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What can designers learn from NFTs?
Lessons from their explosive growth.
What are NFTs?
NFTs, or non-fungible tokens, are unique and distinct bitcoin assets. While one Bitcoin is identical to and interchangeable with another, each NFT is unique, with distinguishing metadata and identification codes. NFTs are certificates of authenticity, using a string of characters to prove ownership and legitimacy.
While they have been around for a while, they’ve exploded in popularity recently as they’ve been embraced by art, music, and entertainment.
NFTs can be anything digital, from the new Kings of Leon album to Jack Dorsey’s first tweet to NBA highlights to digital artist Beeple’s compilation of daily art creations over the course of 13.5 years.
The modern finance system evolved to execute complex loans and trades for various assets. Cryptocurrencies and NFTs reimagine this infrastructure, fully digitizing currencies, transactions, and marketplaces. NFTs streamline the trading process, remove intermediaries, and connect larger audiences of buyers and sellers.