DIGITAL LEDGER OF ARTWORK
A NON FUNGIBLE TOKEN (NFT)
Here is an opputurnity to become a owner of my art work. NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright and you can buy and sell like crypto trading.
It works like CRYPTO.WHAT IS NFT?
NFT stands for non-fungible token. Non-fungible is an economic term that you could use to describe things like your furniture, a song file, or your computer. These things are not interchangeable for other items because they have unique properties.
NFTs are tokens that we can use to represent ownership of unique items. They let us tokenise things like art, collectibles, even real estate. They can only have one official owner at a time and they're secured by the Ethereum blockchain – no one can modify the record of ownership or copy/paste a new NFT into existence
With money, you can swap a $10 note for two $5 notes and it will have the same value. However, if something is non-fungible, this is impossible - it means it has unique properties so it cannot be interchanged with something else.
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HOW TO BUY NFTs
Essentially, any digital art work can be purchased as an NFT by Ethereum, you required ERC20 smart contract digital Ethereum wallet through whom you are able to pay value/price of art work. ERC-721 was the first standard for representing non-fungible digital assets on the Ethereum blockchain. ERC-721 is an inheritable Solidity smart contract standard on NFTs marketplace such as
Rarible | OpenSea
NFT + Ether = Crypto Art
Non-fungible tokens are generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends. NFTs are part of the Ethereum blockchain so they are individual tokens with extra information stored in them.
