NFTs have recently surged as a new vehicle for digital art—and have garnered vast sums of money as investments, collectibles, and displays of wealth
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.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. This setup is meant to let computer networks maintain databases in a decentralized, redundant, and public way.
Blockchains’ exhaustive record-keeping means that apps built atop them can create snippets of code that can be tracked as distinct entities and transferred from user to user. These “tokens” can be made “non-fungible,” where one cannot be swapped out for another. Several screens display NFT images during a press preview of a June 2021 NFT auction at Sotheby’s. The NFT of the center image, a rare variant within the “CryptoPunks” collection,
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