Non-fungible token NFT
Contents |
[edit] Introduction
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.
In the NFT marketplace, authenticity of original ownership is not the same as copyright.
[edit] 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.
[edit] Blockchain as the NFT backbone
Blockchain was introduced in 2008. It was first adapted as the underlying technology of Bitcoin.
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.
The digital collectible market of 2021 has grown exponentially, as more NFTs become available and people become more comfortable with cryptocurrencies.
[edit] Energy issues and crypto trading
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.
Some NFTs are seeking alternative measures of authenticity verification - such as proof of stake - that are less energy intensive.
[edit] Related articles on Designing Buildings Wiki
- Blockchain.
- Blockchain could transform the construction industry.
- Blockchain definitions.
- Blockchain – feasibility and opportunity assessment.
- Blockchain in the built environment.
- Blockchains will change construction.
- Eliminating waste at scale – opportunities for blockchain.
- Metaverse.
- Persistent identifiers for digital objects.
- Student projects released as non-fungible tokens.
Featured articles and news
Investors in People: CIOB achieves gold
Reflecting a commitment to employees and members.
Scratching beneath the surface; a guide to selection.
ECA 2024 Apprentice of the Year Award
Entries open for submission until May 31.
UK gov apprenticeship funding from April 2024
Brief summary the policy paper updated in March.
For the World Autism Awareness Month of April.
70+ experts appointed to public sector fire safety framework
The Fire Safety (FS2) Framework from LHC Procurement.
Project and programme management codes of practice
CIOB publications for built environment professionals.
The ECA Industry Awards 2024 now open !
Recognising the best in the electrotechnical industry.
Sustainable development concepts decade by decade.
The regenerative structural engineer
A call for design that will repair the natural world.
Buildings that mimic the restorative aspects found in nature.
CIAT publishes Principal Designer Competency Framework
For those considering applying for registration as a PD.
BSRIA Building Reg's guidance: The second staircase
An overview focusing on aspects which most affect the building services industry.
Design codes and pattern books
Harmonious proportions and golden sections.
Introducing or next Guest Editor Arun Baybars
Practising architect and design panel review member.
Quick summary by size, shape, test, material, use or bonding..