Updated: Aug 5, 2022
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We continue to push the envelope just a bit with the dialogue on NFT's. We have guests from Liquid Star, one of the players in the space to help build a case for how they can help society. #NFT stands for "non-fungible token." They explain how they hope to increase the ability to help society through the NFT resources.
At a basic level, an NFT is a digital asset that links ownership to unique physical or digital items, such as works of art, real estate, music, or videos. NFTs can be considered modern-day collectibles.
An NFT is a technology that proves who the owner of a digital object is. This digital object could be a song, a picture, a video, a tweet – or even a piece of digital land in an online game or virtual world Non-fungible tokens can digitally represent any asset, including online-only assets like digital artwork and real assets such as real estate. Other examples of the assets that NFTs can represent include in-game items like avatars, digital and non-digital collectibles, domain names, and event tickets.
NFTs are designed to give you something that can't be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original.
Is there future for NFT? NFTs have the potential to be infinitely useful in many industries by increasing security and processing costs for transactions and providing a new platform for the gig economy to work through. Opinions expressed by Entrepreneur contributors are their own.
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