and What does their existence mean for future artists and collectors?
If you are reading this I will assume that you already know about blockchain and crypto currency and what they mean and how they work. If you don’t however you can check my article on the same here.
Moving on, I will explain briefly what the context of the whole subject is, You have probably already heard of NFT’s from news flooding into social media and influencers like Garyvee and billionaires like Mark Cuban voicing their support on the same.
NFT — Non fungible Tokens
Fungible — this means something that is interchangeable in some way or other, for example cash if you have $5 in cash that can be exchanged for $5 in pennies or in a bank transfer because there are multiple ways to change that $5 bill and it is not unique. They all hold the same value.
Non fungible is the exact opposite of this, These items are unique assets and cannot be exchanged for something of the same exact value.
NFT- These essentially are unique items or ‘Tokens’ that can be traded on the blockchain , These assets hold some sort of unique one of a kind property that cannot be traded for something of the same value. Usually are very unique and rare but there are some which aren’t as scarce.
