NFTs in simple words
NFTs, or Non-Fungible Tokens, are digital assets that are unique and cannot be exchanged for something else of equal value, unlike a dollar bill or a Bitcoin. NFTs are typically created using blockchain technology, which makes them secure and immutable. They can represent anything from collectible cards, digital art and music to tweets and online articles.
When you purchase an NFT, you are essentially buying a digital certificate of ownership for that specific asset, which is verified by the blockchain network. This means that you are the sole owner of that specific NFT, even if the original asset it represents can be duplicated or shared online.
NFTs have become popular among collectors and artists as a way to authenticate and sell digital art and other unique digital assets. The value of an NFT is determined by its rarity, uniqueness, and the demand for it in the market.
What is the blockchain:
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system!
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains several transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger (the decentralized database managed by multiple participants is known as Distributed Ledger Technology – DLT). A blockchain can record information about cryptocurrency transactions, DeFi smart contracts or NFT ownership.
Blockchains such as Polygon, Flow, Bitcoin and Ethereum are constantly and continually growing as blocks are being added to the chain, which significantly adds to the security of the ledger.
The blockchain allows collectors to own/trade/sell/or auction digital assets the same way they would a physical card. The blockchain can also serve as a digital ledger tracking ownership of a blockchain asset by creating a new chain every time there is a new transaction related to that asset. The unique public facing Blockchain identifier ensures your digital asset cannot be duplicated, faked, or disputed.
OK and …what is a Stickito NFT:
Stickito NFTs are sort of like digital trading cards, except each is one of a kind. Unlike other digital assets, there’s only one of them, with no copies. In that sense, it preserves the rarity of the digital asset at hand.
If you buy a physical official licensed Stickito sticker/card or other digital asset, you know it’s real because Stickito is the official licensee of the Brand for that asset. And anyone may photocopy the asset, but don’t own it — you do!