Lifting the Lid on NFTs

The world appears to be developing at break-neck speed, the extent to which many of us are left wondering what's actually going on... while the rest make fortunes fit for a feudal empire. Selling Tweets.

Okay, let me explain.

The Blockchain

Like a notary, blockchains timestamp data stored in a unique "block" that holds information on both itself (an identifier known as a "hash") and the blocks directly chained to it... which hold information on themselves and the blocks chained to them, and so on. Each block validates the other and cannot exist without validation.

A peer-to-peer (P2P) system is then implemented and anyone who joins the P2P network is given a full copy of the blockchain. Those who've joined are referred to as nodes. Each node validates the other and when a new block is added to the chain it is copied to all the nodes. If a block is tampered with in any way its properties change - and its hash by extension. once its hash is changed, it is no longer in sync with the other block that holds its hash and becomes invalid.

This is the system NFTs take advantage of.

NFT: Non-Fungible Token

NFTs

"Non-fungible" just means it can't be copied. Now that the blockchain has turned our primitive understanding of cyberspace upside down, we can finally create "original" digital pieces.

NFTs sit, primarily, on Ethereum's blockchain. So, you can think of them as crypto tokens coded with slightly different data.

Can Anything Become an NFT?

Yes. Anything digital can be "tokenised" and added to a blockchain, from music to a Tweet. Yes, you read right. That's what is meant by the oft used phrase "internet of things". Once tokenised, an immaterial sequence of 1s & 0s can be sold... for an amount of money you may never see in your lifetime.

We don't get it either.

Can Slots Use NFTs?

Evolution acquisition Red Tiger Gaming has become the very first games provider to integrate NFTs into an online slot. How? They bought the four original CyptoPunks art pieces and featured them in their recent release, NFT Megaways™. That's all. Just Evolution flexing on us.

NFT Megaways

In Conclusion

In a free market everything is a commodity. Every-thing. From the car you drive to the pigment in your skin. That's right. Melanin is on the market, going at almost 10x the price of gold.

So though you might think the world's gone mad... has it really?

Kwame Johnson-Goffe