What is an NFT?

NFTs (non-fungible tokens) are a new technology that enables artists & photographers to create a digital certificate of authenticity to their work, like a digital signature, making each item in their collection unique. This enables all digital copies of their art to have individual ownership, which in turn allows them to easily sell these items on the internet to any interested buyer. The transfer of ownership of the NFT is verified on a public blockchain, and the new owner now has the option to keep the digital collectible as part of their own personal collection, or list it for sale on an NFT exchange.

One problem with digital objects (such as JPGs & PDFs) has always been that they could be easily duplicated and re-distributed. Therefore, scarcity and verified ownership of digital objects was not possible, until now. Since the creation of blockchain technology, we now have the ability to create verifiably scarce digital objects. 

Digital tokens, like Bitcoin and Ethereum, were the first to use this new technology. Now, in the same way blockchain technology enabled us to create scarce digital tokens, artists are creating scarce digital art (also referred to as digital collectibles). This is revolutionizing the way artists & photographers can package and sell their work. 

Artists and photographers alike can now upload their work to the Ethereum blockchain, and ownership is verified with a digital signature. With verified ownership now available to digital artwork, a marketplace has emerged where artists and photographers can sell their collections online in a virtual art gallery.  NFTs can also be bought and sold on an exchange, such as OpenSea.io, by digital art collectors.