Non-fungible tokens: purchase is not complete ownership -Part 1

Si Gyeongmin

Sep 09, 2021

NFTs (Non-Fungible Tokens) are essentially tradable JPEG or GIF images. When a buyer purchases a piece of NFT from the creator, he obtains its ownership, and the NFT also becomes the property of the buyer. The digital nature of NFTs makes it easy to copy and reprint, which raises questions about copyright law. Experts say that people need to understand the limitations of NFTs before buying them.

In March 2021, artist Beeple’s digital mosaic painting was auctioned at Christie’s auction house for $69 million. NFTs entered the public view for the first time. This blockchain-based encrypted asset opened a new era in the field of digital collectibles. Since then, there has been explosive growth.

On the blockchain, digital cryptocurrencies are divided into two categories: coins and tokens. The former, such as Bitcoin and Ethereum, have their own main chain and use transactions on the chain to store ledger data. The tokens are attached to the existing blockchain and use smart contracts to record the ledger, such as attached to tokens released on Ethereum.

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