Art: What are NFTs (non-fungible tokens)?
Source: The Conversation
Non-fungible tokens are used in two distinct use scenarios in the art industry.
The first case creates a unique digital copy of a work of art. The second encompasses a smart contract (a license) to use under certain conditions.
Beyond the legal issues of NFTs there are a couple of other challenges for developers to consider.
On one hand, the technology lacks maturity which may lead to unintended consequences for investors.
On the other hand, the creation of NFTs raises questions about the electricity they consume and the CO2 that they generate.