The first time most Canadians heard the term “non-fungible tokens” was likely after a recent blockbuster Christies auction for a piece of digital art. However, experts expect the technology to move far beyond the art world into everyday life — though nobody knows for sure how they will be used.
NFTs — which are essentially a tool that uses blockchain technology to provide proof of ownership of a digital asset such as an image, audio clip or a tweet — are currently a fringe item used primarily by tech enthusiasts and artists, but experts say potential uses for the tokens are nearly limitless, including the proof of ownership of assets like cars or real estate, or just about anything of value.
A non-fungible token is certified on the blockchain (the same technology that ensures the security of cryptocurrencies like Bitcoin), and whoever owns the NFT is deemed the original owner of the asset.
Earlier this year, a digital collage by the artist Beeple fetched a final bid of over US$69 million for digital ownership through an NFT. And Jack Dorsey, the CEO of Twitter, auctioned his first ever tweet as an NFT, with the final bid coming in at US$2.9 million.
Source: The Canadian Press
Date: April 6th, 2021
- ” “There’s literally no limit,” said Andreas Park, an associate professor of finance at the University of Toronto who specializes in blockchain technology. He said the advent of NFT’s could change how we think about ownership, the same way the internet changed how we consider communication and commerce. ” What sorts of things could be put on an NFT?
- How does an NFT ” change how we think about ownership “?