NFTs, or non-fungible tokens, have gained significant attention recently, prompting many to question their underlying technology. The short answer is yes, NFTs fundamentally rely on blockchain technology.
A blockchain is essentially a decentralized, digital ledger that records transactions across many computers. This distributed nature makes it incredibly secure and transparent. Each transaction, or “block,” is linked to the previous one, forming a “chain.”
NFTs are unique digital assets that represent ownership of items like art, music, or even virtual real estate. The information about the NFT, including its unique identifier and ownership details, is stored on a blockchain. This ensures that each NFT is verifiably unique and cannot be duplicated.
Popular blockchains for NFTs include Ethereum, Solana, and others. When you purchase an NFT, the ownership record is transferred to your digital wallet on the blockchain. This transaction is permanently recorded, providing proof of ownership. The ledger would not be unique, which indicates fungibility. Here is a short extract from it that may help with your question An NFT is simply a token containing a link that points to a file hosted on a…
NFTs and blockchain technology are intertwined. The blockchain provides the infrastructure for creating, buying, selling, and verifying the authenticity of NFTs, making it a cornerstone of the digital asset revolution.
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