Comment on page
How Do NFTs Work?
When someone creates, transfers, buys, sells, or basically does anything with an NFT, that all gets recorded on the blockchain. This is what enables authentication.
This record serves as a permanent statement of authenticity that can be viewed or accessed by anyone. Today, when you buy a piece of art or a collector's item, it typically comes with a paper Certificate Of Authenticity (COA), which you must then keep track of forever. It is easily forgotten, lost or destroyed, creating a very fragile system for authenticity. Blockchain’s offer a simple and more secure solution to this issue of proving authenticity.
So, to give you an example, imagine you want to buy a piece of artwork from Salvador Dali (awesome artist, but one of the most faked of all time). With NFTs, you can see the entire history of that piece, all the past owners, every sale, all the way back to Dalis’ original creation of the piece. Without NFTs, you wouldn’t know if you were buying the real piece or just a really good fake.