In February I hosted a Crypto Art Series webinar that discussed what NFT’s are. We had a great turn out, and there were still more people who couldn’t make it that wanted to learn more!
Since there is a lot of hype around the NFT scene, and a lot of people are still unsure what it’s all about I am going to share a few slides from our webinar.
NFT stands for Non-Fungible Token.
Non Fungible
A dollar is FUNGIBLE. A piece of art is NOT.
NFT
They do not have to be solely digital, and can represent ownership of physical property as well, such as real estate.
SMART CONTRACTS
Smart contracts are a way to verify that the transaction has been completed as written.
KEY CHARACTERISTICS
UTILITY
There are MANY utilities for NFT’s. Collecting artwork is just one of them.
Look out for the next blog that will discuss how NFT’s fit into the art world.
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