Breaking down the movers and shakers, platforms and primary components within the NFT ecosystem
The art world has been overtaken by tokens as of late — non-fungible tokens (NFTs), that is. Let’s try to understand what this method of tracking the ownership of various digital goods is, and what it means for the rest of us who still deal (mostly) with the physical world. And if there ever was any doubt that NFTs are now embedded into our popular culture, there's a recent Saturday Night Live skit that tries to explain its relevance.
The NFT world is heavily into cryptocurrencies, blockchains, smart digital contracts and other totems of tech. Even if you think you understand what each of these things means in isolation, you might not be able to wrap your brain around this concept entirely. A good place to start is this overview in Ars Technica. The piece describes several places where NFTs are being used as the key enabling technology, including:
Collectibles that can’t be forged and can be uniquely identified
Video game characters and other add-ons that offer proof of ownership so they can betrayed among different game companies and owners
Trading Durian shipments through its supply chain
A decentralized domain naming protocol called the Ethereum Name Service which can be used to track digital content.
The Ars Technica article mentions that NFTs ar ..
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