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Last edited 11 Aug 2021
Non-fungible token NFT
A non-fungible token (NFT) is a distinct digital object that is housed on a blockchain. An NFT is best described as a registration licence for a particular, one of a kind object. For architects, photographers and other producers of original concepts, NFTs are a method of creating, showcasing and commercialising their designs.
 Licencing and management
The licence number for the NFT is retained within a blockchain database of information, stored chronologically across a decentralised network of computers. Once published, the information on the blockchain cannot be changed. There is just one single source of information or single source of truth (immutable records of transactions, interactions) on the blockchain maintained by the network and its protocol.
 Blockchain as the NFT backbone
In 2020, blockchain started being used as a management, certification and trading tool for unique digital assets that are tracked on blockchains. These assets could be in any digital format - and could be copied - but there would only be one 'original' NFT record. Assets could include music, fashion, games, video, and so on. NFTs provide a mechanism for creating a market for these intangible items.
Due to its reliance on computing power, blockchain, bitcoin and NFTs have been criticised for their energy usage and the carbon footprints they produce. This is due to their reliance on the proof-of-work protocol that confirms blockchain transactions over public networks.
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