Non-fungible tokens (NFTs) have been an integral part of the cryptocurrency space over the past couple of years. However, its value and usefulness across many industries has propelled its spread into mainstream consciousness.
Jackson Dumont, Director of Video Production at Cointelegraph, delves into the intricacies of NFTs, highlighting the importance of the underlying blockchain technology in digitally proving ownership of scarce assets:
“NFTs provide unique, verifiable, and immutable proof of ownership of digital goods. True digital ownership of assets through NFTs is a revolutionary idea that will change the way we interact with the Internet.”
Another important aspect of NFT technology highlighted by DuMont is the handing over of ownership of digital assets to users as Web3 functionality begins to pervade the Internet.
NFT comes in many different forms, from the best NBA highlights to multi-million dollar pieces of art by some of the most talented creators in the world. The technology is also used as a way to solve ticketing dilemmas and other real-world use cases.
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