NFTs

The name NFT stands for “non fungible token”. In practice, it means a cryptographically signed digital object securely registered in the blockchain. Only one person can own the token. This person can then sell it or gift it to another one, and this act will be securely registered in the blockchain as well. NFTs therefore open the possibility of ownership and a market for digital goods.

This type of ownership does not include exclusive access. In the case of an artwork, it means anyone can see the art. They can save the image file (JPG or similar) to their computer and look at it, send it to their friends by email, etc. But the monetary value is in the token, not the JPG alone. The tokens, unlike the image, are secured by blockchain technology and cannot be copied or duplicated. Each token is unique, and it is cryptographically signed and authenticated by the artist.