This article is designed to help you explain what an NFT is to someone that has no knowledge of crypto.
First, we had masterpieces, then modern art, now we have digital art.
An NFT is a receipt of ownership over this digital art.
A smart contract is the evolution of traditional legal documents.
Traditional documents are slow to create, expensive, and involve a lot of middlemen like lawyers, accountants, and bankers.
Smart contracts are digital contracts that are automatically created with each NFT.
Each smart contract dictates the agreement (legals) of an NFT.
You can include any agreement (rules) inside a smart contract and the NFT can be attached to any digital or real word asset.
- Digital and traditional Art
- Gaming and Metaverse (digital assets)
- Intellectual property and profit share
- Avatars and profile pictures
- Traditional and web businesses
- Ownership rights
- Any investment
- Crowd funding
- Precious metals
- Deeds (ownership) to property, vehicles, boats, companies, and any asset you wish.
Simply put …
An NFT reflects the value of the thing it represents.
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All information in this article is for educational purposes only.