What is an NFT and what are they used for?
NFTs use blockchain technology to prove ownership of a unique digital asset such as art, music, collectibles, videos, or anything else. They can be used to verify the origin, timestamp, and ownership history of any asset and have limitless potential usecases.
NFTs are digital certificates of authenticity and stands for non-fungible token.
When you buy a physical art piece, you can tell it's genuine because you can see the artist's signature on the canvas. Someone can make a copy of the painting, but they do not own the art. Prior to NFTs, digital assets were similar to copies.
NFTs function similarly to digital signatures: They verify ownership of assets such as art, letters, documents, memories, collectibles, music, videos, in-game assets, and more. They document, in the same way that physical certificates do:
- Who created it
- When it was created
- Who bought it (and when)
- The price(s) it sold for
- Who owns it now
Because the blockchain makes all of this public, anyone can trace each of your NFTs from the original creator all the way to your wallet and verify their authenticity. NFT technology is new and we have only discovered the tip of the iceberg when it comes to use cases.
KOODS NFTs creates an easy-to-understand certification template on the blockchain that includes all relevant information, as well as unlockable content that allows for the permanent decentralized archiving of the original digital asset via IPFS storage.
What is a blockchain?
A blockchain is a decentralized network of computers that track network transactions and generate a massive ledger of who owns what and how much of it, when it was acquired, and the history of the asset's provenance.
KOODS currently enables the easy creation of NFT assets on the Ethereum and Polygon blockchains.