Did you know a JPG file has been auctioned for a whopping 69 million.

Non fungible token file format. NFT is a unique digital. NFTs are a file format that transfers data and value on blockchain networks Read also. Sure you can copy a file from someone elses NFT but it wont be real.

Unique tokens can become fungible if you fractionalize parts of the token into fungible equals. NFTs rely heavily on blockchain technology whose network of computers is able to keep track of transactions and provide buyers with proof of ownership and authenticity. NFT stands for non-fungible token meaning that it cannot be replaced and is one of a kind.

To verify that the NFT is legit you can. What are Non-fungible tokens or NFTs. Minting an NFT is how your digital art becomes a part of the Ethereum.

It is a piece of data stored in a blockchain digital ledger and can represent assets like art images sounds videos and other types of digital files for purchase. 69 million for a digital image file made by digital artist Mike Winkelmann aka Beeple became the third-highest purchased artwork after Jeff Koons and David Hockney. But non-fungible tokens precisely because they are non-fungible cannot be controlled in the way that fungible cryptocurrency can.

They can be sold in auctions for collectors to bid on or purchase and the sale of NFTs unlock new revenue streams for creators. Yes you read it right. An Introduction to Blockchain Technology.

Non-fungible tokens can be transferable or not depending on the use case. Shapeshifting uniqueness fungibility. This basically means that someone can own a digital file and that its marked with code to differentiate it from any digital replicas.