NFT
NFT (Non-fungible token) is a unique piece of data, stored permanently on the blockchain. By transforming a piece of digital media (in our case - a meme) into NFT, the user accomplishes 3 things at once.
First, it establishes this piece of media as the only “real”, original one. While other users are able to make exact copies of the file, they will not have the same hash as the one minted into NFT. In effect, the ecosystem will always be able to tell which file is the original one put on blockchain, and which are mere copies.
Second, it grounds authorship and ownership. When a new NFT is added onto the blockchain, it’s accompanied by information about who exactly uploaded it. This way, the user gets tangible proof that they are the original meme creator, can claim various rewards, and simply get recognized for their work.
Third, NFTs are inherently tradable. This means that when a user uploads their meme onto the blockchain, they get the ability to sell their work to other blockchain users for cryptocurrency. Blockchain architecture also ensures that there’s a verified, publicly available record of all transactions, meaning that original creators of NFTs can receive royalties each time their work is traded around.
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