[Essay] Digital Monuments and Architecture NFTs (C3 no.416)

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Simone Brott

C3 no.416 / pp.010-013(4 pages)

 

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Digital Monuments and Architecture NFTs _ Simone Brott

A Non Fungible Token is a unit of data stored on a blockchain (a decentralised digital ledger or database), that certifies the originality of a digital asset like a piece of music or art. NFTs are stored on the blockchain and auctioned on NFT marketplaces like OpenSea, Rarible, SuperRare, and Foundation. The token is linked to and represents a nonfungible—unique and non-interchangeable—asset like a house or artwork, as opposed to a fungible— interchangeable—asset like cryptocurrency (so 5 bitcoins can be substituted with any other 5 bitcoins). NFT sales are executed with smart contracts–algorithms built into the blockchain which trigger actions based on pre-defined parameters e.g. they automate royalty-split payments at the end of an auction. […]