Business Standard

Non-Fungible Tokens: The unique crypto codes driving collectors

An NFT is a unique token added to some digital construct and registered on a blockchain with details of ownership

Jack Dorsey, Twitter
Premium

Jack Dorsey (top right), CEO of Twitter, has put his first-ever tweet up for NFT auction and the bidding is running at $2.5 million-plus

Devangshu Datta New Delhi
Would you pay huge sums for digital artwork, or a photograph, which you can legally view for free — and also download? Would you pay to own a video clip, which is, again, legally available free? Would you pay to view a tweet, which you can download (and retweet) for free?

Some people are prepared to pay huge sums for these “free” goods. Or rather, they’re prepared to pay for the cachet of owning a special copy, with the equivalent of a tamper-proof digital watermark.

Welcome to Non-Fungible Tokens (NFT) — digital constructs authenticated using an abstract mathematical application. An NFT is

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in