What is an NFT?
But still, this doesn’t explain it for the common people, so let’s try again “A Non-Fungible Token (NFT) is used to identify something or someone in a unique way. This type of Token is perfect to be used on platforms that offer collectible items, art pieces, access keys, lottery tickets, numbered seats for concerts and sports matches, etc”.
Being clear NFTs are here to serve as a standard of the web3 and will revolutionize every industry we know.
When talking about the art industry with NFTs we can assess in a non-ambiguous way the provenance and the ownership of a piece of art since it is written in the blockchain and cannot be changed. Because these tokens are stored on an open and distributed blockchain (such as Ethereum), their embedded metadata and transaction history are completely verifiable by anyone in the world with an Internet connection. That means we can all know what digital wallets own what tokens at any given point in time.
Ok, that works with digital art, but what about physical pieces of art? Right now it is being explored for example by NIKE, they have a system whereby blockchain can be used to attach cryptographically secured digital assets to a physical product, in this case, a sports shoe. https://thenextweb.com/news/nike-blockchain-sneakers-cryptokick-patent
We can find more info on this topic here:
How to store your art
Your NFT artwork can be stored in three different ways:
With the NFT token on the same blockchain
The metadata itself stores the NFT, as this is done on the blockchain is the safest and perdurable way but can be expensive depending on the blockchain.
On a different blockchain or decentralized storage
Using other blockchain or a service like IPFS, Storj, Arweave, etc… can be as safe as doing by yourself but you are delegating…