NFTs: Redefining Digital Art Ownership, Legally.
Non-fungible tokens, or NFTs, have exploded into the mainstream consciousness, sparking conversations about Digital ownership, art, collectibles, and the future of the internet. While the hype might seem overwhelming, understanding the fundamentals of NFTs is crucial for navigating this rapidly evolving digital landscape. This post aims to demystify NFTs, exploring their Technology, applications, and potential impact.
What is an NFT?
Defining Non-Fungibility
The core concept behind NFTs lies in their non-fungibility. Fungible assets, like a dollar bill or a Bitcoin, are interchangeable. One dollar is equivalent to any other dollar. NFTs, on the other hand, are unique and cannot be replaced by something else.
How NFTs Work: The Blockchain Connection
NFTs exist on a blockchain, a decentrali...