{"id":116260,"date":"2021-07-03T21:01:09","date_gmt":"2021-07-03T15:31:09","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=116260"},"modified":"2021-07-06T16:28:38","modified_gmt":"2021-07-06T10:58:38","slug":"is-non-fungible-tokennft-what-digital-art-needs","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/is-non-fungible-tokennft-what-digital-art-needs\/","title":{"rendered":"Is Non-fungible Token(NFT) what Digital Art needs?"},"content":{"rendered":"\n<p><strong>Source: <\/strong><strong><a href=\"https:\/\/epaper.livemint.com\/Home\/MShareArticle?OrgId=370a10b0be&amp;imageview=0\">Livemint<\/a><\/strong><\/p>\n<h5><strong>What is the News?<\/strong><\/h5>\n<p>Non-fungible tokens(NFT) have made digital art a worthy collectible by solving the problems of provenance and duplication.<\/p>\n<h5><strong>What are Fungible and Non-Fungible assets?<\/strong><\/h5>\n<ul>\n<li><strong>A fungible asset <\/strong>is something that can be readily interchanged like money. With money, you can swap a \u00a310 note for two \u00a35 notes, and it will have the same value.<\/li>\n<li><strong>On the other hand, <\/strong>a non-fungible asset means it has unique properties which cannot be interchanged with something else. <strong>Example: <\/strong>It could be a painting that is one of a kind. You can take a photo of the painting or buy a print, but there will only ever be one original painting.<\/li>\n<\/ul>\n<h5><strong>What are Non-Fungible Tokens(NFTs)?<\/strong><\/h5>\n<ul>\n<li><strong>Non-Fungible Tokens(NFTs) <\/strong>are unique cryptographic tokens that exist on a blockchain and cannot be replicated.<\/li>\n<li><strong>They are one-of-a-kind assets <\/strong>in the digital world that can be bought and sold like any other piece of property, but they have no tangible form of their own.<\/li>\n<li><strong>The digital tokens<\/strong> can be thought of as certificates of ownership for virtual or physical assets.<\/li>\n<\/ul>\n<h5><strong>How do NFTs work?<\/strong><\/h5>\n<ul>\n<li><strong>Traditional works of art<\/strong> such as paintings are valuable because they are one of a kind. But digital files can be easily and endlessly duplicated.<\/li>\n<li><strong>With NFTs,<\/strong> artwork can be &#8220;tokenized&#8221; to create a digital certificate of ownership that can be bought and sold.<\/li>\n<li><strong>As with crypto-currency<\/strong>, a record of who owns what is stored on a shared ledger known as the blockchain.<\/li>\n<li><strong>The records cannot be forged<\/strong> because the ledger is maintained by thousands of computers around the world.<\/li>\n<li><strong>Similarly, NFTs can also contain<\/strong> smart contracts that can solve the problems of provenance and duplication of the art.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Source: Livemint What is the News? Non-fungible tokens(NFT) have made digital art a worthy collectible by solving the problems of provenance and duplication. What are Fungible and Non-Fungible assets? A fungible asset is something that can be readily interchanged like money. With money, you can swap a \u00a310 note for two \u00a35 notes, and it&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/is-non-fungible-tokennft-what-digital-art-needs\/\">Continue reading <span class=\"screen-reader-text\">Is Non-fungible Token(NFT) what Digital Art needs?<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,1738,9],"tags":[],"class_list":["post-116260","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-science-and-technology-daily-factly-articles","category-public","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1700522599},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/116260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=116260"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/116260\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=116260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=116260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=116260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}