![]() ![]() The value of these tokens is dictated by the marketplace. Records on the blockchain cannot be overwritten, meaning that they are immutable. Look upon this as a public ledger that records transactions. ![]() The vast majority of NFTs live on the Ethereum blockchain. In most cases, it doesn’t even store this information on the blockchain. In other words, it’s nothing more than an internet link that points to information. What it does is to point to the name of the owner, the artist’s name (if it’s a piece of art) and where you can find it on the web. The NFT token itself stores very little information. Thanks to the introduction of smart contracts within the NFTs, then a decentralised art marketplace evolved. The next major step in 2017 was to allow anyone to post works that would live eternally on the Ethereum blockchain. A year previously, the idea of NFTs was born out of a desire to represent real world assets on the Bitcoin blockchain. This was well before there were any crypto art markets. The first NFT artwork was created in 2014 at a live event at the New Museum in New York, by a couple of digital artists, Kevin McCoy, and Anil Dash. It’s best to look at an NFT as a receipt in the form of a token which says you are the owner of something, whether an artwork or an NFT trading card. In reality, an NFT is just a hyper-link that points to the object which is sitting on a server somewhere. ![]()
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