Non-fungible tokens or NFTs are “cryptographic assets” that use Blockchain technology to encrypt the information of their codes. There are many forms of NFT, one of which is IGO or Initial Game Offering. I consider that the operation of the Blockchain and NFT tokens is a technology that should be known.
To better understand the first paragraph, I briefly explain what Blockchain technology is…
What Is The Blockchain And What Is Its Use in NFTs?
Blockchain technology serves to eliminate intermediaries in good faith or to confirm the information that is transmitted, that is why it is so common in the use of cryptocurrencies and it is considered that the blockchain is a “decentralized system”, where there is no entity or third party that monitors the transactions of information, data, currency, etc. Hence its interest in Intellectual Property and the world of artistic assets (art in general).
Blockchain Users Validate The Transparency And Security Of The Block System
In this way, users can control their own funds, or money (the most widespread use or known worldwide due to the popularity of cryptocurrencies -including Bitcoin-), thus eliminating the existence and demand of intermediary programs in the process. They then became part of a large bank and all became participants in and administrators of the bank’s books (records).
In other words, blockchain technology is a huge ledger in which the records (blocks) are encrypted and linked to each other, to protect the privacy and security of transactions (the main advantage of this technology).
The Blockchain Can Be Limited Or Unlimited, It Depends On its “Hash” Code
It could be said that the Blockchain is a book of accounts (accounting) that can be infinite, or limited (as in the case of Bitcoin, which has a limited number of coins). In this technology, records (called blocks) are encrypted and linked together, to safeguard the privacy and security of transactions.
The importance of the link between the blocks is what you have to understand above all else because when people criticize the ecosystem or world of cryptocurrencies, they usually do so out of ignorance or ignorance of the value and function of the blocks being linked.
The link works as an obligation that the blocks remain unchanged, that is, they do not lose their keys (what we call “hash” or “hashes”), since if they lost it they would stop matching each other and the rest of the blocks ” would reject” the one that has been modified or altered. Therefore, the source code of the encryption remains unchanged, and therefore, absolute trust is generated in the block that prevents it from being “hacked”, falsified or similar.
NFT is how people apply copyright in the digital world and it works on Blockchain principles. Blockchain is the demand of the future and this technology opens up many opportunities that were unimaginable in the past. For example, crypto trading with instruments such as ETH/USDT. It can be concluded that NFT and Blockchain derivatives will become an important part of human civilization in the future.