Until now, you could use money to acquire and grow a digital collection of music, fine art, film and memorabilia. But since proof of authenticity was hard to come by, it was almost impossible to guarantee that you owned the original work of art from the original artist.
NFTs (non-fungible tokens) allow digital originals to be verified using blockchain technology – a decentralised digital public ledger that can never be changed, hacked or forged. Through a process called ‘minting’, a certificate of authenticity and provenance is attached to the original, so you can be assured of the true history of your purchase.
Thanks to the transparency and security of this technology, creators and their fans can now have 100% confidence that the asset they own is truly authentic and scarce. It also means that the masterpiece in question cannot be stolen or forged.