If you surf on the internet on a regular basis, you’ve probably heard about these NFTs in some way or another – they are the hot topic at the moment. We’ll try to give you some bullet points to explain it simply, so that you can actually understand.
- So, what is a blockchain?
We said that the NFT is registered on this thing called blockchain, which is basically a long code where all the information about the authenticity of the work we listed above is stored. The blockchain is a database and the data it contains is written in blocks that are chained together, like a domino.
The new blocks are always added at the end of the chain because they are stored in a linear and chronological order. (Fun fact, the position on the chain that contains these blocks is called “height” and apparently this height reached 656,197 blocks in November 2020.)
- What does the blockchain have to do with NFT?
The blockchains are immutable. This means that everything written on it cannot be changed. The NFT is registered on the blockchain, which will show who is the verified owner of the asset – ensuring its authenticity. In this way the NFT cannot be replicated and there is no risk of trading counterfeit art and assets. This is one of the main advantages and innovation of the NFT regarding the art world, because it will protect the artists and their art.
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[Sources]
https://www.coinbureau.com/review/ecomi-omi/
https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq
https://www.investopedia.com/terms/b/blockchain.asp
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