Are you confused about NFTs? We explain.
Before we know what the Non-Fungible Token (NFT) is, we need to know what’s the technology behind it, which’s Blockchain.
When we say Blockchain, people tend to start thinking about Bitcoin, Etherum, Doge, etc… These are cryptocurrencies. Blockchain is the underlying technology beneath that. So basically Blockchain Technology can exist without cryptocurrencies, but cryptocurrencies can’t exist without Blockchain and the same principle applies to NFTs.
Blockchain Technology is a big decentralized system that lets you record data in ways that make it hard or impossible to have changes on it or to hack it. Think of it as a series of blocks that are tied together like a chain. Each block has data, mostly transactions, and keep in mind that blockchain is transparent by nature, so you’ll be able to track the entire transaction history made using Blockchain.