NFT stands for “Non-Fungible Token.” It is a type of digital asset that represents ownership or proof of authenticity of a unique item or piece of content, such as artwork, music, videos, collectibles, or virtual real estate, among others. Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are indivisible and cannot be exchanged on a like-for-like basis.

NFTs are built on blockchain technology, typically utilizing the Ethereum blockchain, which provides a decentralized and transparent ledger where the ownership and transaction history of the NFTs are recorded. The blockchain ensures the scarcity, provenance, and authenticity of the digital asset, making it difficult to counterfeit or duplicate.

NFTs have gained significant popularity in the art world, allowing artists to sell and monetize their digital creations directly to buyers without the need for intermediaries. They provide a way for creators to establish unique ownership and establish value for their digital works. NFTs can be bought, sold, and traded on various online marketplaces, and their value is determined by factors such as demand, rarity, perceived value, and the reputation of the creator.

It’s important to note that while NFTs have generated a lot of buzz and have been sold for significant amounts of money, their market is still relatively new and evolving. There are debates and discussions around the environmental impact of NFTs due to the energy consumption of blockchain networks, as well as questions about the long-term value and sustainability of the NFT market.

Megaglitch NFT collectible artwork

I’m currently working on some exciting new Megaglitch NFT collectible artwork which I hope to release later this year on the Coinbase NFT marketplace [view my profile]. These will include exclusive digital art, LP covers, and more. Watch this space or follow me on Twitter for updates.