An Introduction to NFTs:
The first question on your mind is most likely what an NFT even is.
An NFT stands for Non Fungible Token
This may sound confusing, but really it just means a digital item that is entirely unique & can only be held by a singular person at a given time.
Tickets are a great example of a ‘Non Fungible’ item because each ticket has unique properties, some examples are:
- Date & Time of Event
- Seat Number
- Row or Area Number
- Name of the Ticket Holder
When all of these properties are put together, a ticket becomes uniquely Non Fungible. A person can swap or trade this ticket, but in doing so it comes with a number of changes, perhaps it is a different seat, a different price or area.
Compare this to money, a 10 dollar bill will always be a 10 dollar bill, I would be happy to swap my 10 dollar bill with another person without any consequences.
For a beginner video on NFTs, visit: Here
Along came the Blockchain:
Now that you’re aware of what an NFT is, what makes it special is the location that it is created & recorded on - a Blockchain.
Without wanting to throw too many technical terms into this documentation, it’s best to think of a Blockchain as a sort of database that instead of being stored in one location, is instead distributed on many different computers around the world.
This means that anything stored on a Blockchain is incredibly secure as it becomes very difficult for any one person to edit or change data on a Blockchain.
By recording an NFT on a Blockchain there are a number of benefits:
- Other People & Platforms can easily check the validity of an NFT
- Platforms can use NFTs to provide access into applications
- The legitimacy & value of an NFT is kept accountable & cannot be tampered with
For a beginner video on Blockchains, visit: Here
We hope you found this short introduction useful, to continue with the series on NFT Tickets, head back to the main overview document: Here.