What’s an NFT?

 

  • “NFT” is an acronym that stands for Non-Fungible Token. When something is “fungible,” that means it’s easily interchanged with and difficult to distinguish from other assets of the same type. Dollar bills, for instance, are highly fungible. For dollars, “fungibility” is a virtue because it’s conducive to its ease of use and exchange in our economy.

    When an asset is “non-fungible,” that means it’s unique and not interchangeable with other assets of the same type. A helpful way to think about fungibility and non-fungibility is to consider a painting, such as the Mona Lisa. As a 1 of 1 work of physical art, the original Mona Lisa painting is irreplaceable and non-fungible. However, a poster of the Mona Lisa is easily replaceable and undistinguishable with other posters of that same printing, which makes such posters highly fungible.

    As it relates to 1863nft, each of the 304 pieces of art that comprise the genesis mint of this project exists as a unique, verifiable digital asset that lives on the blockchain, a shared public record of ownership. Owning a piece of 1863nft means you own something completely original and unique - one of a limited number of such pieces that constitute the genesis collection.

  • What makes the digital blockchain so incredible is the ability for transactions to contain special rights, privileges, and other provisions in the code and data of the terms underlying the exchange. These terms - known as “smart contracts” - vary wildly from asset to asset in ways that typically accrue to the benefit of all parties to the agreement.

    Because the blockchain is still an emerging technology, the founders and artists of 1863nft have a lot to learn by way of application and deployment of these tools. Part of what makes our project unique is the opportunity for the founders, artists, and holders to learn alongside each other as part of a shared journey of mutual benefit.

    In 1863nft, we’re excited to explore ways to deepen connection with our community of holders - a fun group of WV friends and advocates!



  • We encourage all members of the 1863nft community to put in the homework on NFTs and smart contracts, as the potential applications of these technologies for the betterment of society are limited only by our imaginations. Here are some excellent resources to get you started!

    The ABCs of NFTs: The Ultimate Guide to NFTs, Reddit & VNFT.

    What is NFT? Non-fungible token guide, Gary Vaynerchuk.

    Beginner’s Guide to NFTs: What Are Non-Fungible Tokens?, Decrypt Media.

    What is a Smart Contract?, Coinbase.