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Showing posts from September, 2022

What are NFTs, exactly? Non-fungible tokens explained

The smart contract of a non-fungible token immutably proves the identity of the recipient or owner and could be stored in a digital wallet for ease of access and representation. One day, our digital wallets could contain proof of every certificate, license, and asset, we own. Their potential, however, is much wider; possible applications include copyright and intellectual property rights, ticketing, and the sale and trading of video games, music and movies. The Flower Girls NFT by Varvara Alay explores the artistic boundaries of non-fungible tokens and the artist uses money made from her art to fund children's art projects and support female artists. NFTs are also making waves as in-game purchases in video games (much to the delight of parents everywhere, we're sure). These assets can be bought and sold by players, and include playable assets like unique swords, skins or avatars. Critics would say yes, and there have been dodgy projects and schemes that have fallen apart an