What does blockchain nft mean

What is NFT?

NFT (Non-FungibleToken, Non-Homogenized Digital Proof of Rights) can be used as on-chain rights certificates of digital goods such as digital artworks, event tickets and other digital commodities with the technical support of blockchain.

Each NFT maps to a unique serial number on a specific blockchain, which cannot be tampered with, inseparable, or replaced by each other. It is these qualities that make NFTs an excellent vehicle for digital artworks, with each NFT representing a specific digital artwork or a single replica of it in a limited edition, recording its tamper-proof on-chain rights.

So NFTs are fundamentally different from virtual currencies and other homogenized tokens in that they are backed by the actual value of digital goods and do not have any monetary attributes such as a payment function.

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Why is NFT so popular?

As an NFT collector, you own a single replica of the specific digital artwork that corresponds to the back of each NFT, and not only can you view the artwork and enjoy the wonderful experience of collecting, but you can also share your collecting insights and happiness with your friends.

With NFT, the boundaries of art collection can be extended to the digital world, no longer limited to the physical world. As a result, art collection becomes more commonplace, and more people can become digital art collectors with limited funds, and don't have to worry about the storage and circulation of physical art collections.

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What does the uniqueness of NFT mean?

NFTs are unique because they are based on blockchain technology, which establishes a unique mapping relationship with a specific digital good from its birth, and can be used as a proof of the digital good's corresponding and unique rights on a specific blockchain.

If you are in the NFT limited edition status, you will be in possession of pieces with serial numbers different from each other on the chain, along with a handful of other collectors. At the same time, during the transaction process, the transaction information of this unique proof of right will be recorded and stored on the chain through a smart contract, enabling credible traceability. However, it is important to note that unless specifically agreed upon by the issuer, an NFT is only unique on the current specific blockchain.

How do NFTs work?

Traditionally works of art, such as paintings, are valuable because they are unique.

But digital files can be copied easily and constantly.

With NFT, artworks can be "tokenized," creating a digital certificate of ownership that can be bought and sold.

Like cryptocurrencies, records of who owns what are stored on a ****enabled ledger called a blockchain.

These records can't be faked because the ledger is maintained by thousands of computers around the world.

NFTs can also include smart contracts that, for example, can give artists a cut of any future token sales.

For more information on NFT, see ONENFT