The many advantages of NFT'S

The many advantages of NFT'S

Before we talk about the benefits of NFT's, let's define blockchain together.

What is blockchain?

The blockchain is a technology for storing and transmitting information, transparent, secure, and operating without a central control body.A public blockchain can therefore be likened to a public accounting ledger, anonymous and reputedly unfalsifiable.

A public blockchain can therefore be compared to a public ledger, which is anonymous and deemed unfalsifiable. It is therefore a distributed and secure register of all the transactions carried out since the start of the distributed system.

The definition of an NFT:

NFT is short for Non Fungible Token. Non-fungible tokens are unique and identifiable. Thus, no two tokens created will be exactly alike and interchangeable, each will have specific characteristics to define it.

NFTs are tokens similar to those used by cryptocurrencies, but their values and characteristics are varied, so they cannot be considered a currency. They can be used to digitize a variety of information (music, images, videos or avatars), and are stored on the blockchain.

NFTs create a degree of scarcity on the internet, where most things currently exist in infinite quantities.

Thus, we can highlight 6 GREAT QUALITIES.

  • An NFT is defined by its creator, thus providing certified data on its origin. It allows to verify an author and to set up use cases like royalties
  • Each action on an NFT (creation, transfer, modification) is registered in the blockchain, which brings immutability and a certified proof of the existence of this action at this date.
  • It is possible to attach immutable qualities to an NFT, which will follow it throughout its life. It is this qualification that brings value to the use of the NFT.
  • An NFT can only be held by one person at a time because it cannot be duplicated. This provides certified proof of ownership. Furthermore, an NFT can only exist if it is held by someone (or a blockchain wallet). Thus, an NFT will always have an owner.
  • An NFT cannot be erased. An NFT can be burned - by sending it to an invalid blockchain address - but all its history will remain forever. This reinforces the other qualities and brings new possibilities.
  • An NFT can be transferred from one person to another (with or without restrictions) and retain its own characteristics.