Just about a month ago one JPG file got sold for nearly $70 million. You must have wondered what was so unique about it? Its uniqueness was its authenticity, that it was original. Made by digital artist Mike Winkelmann, known as Beeple, called ‘Everydays: The First 5000 Days’, the piece comprises the 5,000 pieces of digital artworks that he made previously over a span of 13 and half years.
The jpg was auctioned online and it was made possible through first minting NFTs or Non Fungible Tokens of the image. Non Fungible Tokens are unique tokens very limited in number for each asset object, the lesser the NFTs for each object the lesser would be the owners for the same. Eg: a limited edition music release can have only 10 NFTs per album signifying a maximum of 10 different owners of the same. The rights of the album would lie with the people owning the NFT. On the other hand, a house may have only 1 NFT. No. of NFT per object is defined by the creator of NFT.
NFT are units of data stored on a blockchain, hence certifying the asset to be unique and not interchangeable. A variety of real-world objects/assets such as photos, videos, audio, and other types of digital files can be minted as NFTs. NFTs are digital receipts of a physical asset, NFTs define authentic ownership of the object. Hence when ownership of an object exchanges hands, it becomes more authentic if NFTs are also exchanged.
Bitcoin, the largest and by far the most widely used cryptocurrency does not offer support for complex smart contracts. Moreover, simple contracts that can be executed on Bitcoin are often cumbersome to design and very costly to execute. Blockstack has solved this by introducing PoX based Smart Contracts. With Stacks its now possible to mint NFT on Bitcoin.
Applications and possibilities are limitless: NFTs on STX can be used to: sell a wide range of virtual collectibles from varied sports eg: virtual trading cards, music, digital images, video clips, admit passes to events, ownership rights to cars, ownership rights to houses, flight tickets, education degrees, etc.
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