What is an NFT?
An NFT, or Non-Fungible Token, is a unique piece of digital data that cannot be copied or replicated. NFTs can come in many forms, including digital images, videos, music or audio files.
Unlike the digital files we’re used to, an NFT can be owned, bought, and sold by an individual. Think of an NFT like a one-of-a-kind trading card.
non-fun·gi·ble token
\ ˌnän-ˈfǝn-jǝ-bǝl- \
noun
a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership (as of a specific digital asset and specific rights relating to it)
Why NFTs?
Just like you, every NFT is unique. And just like you, an NFT can never be replicated. Whether you’re a customer success champion, marketing guru, or engineering wizard, the work you do at Redbrick is unique, and valuable. NFTs represent your individual time at Redbrick, the one-of-a-kind work you do here, and the legacy you’re creating.
How do NFTs work?
NFTs rely on smart contracts and blockchains. The role of the smart contract is to automatically document each NFT transaction such as the creation, sale, and purchase of an NFT.
This documentation occurs on the blockchain, a system in which a record of transactions are maintained across several computers that are linked in a peer-to-peer network.
The ownership and transaction history of each NFT is stored on and verified by smart contracts on the blockchain, ensuring that an NFT cannot be replicated and can only have one owner at a time.
smart con·tract
\ ˈsmärtˈkän-ˌtrakt \
noun
a computer program or a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement
What’s the environmental impact of an NFT?
Any service that uses the internet emits carbon, and the blockchain is no different. In an effort to limit our carbon emissions, we’ve launched the Redbrick NFT Program on the Polygon blockchain, an eco-friendly alternative to its competitors.
block·chain
\ ˈbläk-ˌchān \
noun
a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network
Tell me more
We better hand it over to the experts. Here are some great resources to learn more about the world of NFTs: