be recorded immutably on-chain. An artist's piece of work can be digitalized and the ownership transacted with but most importantly, the work's origin is transparent and not possible to tamper with. In interactions with smart contracts, NFTs with their digital nature, are also programmable. This enables predetermined actions like a part of the transaction can be directed back to the creator of the NFT.
The transition from physical life to digital in many ways is a big change and we think this is a shift in human evolution that everyone should embrace and explore. Still, the art world could rightly be considered quite conservative in many ways. This could be a whole story in itself but the art world have a long history where rigid structures have been organically created with a lot of middlemen like art dealers, critics, and so on.
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