NFT and Art : Interview with John Crain SuperRare CEO (All Interviews)
NFT, Non-Fungible Token, is a token standard. The main feature of an NFT is that it has a unique ID. If you mint an NFT, you will have a unique ID for a given set of data. You will be able to see specifically who is using the specific token, and where it is. If I sent it to you, you will also be able to track that it has been transferred. Thus, the unique ID of the NFT is why it is interesting for art and the art world. NFT’s provide provenance, meaning it makes it possible to track its history. You can see who has ever owned the art piece, when it was created, is it the real piece or not, etc. By confirming that, we can reduce the amount of forgery which is pretty prevalent in art.