{"id":1408,"date":"2021-07-02T21:29:04","date_gmt":"2021-07-03T03:29:04","guid":{"rendered":"https:\/\/veritasblockchain.ca\/?p=1408"},"modified":"2021-07-22T16:45:53","modified_gmt":"2021-07-22T22:45:53","slug":"what-are-nfts","status":"publish","type":"post","link":"https:\/\/veritasblockchain.ca\/learn\/what-are-nfts\/","title":{"rendered":"What are NFTs?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1408\" class=\"elementor elementor-1408\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6b0378e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6b0378e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-089f720\" data-id=\"089f720\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d9e46c9 elementor-widget elementor-widget-text-editor\" data-id=\"d9e46c9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>NFTs, or non-fungible tokens, are digital tokens that exist on a blockchain and represent the ownership of a digital asset. Digital assets include pieces of art like a photo, a video, or any type of digital file.<\/p><p>A <a href=\"https:\/\/veritasblockchain.ca\/learn\/what-is-blockchain\/\">blockchain<\/a> is a public database that keeps track of digital assets and transactions. Although there are many types of blockchains, the most commonly used for creating and trading NFTs is the Ethereum blockchain.<\/p><p>Each NFT on the blockchain is assigned a unique ID made up of a random combination of numbers and letters. This unique ID is linked to the digital asset , making up a non-fungible token.<\/p><p>Some NFTs have sold for thousands or even millions of dollars in the recent 2021 crypto bull run. <a href=\"https:\/\/www.larvalabs.com\/cryptopunks\/details\/3100\">This pixelated digital image<\/a>, known as a <a href=\"https:\/\/www.larvalabs.com\/cryptopunks\">CryptoPunk<\/a>,\u00a0was sold for a value of over $7 million USD! CryptoPunks was originally created in 2017 on the Ethereum blockchain and consists of a collection of 10,000 unique digital characters.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-18f2610 elementor-widget elementor-widget-image\" data-id=\"18f2610\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"419\" height=\"293\" src=\"https:\/\/veritasblockchain.ca\/wp-content\/uploads\/2021\/07\/cryptopunk-3100.png\" class=\"attachment-large size-large wp-image-1975\" alt=\"nfts cryptopunk 3100\" loading=\"lazy\" srcset=\"https:\/\/veritasblockchain.ca\/wp-content\/uploads\/2021\/07\/cryptopunk-3100.png 419w, https:\/\/veritasblockchain.ca\/wp-content\/uploads\/2021\/07\/cryptopunk-3100-300x210.png 300w\" sizes=\"(max-width: 419px) 100vw, 419px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">This guy sold for $7.58m USD<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45ffb57 elementor-widget elementor-widget-text-editor\" data-id=\"45ffb57\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Creating and selling NFTs have also become popular in mainstream media. Industries including sports and entertainment, as well as organizations and celebrities have joined the trend. Major names include:<\/p><ul><li>The NBA with their <a href=\"https:\/\/nbatopshot.com\/\">NBA Top Shot<\/a> platform<\/li><li>Football legend\u00a0<a href=\"https:\/\/www.cnn.com\/2021\/04\/06\/tech\/tom-brady-nft-autograph\/index.html\">Tom Brady launching a platform<\/a> called <a href=\"https:\/\/autograph.io\/\">autograph.io<\/a><\/li><li>Pop singer Katy Perry <a href=\"https:\/\/www.coindesk.com\/katy-perry-launches-nfts-acquires-stake-in-theta-labs\">creating NFTs on the Theta network<\/a>, expected at <a href=\"https:\/\/katy.thetadrop.com\/\">the end of 2021<\/a><\/li><li>Fox Entertainment investing<a href=\"https:\/\/www.ledgerinsights.com\/fox-invests-100-million-in-nft-nonfungible-token\/\"> $100 million into a &#8220;creator fund&#8221;<\/a> called Blockchain Creative Labs<\/li><li>Marvel Entertainment to <a href=\"https:\/\/www.marvel.com\/articles\/gear\/marvel-and-veve-collaborate-to-offer-digital-collectibles-experience-for-marvel-fans-worldwide?utm_source=Iterable&amp;utm_medium=email&amp;utm_campaign=campaign_2525298\">offer digital collectibles<\/a> worldwide<\/li><\/ul><div>With all the NFT craze, what makes each NFT unique and different from just copying and pasting a digital file?<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b3c107d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b3c107d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5c2bee9\" data-id=\"5c2bee9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e40d821 elementor-widget elementor-widget-heading\" data-id=\"e40d821\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Characteristics of Non-Fungible Tokens<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-83cc93f elementor-widget elementor-widget-heading\" data-id=\"83cc93f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Fungibility<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-120f1d5 elementor-widget elementor-widget-text-editor\" data-id=\"120f1d5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>To understand NFTs, we must differentiate the difference between fungible and non-fungible.\u00a0<\/p><p>When an asset is fungible, a unit of that asset is identical in characteristics and qualities of another unit of that same asset. A dollar bill, for example, is fungible because it is interchangeable with another unit of itself. Your dollar and my dollar are both the exact same thing.<\/p><p>An asset that is non-fungible will have its own unique characteristics and qualities, A non-fungible asset is also impossible to replace. Some physical examples of non-fungible assets include the Mona Lisa,\u00a0a one-of-a-kind sports card, or even an entire house on a block.<\/p><p>Because of blockchain, the creation of digital non-fungible assets are now possible. Intangible assets like digital art or a video can exist as a unique item and be limited in quantity.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2ef5837 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2ef5837\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cc916ac\" data-id=\"cc916ac\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2387278 elementor-widget elementor-widget-heading\" data-id=\"2387278\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Digital Scarcity<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-034b81d elementor-widget elementor-widget-text-editor\" data-id=\"034b81d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The digitization of intangible assets in the form of NFTs creates digital scarcity, providing value for being one-of-a-kind. Unique tokens on the blockchain provide proof of originality and authenticity that can be differentiated from any other token.\u00a0<\/p><p>Creators and holders of an NFT can also sell or trade their token for monetary value. The innovative technology of blockchain has opened up an entire new market for creators to develop, brand, and monetize their creations.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7c4754c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7c4754c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-88c3337\" data-id=\"88c3337\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-086613f elementor-widget elementor-widget-heading\" data-id=\"086613f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Authenticity<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b8bc5f elementor-widget elementor-widget-text-editor\" data-id=\"7b8bc5f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Each NFT can be verified and traced back to its original owner because blockchain keeps a record of its transactions. Like a digital paper trail, anyone can see all the transactions of an NFT through a blockchain explorer like <a href=\"https:\/\/etherscan.io\/\">Etherscan<\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3b0027d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3b0027d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-229c0b6\" data-id=\"229c0b6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7b0f92c elementor-widget elementor-widget-heading\" data-id=\"7b0f92c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Tradeability<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f0c2495 elementor-widget elementor-widget-text-editor\" data-id=\"f0c2495\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>What is the point of owning a unique digital piece of art if you can&#8217;t trade it? NFTs can be sold and traded with ease on NFT platforms for crypto and real money.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-704bf2b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"704bf2b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8d92d44\" data-id=\"8d92d44\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b4eb929 elementor-widget elementor-widget-heading\" data-id=\"b4eb929\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Where Can I Buy and Trade NFTs?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-15d6c02 elementor-widget elementor-widget-text-editor\" data-id=\"15d6c02\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Multiple websites have been created where you can create, buy, and trade NFTs. You will require a\u00a0<a href=\"https:\/\/veritasblockchain.ca\/guides\/how-does-a-bitcoin-wallet-work\/\">digital wallet<\/a>, some Ethereum, and a browser extension like <a href=\"https:\/\/metamask.io\/\">Metamask<\/a>\u00a0to buy and sell NFTs. Some popular platforms include:<\/p><ul><li><a href=\"https:\/\/opensea.io\/\">OpenSea<\/a><\/li><li><a href=\"https:\/\/rarible.com\/\">Rarible<\/a><\/li><li><a href=\"https:\/\/superrare.com\/\">SuperRare<\/a>\u00a0<\/li><li><a href=\"https:\/\/mintable.app\/\">Mintable<\/a><\/li><li><a href=\"https:\/\/www.thetatoken.org\/\">Theta Network<\/a> (coming soon)<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5d9288c elementor-widget elementor-widget-text-editor\" data-id=\"5d9288c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-268df73 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"268df73\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-254b2b3\" data-id=\"254b2b3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1e812c3 elementor-widget elementor-widget-heading\" data-id=\"1e812c3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What Determines the Price of an NFT?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d9a3a0 elementor-widget elementor-widget-text-editor\" data-id=\"3d9a3a0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The price of an asset is often subjective and depends on what someone will pay for it. Just because you list something for a million dollars does not mean it is worth a million dollars. Some factors that can influence t<span style=\"font-style: inherit; font-weight: inherit; color: var( --e-global-color-text );\">he price of an include:<\/span><\/p><ul><li>The person, company, or brand who created it<\/li><li>Market demand<\/li><li>How good or bad the cryptocurrency market is doing<\/li><li>How cool the NFT looks<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a9793e5 elementor-widget elementor-widget-text-editor\" data-id=\"a9793e5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d625803 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d625803\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3e0256f\" data-id=\"3e0256f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c71c985 elementor-widget elementor-widget-heading\" data-id=\"c71c985\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is the Future of NFTs?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-749b571 elementor-widget elementor-widget-text-editor\" data-id=\"749b571\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The popularity of NFTs has attracted big names and creators to take notice of blockchain and cryptocurrencies.\u00a0<span style=\"font-style: inherit; font-weight: inherit; color: var( --e-global-color-text );\">Only time will tell how NFTs evolve and make an impact in the digital landscape.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-39e9c51 elementor-widget elementor-widget-text-editor\" data-id=\"39e9c51\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>NFTs, or non-fungible tokens, are digital tokens that exist on a blockchain and represent the ownership of a digital asset. Digital assets include pieces of art like a photo, a video, or any type of digital file. A blockchain is a public database that keeps track of digital assets and transactions. Although there are many &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/veritasblockchain.ca\/learn\/what-are-nfts\/\"> <span class=\"screen-reader-text\">What are NFTs?<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":1991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are NFTs? (Non-Fungible Tokens) - Veritas Blockchain Consulting<\/title>\n<meta name=\"description\" content=\"What are NFTs? NFTs are non-fungible tokens. Non-fungible token are digital tokens on the blockchain that represent a digital asset.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/veritasblockchain.ca\/learn\/what-are-nfts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What are NFTs? (Non-Fungible Tokens) - Veritas Blockchain Consulting\" \/>\n<meta property=\"og:description\" content=\"What are NFTs? NFTs are non-fungible tokens. 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