Non-fungible tokens (NFTs) are digital collectibles, often in the form of digital art. NFTs use an authentic cryptographic certificate created by blockchain. This system is similar to digital assets such as Bitcoin, ETH, or other forms of cryptocurrency.
NFTs and Blockchain
The cryptography of blockchain allows NFTs to maintain their value as intellectual property. The blockchain is home to the NFTs’ digital ledger, which is why they can hold limited edition value.
NFTs use a series of metadata and usually include information, such as authenticity and origin. The system uses this metadata to describe each token’s designated ID. It uses on-chain metadata for smart contracts and applications on the Ethereum blockchain.
NFT metadata can also be stored off-chain. Despite this, those unfamiliar with NFTs are still skeptical of their innate value, often asking, “can NFTs be copied?”
Artists and Intellectual Property
The need to buy and sell digital art or other digital work securely is one reason why NFT markets have a lot of hype behind it. Original artists see NFT sales as an innovative platform for exchange and view them as much more than a fad.
People also sell NFTs as other digital data, such as one-of-a-kind avatars, baseball cards, and other trading cards, memes, GIFs, digital real estate, and all sorts of other digital items.
Can NFTs be copied? Not exactly. Owning an NFT essentially means that the person in possession has a “receipt” showing that they hold the piece created by the original seller. NFTs are trustworthy, easily transferable, and allow the creator of the NFT to keep ownership rights.
NFTs are “minted” on the blockchain. Someone might find and create a copy online, but they still would not be copying the NFT itself. Anyone can forge or replicate digital artwork found kept online.
You could create a simple copy of an online JPEG, but it would not hold any intrinsic value that the NFT art has. Proof of ownership remains on the blockchain, which is extremely hard, if not impossible, to hack.
The Value of Minting NFTs
If you don’t understand blockchain technology and are still wondering, “can NFTs be copied?” take a look at the market. Online sites, apps, games, and NFT marketplaces, such as CryptoKitties, NBA Top Shot, Christie’s, OpenSea, and Rarible, have created a vast ecosystem for these digital tokens.
The craze caught on after Beeple, a highly successful online artist, announced his minting of NFTs to his fanbase, selling one for $69 million. Jack Dorsey’s first tweet on social media even sold for 2.9 million as an NFT. The infamous online artist and meme creator Chris Torres sold his Nyan Cat NFT for nearly $600K.
These are all prime examples that NFTs aren’t something you can easily copy and resell. It also shows that NFT has real-world use cases, from online art markets to collectibles, music, and gaming.
If you’re interested in starting an NFT or investing in one that already exists, we assure you that your NFT will be one-of-a-kind and that it cannot be copied by someone else in any way that has value.
The NFT and its original receipt are proof of ownership, which you can use to prove its authenticity.