What comes to you mind when you hear the word “NFT”? If you have heard of it a couple of times in the media, then you would probably think of somehing like below:
However, have you wondered 1) what the NFT really is and 2) what NFTs can do more than owning some weird and futuristic art works?
The quick answer is, 1) An NFT is another use case of the blockchain technology, storing a “unique” information in an immutable way and 2) There are many use cases revolving around immutable records such as registration, identification or ticketing.
If you are not so familiar with the blockchain technology, bitcoin would be the first thing that will come to your mind when it comes to the blockchain. The blockchain technology, in very simple terms, is like many people(nodes) recording the same thing. Even if some scammer try to counterfeit their record, the original can easily be found if the number of scammers is less than 50%. One of the use case of such technology was money. We do not need a third party like a bank or government to keep a correct record.
Another use case is what we call NFT. NFT stands for Non-Fugible-Token, meaning A art work is different from B art work. A bitcoin is fungible because 1 bitcoin is the same as another 1 bitcoin.
Having understood what the NFT and blockchain is about, use your imagination to come up with what can be done with it. It can be used to do anything that intermediaries are doing that are keeping the records that should be immutable. For example, food companies can record the information on the blockchain so the information is not arbitrarily altered by others and themselves. Your identification, medical records or something that needs verfication can all be used with the blockchain technology and can be called NFT. How cool is that?
*I am trying to use easy words and analogies to help grasp what the blockchain and NFT are. Some explanations might not be as accurate as explaning with technical terms.
**Dongle is a decentralized social media featuring ownership, uncensorship and privacy. Dongle is using the NFT like a ticket to access its Spaces. If you would like to know more about it, check out the following:
Official Website: https://www.dongle.space/
Whitepaper: https://link.dongle.space/whitepaper
Litepaper(easy version): https://link.dongle.space/litepaper
Twitter: https://twitter.com/Dongle_space
Discord: https://discord.gg/Ypxcbg9n