how does an nft work
To start explaining how the process works in layman's terms, let's start with some background information about what exactly this system is used for. Tokenization is a process in which tokens represent unique items. Tokens could be used on blockchains or mobile app stores to buy and sell digital goods, such as apps, music, games and other content. Image source: nonfungible.com As tokens can then be traded by anyone without relying on centralized exchanges to facilitate the transaction (such as stocks), it offers a practical solution for crypto exchanges that have been struggling with growing pains. In addition, tokenization will enable new business models for digital platforms where creators can give backers rewards that allow them to own something tangible in return for their support before it even exists. Image source: www.artnews.com Non-fungible tokens operate on the idea that something has been created and coded to be one of a kind, unlike fungible to