Non-Fungible Tokens (NFTs) have firmly established themselves in the crypto industry in recent years. The hype around the innovative technology has even brought NFTs to mainstream attention and across many different industries.
Cointelegraph video director Jackson DuMont explains exactly what NFTs are and why blockchain technology is so crucial as a backbone for securing ownership of digital assets:
“NFTs provide a unique, verifiable and inseparable proof of ownership of a digital asset. True digital ownership through NFTs is a revolutionary idea that could fundamentally change the way we interact with the internet.”
In this context, DuMont also explains the role NFTs can play in shifting participation in the digital space back to the user, as the associated Web3 could democratize the Internet as the network of the future.
NFTs are already gaining ground in many different forms, whether as digital highlights of the NBA basketball league or as billion-dollar art objects. In addition, the technology is now being used to solve problems with ticket sales for major events.
You can watch the full video on Cointelegraph’s YouTube channel. Don’t forget to like and subscribe!