Dexus Brings New Innovation Towards Art and Non Fungible Token ( NFT )

Blockchain is a crucial technology for creating NFTs. It uses cryptography to chain blocks into a growing list of records. ... When you pay for an NFT, what you get is the right to transfer the token to your digital wallet. The token proves that your copy of a digital file is the original, like owning an original painting.

The acronym stands for non-fungible tokens, but leaving this mouthful aside, the important point is that NFTs are a new way to sell digital art and music. NFTs are one-of-a-kind digital assets that can be bought and sold; effectively, they are certificates of ownership for a virtual asset such as a digital.

NFTs are best understood as computer files combined with proof of ownership and authenticity, like a deed. Like cryptocurrencies such as Bitcoin, they exist on a blockchain—a tamper-resistant digital public ledger. But like dollars, cryptocurrencies are “fungible,” meaning one bitcoin is always worth the same as any other bitcoin. By contrast, NFTs have unique valuations set by the highest bidder, just like a Rembrandt or a Picasso. Artists who want to sell their work as NFTs have to sign up with a marketplace, then “mint” digital tokens by uploading and validating their information on a blockchain (typically the Ethereum blockchain, a rival platform to Bitcoin). Doing so usually costs anywhere from $40 to $200. They can then list their piece for auction on an NFT marketplace, similar to eBay.