The single-lot sale made history in two ways. This year, digital artist Beeple (Mike Winkelmann) sold a collage of his art for $69.4 million.īeeple hadn’t sold a print for more than $100 before his historic auction.Ĭhristie’s, one of the biggest auction houses in the world, managed the sale. The most famous use-cases to date involved digital art of some sort. Here are some notable examples of what NFTs have been used for: NFTs are still a new technology, so it’s hard to predict every use case that someone will come up with.īut, one thing’s for sure, folks are coming up with some outlandish things. Now you know the meaning of NFT, but what does it do? Non-Fungible Tokens - Uses and Applications And that leads us to our next point: what NFTs are used for. Ultimately, NFTs are as valuable as the market decides. Yet, try purchasing a first-edition copy of War and Peace. You don’t buy the rights to something that has been tokenized.īut to go back to the book analogy: you can buy a copy of War and Peace for a few bucks right now. And the familiar refrain goes like this:Īnd that’s partially true. Skeptics are quick to say that NFTs are a scam. What You’re Really Buying When You Purchase an NFT The book’s value increases because autographed copies are more scarce than those without autographs. That autograph works similarly to a non-fungible token, with the obvious difference that it can be forged. The autograph makes that book unlike every other copy of that book, even other autographed copies. Think of it like owning an autographed book. You would own that particular instance of the image. Wait, so if you own the NFT, you own the image? And the tokens are tracked on a blockchain, so they can never be duplicated or forged. In other words, the digital image has been “tokenized.”įungible just means something that can be exchanged for another instance of the same item without losing or gaining value.Īny NFT is different from every other NFT. When assigned to a good, such as a digital image, these data points act as a certificate of ownership, proving that the person who owns the NFT also owns that digital file. In the context we’re discussing, non-fungible tokens are unique data points on a blockchain.Ĭurrently, most NFTs transactions take place on the Etherum blockchain.
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