Apr 26, 2022
In Business Forum
Anyone can view personal Job Function Email Database images — even partial portrait collages — online for free. So why are people willing to invest millions to make something they can easily screenshot or download? Because NFTs allow the buyer to Job Function Email Database own the original parts. Not only that, but it includes built-in authentication as proof of ownership. Collectors value these "digital bragging rights" almost more than the objects themselves. How do NFTs work? NFTs exist on blockchains, which are managed public records that Job Function Email Database record transactions. You are probably most familiar with blockchain as the underlying process that makes cryptocurrencies possible. Specifically, NFTs are usually kept on the Job Function Email Database Reuther block chain, although other block chains also support them. NFTs are created or "minted" from digital objects representing explicit and intangible items, including tags Art GIF Video and track and field highlights Collection Avatars and Video Game Skins designer sneakers Job Function Email Database music Even tweet counts. Twitter co-founder Jack Dorsey sold his first tweet as an NFT for over $2.9 million. Essentially, NFTs are like physical collector's items, only digital. So instead Job Function Email Database of the actual oil painting hanging on the wall, the buyer gets a digital file. They also get exclusive ownership. That's right: NFTs can actually have one owner at a time. The unique data of an NFT makes it Job Function Email Database easy to verify its ownership and transfer tokens between owners. The owner or author can also store certain information in it. For example, artists can identify their artwork by including their signature in the NFT's metadata. Why are NFTs different from cryptocurrencies? NFT stands for Job Function Email Database Non-Fungible Tokens. It's usually built with the same programming as cryptocurrencies like Bitcoin or Ethereum, but that's where the similarities end. Physical currencies and cryptocurrencies are "fungible," meaning they can be traded or exchanged for each other. They are all too equal in Job Function Email Database value - a dollar is always worth a dollar; one bitcoin is always equal to another.