Non-Fungible Tokens (NFTs) are unique, one-of-a-kind certificates of ownership built and stored on a blockchain network. They can only have one official owner at a time and they're secured by the blockchain – no one can modify the record of ownership or copy/paste a new NFT into existence.
Blockchain networks allow creators to create unique “tokens” and contain the history, and all activities surrounding a digital asset. Every activity can be viewed by the public and it is immutable.
Blockchain technology is limited by nothing but artist’s creativity. The technology capable of creating anything - whether it dynamically evolves over time or as certain criterias are met, reacting to its collector or activity surrounding it.
Immutable Provenance and Ownership
Immutable data contained on the blockchain helps us track every activity surrounding the token - its provenance, history of ownership, and authenticity. The technology helps us eliminate problems with traditional artworks which were - forgery, security, copies and provenance.
Artists are empowered.
From 80% of proceeds on primary market to royalties on secondary market sales, to new approaches to patronage and collector relationships, and even how their work evolves once in the hands of a collector, artists have greater control over the work, not to mention an opportunity to create a livelihood for themselves.