{"id":8420,"date":"2022-09-28T08:05:10","date_gmt":"2022-09-28T08:05:10","guid":{"rendered":"https:\/\/mdr.foobrdigital.com\/?p=8420"},"modified":"2022-09-28T08:05:10","modified_gmt":"2022-09-28T08:05:10","slug":"how-an-nft-works","status":"publish","type":"post","link":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/2022\/09\/28\/how-an-nft-works\/","title":{"rendered":"How an NFT works&nbsp;"},"content":{"rendered":"\n<p>NFTs work by storing information that can identify them as unique. They store this information in smart contracts. Smart contracts are sets of instructions written in code and stored on a blockchain. These smart contracts allow for detailed information to be added and permanently tied to an asset.&nbsp;<\/p>\n\n\n\n<p>Primarily, NFTs are used to prove digital ownership of a particular asset. This can range from collectables in a video game to ownership of gold bars. What NFTs provide is irrefutable ownership status that\u2019s recorded securely onto a blockchain and can be sold\/traded.&nbsp;<\/p>\n\n\n\n<p>A common scepticism &#8211; particularly relevant to digital art &#8211; is that surely someone can just take a screenshot of the image, or download a digital file of it, so it\u2019s not truly scarce. However, the same argument applies to any famous piece of art. I can download a picture of the Mona Lisa or visit the painting and take a photo myself; it doesn\u2019t mean I own the Mona Lisa. People have always been, and always will be, willing to pay a premium for original work.&nbsp;<\/p>\n\n\n\n<p>Furthermore, this critique helps to emphasise a crucial aspect of NFTs. They are a representation of ownership of an asset and do not necessarily represent the asset itself. The smart contract will provide details of where the associate digital asset can be found.<\/p>\n\n\n\n<p>Their value is in proof of ownership of a valuable asset. NFTs are like certificates that verify owners as owners. These certificates can be used to trade assets in new and innovative ways.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NFTs work by storing information that can identify them as unique. They store this information in smart contracts. Smart contracts are sets of instructions written in code and stored on a blockchain. These smart contracts allow for detailed information to be added and permanently tied to an asset.&nbsp; Primarily, NFTs are used to prove digital [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[392],"tags":[],"_links":{"self":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8420"}],"collection":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/comments?post=8420"}],"version-history":[{"count":0,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8420\/revisions"}],"wp:attachment":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/media?parent=8420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/categories?post=8420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/tags?post=8420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}