NFT stands for “non-fungible token”, meaning each one is unique. We probably would have just called it a UT (unique token), but the web3 professionals didn’t ask us! NFTs are unique web3 assets that are stored on a blockchain. This means that anyone can trace an NFT from the original creator all the way to your wallet – and verify its authenticity at each step along the way. NFTs document who created it, when it was created, who bought it and when, what price it sold for, and who owns it. All of this data is generally public information, although you could have an NFT that stores data on a private blockchain, making the details non-public. NFTs and cryptocurrencies are both tokens, but crypto tokens are FUNGIBLE. For example, every Bitcoin token is identical to every other Bitcoin token, whereas NFTs are NON-FUNGIBLE, meaning unique.
Most people associate NFTs with digital art. The NFT isn’t the art itself, but is the digital certificate of authenticity and proof of ownership relating to that artwork. Some NFTs can perform a utility, like unlocking a digital experience, granting access to an exclusive community, or letting you contribute to specific projects. Unfortunately, most uses of NFTs today involve a great deal of complexity and confusion for consumers and businesses alike. It seems like you have to learn a whole new language and use new technologies just to get started.
At Blockalicious, we envision NFTs becoming deeply integrated into the transactions and processes we engage in every day, often without people even knowing an NFT was involved. That was one reason we created NFT-O-Matic, to show how our RockSolid platform can deliver the power of an NFT without all the jargon and complexity (did we mention that NFT-O-Matic is simple, fun and free?).