you go to Picasso with a piece of blank ordinary paper. The paper says "Guernica" on it. You get his signature. There is a notary with you and it is notarized.
That's an NFT. You now have a signed piece of paper that refers to a piece of art that you don't actually own. You're free to go to the museum (in NFT this is IPFS, or the regular web) and see it. But so is everyone else.
Now imagine instead of Picasso signing your piece of paper, an autopen is signing it. Pumping out however many copies of that signature it wants to in a day. And instead of a notary it's the blockchain recording the transaction.
That's an NFT. You now have a signed piece of paper that refers to a piece of art that you don't actually own. You're free to go to the museum (in NFT this is IPFS, or the regular web) and see it. But so is everyone else.
Now imagine instead of Picasso signing your piece of paper, an autopen is signing it. Pumping out however many copies of that signature it wants to in a day. And instead of a notary it's the blockchain recording the transaction.
That's an NFT.