NFTs seem to be all the rage these days, but can they actually work for most businesses? Opinions expressed by Entrepreneur contributors are their own. 2022 was an interesting year for NFTs (non-fungible tokens) , to say the least. This was the year that saw public knowledge of NFTs go beyond Bitcoin and other cryptocurrencies to the field of digital collectibles, such as art and photographs. But while buying art and other collectibles may be getting most of the attention from the general public, they result in some of the more practical (and profitable) business applications getting overlooked. In reality, NFTs can have a variety of practical applications that help organizations achieve their existing business goals. First things first: How do NFTs work? NFTs are is cryptographic assets that are based on blockchain technology . The non-fungible aspect is important, as it gives NFTs distinctive properties that mean they cannot be replaced or replicated. They are unique, and can’t be manipulated or forged. Most often, we see NFTs in connection with digital assets, such as art, sports cards , games and other collectibles, where the blockchain provides a certificate of authenticity. NFTs can be bought and sold on the […]
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