By Brenda Cohen
What is an NFT? Web definition: NFT, A non-fungible token is a unit of data on a digital ledger called a blockchain, where each NFT can represent a unique digital item, and thus they are not interchangeable. And in Japanese, 非代替トークンは、ブロックチェーンと呼ばれるデジタル台帳上のデータの単位であり、各NFTは一意のデジタルアイテムを表すことができるため、互換性はありません。Because let’s be honest – you didn’t understand it in English either, did you?
When you think of blockchain and cryptocurrencies, essentially, it’s just another basic trade. These are “fungible” tokens, meaning you can readily trade them for another of the same value. Dollar for dollar. Things that are “non-fungible” are not interchangeable, such as your car, favourite painting, middle child.
I like to think of an NFT as a tradable art. I have some things in a shoebox – a Pokemon card, a ticket stub from an 80’s rock concert, a Blue Jays 1993 World Series baseball card, a sketch found on the floor of a Venetian art store. What do all of these things have in common? They are single, unique items that I purchased that are of value to me.
An NFT is another way to look at collecting creative things. NFT can represent any unique digital asset, including art, videos, trading cards, downloads, games & game assets, tickets and music. The only difference between an NTF and my shoebox treasures is that they are digital. That shoebox could be lost or buried in the basement, but an NFT is a digital collectible and cannot be lost or accidentally thrown away.
All forms of entertainment are being digitized and offered in different formats. Books today are simultaneously published in print and digital format; music is being downloaded and streamed; video games created for PC, console and mobile; movies released for at-home consumption along with the theatre experience.
The idea of an NFT in the creative space opens the door for even more opportunities to consume art. Any of these art forms could also be an NFT, such as a one-of-a-kind digital art piece from your favourite painter, a limited edition book cover, a badge from a video game, a map of a slick mountain biking trail, a bonus song for a newly released album or a deleted scene from a movie. The opportunities are endless.
My definition of an NFT: a new way to share, collect and preserve art. Now that’s something everyone should appreciate and understand.
Check out Award Pool and learn about our NFT offering. Award Pool is available to anyone who wants to collect or sell creative digital assets. You don’t have to be a programmer or a crypto expert to use the platform. It’s also the first to be affordable, eco-sustainable and survivable.
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