CARDANO & NFTS - AN INTRODUCTION
IN THIS LESSON
Cut through the hype and get a clear understanding of NFT technology. We'll explore how NFTs use the blockchain to prove ownership, simplify royalty distribution, and open doors to entirely new creative possibilities.
NFT stands for Non-Fungible Token, a one-of-a-kind digital asset that can't be duplicated or forged thanks to the power of cryptography and blockchain platforms. Often, NFTs embody ownership of distinctive digital items like artwork, collectibles, and more.
On the blockchain, NFTs are securely stored and traded, enabling transparent tracking of ownership. Unlike conventional cryptocurrencies, which are interchangeable and usually possess a fixed supply, each NFT is a distinct entity with its own unique attributes.
The easiest way to understand NFTs is to view them as digital objects. That way, the potential use cases of NFTs also become clearer.
NFTs have revolutionised the digital landscape by enabling us to harness the power of blockchain to:
Establish ownership and provenance of unique items such as art, digital collectibles, game assets, and other digital content, which is by its nature very easy to duplicate and almost impossible to authenticate prior to NFTs.
Enable the seamless and transparent distribution of artists' royalties and percentage commissions on resales.
Authenticate identity documents and combat counterfeiting in products, tickets, and documents.
Trace physical items throughout supply chains, ensuring transparency and reliability.
Potentially facilitate a plethora of other use cases, such as real estate transactions, event ticketing and many others by representing ownership, streamlining transfers, and minimising fraud.