What is an NFT?: Making Inroads

Learn a quick model for kickstarting your understanding of what NFTs are and how they work.

Ian LeViness

2021-04-21 1 min read

An NFT or "non-fungible token" is best understood as a digital record on a blockchain that represents a unique asset. In other words, it's possible to think of NFTs as Bitcoin with a piece of art or collectible attached to them, although as an asset class, their potential goes far beyond these two niches. With this model in mind, if you understand what Bitcoin is, what a blockchain is and what "hashing" is, then you can put all of these concepts and their related processes together to form a thorough understanding of "NFTs."

Here at the Blockdemic Lab, we plan to break down all of this and more over time. For now, however, I just wanted to give you a mental model with which you can use to build a better understanding of NFTs and everything related to them. Next time, I'll dig further into NFTs through a break-down of ConsenSys' recent report on them. Until then, however, remember that you can always reach me on Twitter and via email, using the form below. 

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