Welcome! Let’s get started with a simplified definition of NFTs, so that anyone can understand what they are and how they work.

So, what are NFTs? In simple terms, NFTs are a way to represent ownership of a unique digital item, such as a piece of art, a video, or a song. This is different from traditional digital items like a JPEG image or MP3 file, which can be easily copied and replicated.

NFTs are built on blockchain technology, which is a digital ledger that records transactions and keeps a permanent record of all of the NFTs in circulation. This allows for the creation of a digital asset that has a unique digital signature, making it one-of-a-kind and impossible to replicate.

When an artist or creator creates an NFT, they use a smart contract to set the terms of ownership and transfer of the NFT. This includes the initial price of the NFT, as well as any royalties that the artist will receive when the NFT is sold.

Once the NFT is created, it can be bought and sold on various marketplaces, such as OpenSea and Rarible, which are specifically designed for NFT trading. When a buyer purchases an NFT, they receive the unique digital signature associated with that NFT, which serves as proof of ownership.

It’s my hope that introduction helps you understand what NFTs are and their potential uses. Keep an eye out for our future blog posts as we delve deeper into this exciting and rapidly evolving technology. Think links below will take you to the NFT marketplace. Read about the future of NFTs

By Joseph R.