ST. LOUIS– You may have seen the letters NTF floating around but what does it mean? Non-fungible tokens (NTFs) are digital assets that serve as proof of ownership.
NFTs are popping up more and usually surround digital collectibles. Recently Topps just released NFT digital collectible baseball cards. NFTs are also big for soccer trading cards, music, and artwork
Jack Dorsey’s first tweet was sold as an NFT for $2.9 million. Scott Schaffer with Blade Technologies says the NFT serves as proof of ownership since anyone can copy a picture of the tweet. He says there will and always will be only one NFT associated with the tweet.
Schaffer says you can think of an NFT to a Certificate of Authentication.
NFTs contain identifying information recorded in a smart contract. Schaffer says that information is stored on a blockchain. He says a blockchain is the same technology used in cryptocurrency like Bitcoin.
When it comes to future applications of NFTs, Schaffer thinks we could one day have a digital wallet. He says it could contain NFTs of licenses, certificates, and assets that you own.