Non-Fungible Token NFT: What It Means and How It Works
NFT supporters disparage this duplication of NFT artwork as "right-clicker mentality". One collector quoted by Vice compared the value of a purchased NFT to that of a status symbol "to show off that they can afford to pay that much". Some digital art NFTs, like these pixel art characters, are examples of generative art. The 2017 online game CryptoKitties was made profitable by selling tradable cat NFTs, and its success brought public attention to NFTs. For example, artists no longer have to rely on galleries or auction houses to sell their art. Instead, the artist can sell it directly to the consumer as an NFT, which also lets them keep more of the profits. In addition, artists can program in royalties so they’ll receive a percentage of sales whenever their art is sold to a new owner. Validators check that the transaction is valid and then add it to their databases. There are lots of crypto-economic incentives in place to make sure validators are acting honestl