Updated: Apr 22
A Nonfungible token is a “contract” that stipulates that a person owns a unique and irreplaceable copy of a digital asset, next to that asset. To ensure that the "contract" is safe and true, it is stored on a public network, which is blockchain technology.
The fact of being in the blockchain guarantees that it is auditable and, if
Anything that can be represented digitally has the potential to become an NFT:
from a tweet to a meme through a work of art. The cryptography of the 'tokens'
allows proving that the owner is the sole possessor of the original piece.
NFTs allow any virtual object to be associated with a certificate of authenticity that makes it a unique piece.
Enrique Sotomayor, CEO of Kolokium Blockchain Technologies, explains that an NFT is “a unique and indivisible digital item, that is not consumed by using it and cannot be replaced by another”. When you want to create a digital representation
for example of a work of art, "a 'smart contract' (or intelligent contract) is programmed that contains said information and also the rules of how it is going to submit to the different transactions, in this case, purchase and sale”. For example we could add a fee to all the future sells to benefit the creator, something called a royalty fee engrained on the smart contract and executed in every sell