What Are NFTs?

NFT An NFT, or Non-Fungible Token, is a digital asset with a unique identity that distinguishes it from others. The term "non-fungible" signifies its one-of-a-kind nature, while "token" indicates its transferability on a blockchain. NFTs are essentially unique digital assets that can be bought, sold, and traded on public blockchains such as Tezos. They encompass a wide range of items, including artwork, trading cards, comic books, sports collectibles, games, and beyond. While NFTs are often linked with digital art, their applications extend far beyond that.

ARE NFTS ENVIRONMENTALLY FRIENDLY?

A common criticism of NFTs, which often deters many artists, is their lack of eco-friendliness. However, it's important to note that not all NFTs have the same environmental impact. Tezos, known for its energy-efficient blockchain, supports NFTs with a minimal carbon footprint, comparable to the energy used to send a single tweet. Thanks to Tezos' efficient proof-of-stake design, its energy consumption is significantly lower compared to NFTs on proof-of-work blockchains such as Ethereum and others.

HOW DO NFTS WORK?

NFTs can represent a wide array of things, with artwork being the most common. However, their potential extends far beyond just digital art. NFTs can unlock various digital and real-world experiences thanks to their ability to provide instant and verifiable proof of ownership via the blockchain. This is particularly valuable in areas like art, where establishing the provenance of a piece is crucial to its value and collectability. Beyond art, NFTs can be used to grant access to exclusive experiences, such as special events or galleries, acting as digital tickets or passes. The possibilities are truly limitless. Whether you're a brand, institution, artist, or collector, NFTs function similarly: they enable creators to engage directly with their audience and offer unique, exclusive experiences, whether virtual, physical, or a combination of both.