UPP NFT OFFERINGS - COMING SOON
Non-fungible tokens (NFTs) are electronic identifiers that verify the existence and the ownership of a digital or hard collectible. The technology has been around since at least 2012 and comes as an offshoot of the boom in cryptocurrencies, which also run on the blockchain.
NFTs are helping solve problems that have long been central to digital art: how do you claim ownership of something that can be easily duplicated?
Digital certificates for intellectual property are stored on the blockchain.
Each item is linked to an NFT that has a unique value and cannot be exchanged with any other asset.
Since NFT uses blockchain technology that provides a transparent record of every transaction made, artists and collectors can now sell and trade their artworks without worrying about ownership issues.
NFTS BENEFITS
One of the obvious benefits of buying art is it lets you financially support artists you like, and that’s true with NFTs (which are way trendier than, like, Telegram stickers). Buying an NFT also usually gets you some basic usage rights, like being able to post the image online or set it as your profile picture. Plus, of course, there are bragging rights that you own the art, with a blockchain entry to back it up.
HOW NFTS WORK
NFTs are digital certificates that authenticate a claim of ownership to an asset, and allow it to be transferred or sold. The certificates are secured with blockchain technology similar to what underpins Bitcoin and other cryptocurrencies. A blockchain is a decentralized alternative to a central database. Blockchains usually store information in encrypted form across a peer-to-peer network, which makes them very difficult to hack or tamper with. This in turn makes them useful for keeping important records.
