What are NFTs?
NFTs are a non-duplicable digital certificate of ownership for any assigned asset. These are effectively digital certificates of authenticity that can be attached to digital art or anything else that comes in digital or even physical form.
The challenge
One of the greatest difficulties faced by artists is how to protect their work (prove ownership), in order to benefit commercially from their creative endeavours.
Crucially, they need protection beyond the current legacy systems at their disposal - essentially, the Copyright Design & Patent Act (CDPA). This is where crypto and digital assets come in and specifically, where NFTs can play a crucial role.
How do NFTs work?
Smart contracts, cryptography and the blockchain enable an irrefutable, distributed ledger entry that is used to secure digital items. Once written, the art is permanently published, into a token (most commonly a token called an ERC 721).
One of the most unique aspects of selling through the blockchain world is the actual physical artifact outside the crypto environment is still in play even once its digital cousin sells. Artist and buyer can negotiate what’s to become of the real world creation. Artists sometimes include the original with the NFT, charge an additional fee for the object, sell the hardware piece to another buyer, or simply keep it.
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