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NFTs.md

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NFTs

Unique assets whose value is independent from one another. For example, an NFT might represent a piece of unique digital artwork.

  • Today, if you create something digital, ownership is tied in with distribution. If someone makes an mp3 or a jpeg piece of art and post it or sell it online you'll have to have it to consume it (DRM can sometime change this).
  • With NFTs, the digital asset you create has a clear, provable owner (you!) and anyone you sell it to (and anyone thereafter) can trace it back to you, the creator, and know it is authentic.
  • When you create this NFT thing, you can create rules around it via a smart contract. One of these rules could be that anytime this piece of art you made is transferred across owners, you get 5% of what the new person paid for it, in perpetuity, automatically.
  • There are many problems with NFTs!