![]() When enough blocks are grouped together, they form a chain chronicling every transaction linked to that asset. When a transaction is completed, it is recorded and grouped into a block, with information such as time stamps and amounts. In the case of bitcoin, for example, you can explore the data at any time for transactions. Instead of a central administrator or company monitoring the transactions, they're completed through a peer-to-peer network of computers out in the open. Back up: What’s blockchain?Ī blockchain is a digital decentralized ledger tracking transactions of items or assets such as bitcoin or NFTs, says PwC. The NFTs are created and recorded using blockchain technology. Wilmer said when NFT artwork is purchased, for example, the buyer receives a link that takes them to the digital piece of art. In a statement to USA TODAY, Christie's said the $69 million art work recently auctioned off was transferred to the buyer's digital wallet. "They will associate a piece of their art with one of these tradable tokens, and they say there is only ever going to be one." "The norm right now is people create these limited edition tokens where there is only one of that token," said Chris Wilmer, an associate professor at the University of Pittsburgh Swanson School of Engineering and co-managing editor of "Ledger," a peer-reviewed journal for research on cryptocurrency and blockchain technology. 'A double-edged sword': Survey says young Americans are using social media to address mental health issuesįree food alert: Shake Shack launches delivery nationwide, with free fries through the end of the month So what exactly is an NFT?Īn NFT is essentially a piece of data that verifies you maintain ownership of a digital item, from a piece of artwork to a clip of a game-winning shot in an NBA game, a tweet and even the sound of a fart, according to a report in the New York Post. In the case of a non-fungible token, each one is unique and cannot be directly exchanged for another. If we each have a $20 bill, we could swap them without any change to their value. Fungible items are easily interchangeable. Here's everything you need to know about the digital platform: What does NFT stand for? Then there's Tesla CEO Elon Musk, who is selling a recent tweet as an NFT. Meanwhile, Kansas City Chiefs quarterback Patrick Mahomes launched his own digital art gallery using NFTs. NBA Top Shot, for example, is a digital collectibles service that allows fans to collect and own digital highlights from NBA games, like a LeBron James dunk. The mind-boggling dollar figures behind the sale have helped bring attention to NFTs, along with support from bigger names. The work was sold through an NFT, a burgeoning technology that could potentially change how we own everything from art work and concert tickets to our homes. Last week, the auction house Christie's announced the artist Beeple sold a piece of artwork for more than $69 million, the third highest price for a living artist.īut "Everydays: The First 5000 Days" isn't a physical work of art. ![]() Watch Video: NFTs: The crypto-fueled craze taking over the internet, explained
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