We’re currently living through an interesting period in the ongoing information revolution with words like blockchain, cryptocurrencies and NFTs filtering into the mainstream.
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For their proponents, they herald the next stage in the evolution of internet technologies, but for others their significance is much greater: they present a watershed moment for humanity and a panacea to the world’s economic instability and unequal distribution of wealth.
Nevertheless, ordinary people are only likely to encounter such terms as trends on social media or in articles about cryptocurrency or people making millions from selling jpeg images that can be saved on anyone’s hard drive.
Some critics warn that the current frenzy of headlines for NFT sales masks a very real possibility of a bubble - one that may burst soon.
Though the artwork of many NFTs may be questionable, the value of these digital assets lie in the technology hidden behind the images.
So what is an NFT?
An NFT stands for "non-fungible token", which essentially means a digital asset that cannot be swapped for something else.
Assets become non-fungible due to characteristics that are unique to them. A painting, for example, will be unique due to its originality and will derive value from that characteristic.
Prints of that painting will lack the characteristic of originality and will therefore not have the same value.
Banknotes, on the other hand, derive their value from a characteristic shared with other...
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