I’m seeing this everywhere, but I’m not sure I understand the concept.
In: Technology
It’s basically an exclusive cryptographic certificate that can be transferred, bought or sold on “the blockchain”, and its unique feature is… that it’s unique. There’s only ever one copy of a particular NFT in existence at one time, they can’t be duplicated or split. It’s like owning a *special edition* bitcoin, the only one of its kind ever made, which can have a message printed on it like “the bearer of this coin is the exclusive owner of <asset>”
The asset can be real or imaginary, and the exclusive claim that’s made to it, might be enforceable or not in real world law, but it isn’t enforced in any way by the blockchain. So for instance, Justin Bieber could sell a NFT that says “The bearer of this token is hereby named the Superfan, and is entitled to hit Justin up twice per month for some online gaming.” Some rich fans would probably pay big big money for that, so that NFT might be traded around at very high value. But it would then be entirely up to Justin whether he wants to honour the promise or not. If he doesn’t, the resale value of the NFT would probably fall, but the blockchain doesn’t care about that. All it guarantees, is that there’s only ever one Superfan at a time.
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