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ARTICLE · 30 MAY 2022

A New Era – Non-Fungible Token

AGPLAW | A.G. Paphitis & Co. LLC
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NFT is short for Non-Fungible Token and is currently notoriously capturing the world of digital art and collectables. However, it continues to cause confusion and frustration to the world as it is a new category of commerce.

CyprusTechnology
AGP Law/ A.G. Paphitis & Co. LLC
AGP Law/ A.G. Paphitis & Co. LLC
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What is an NFT

NFT is short for Non-Fungible Token and is currently notoriously capturing the world of digital art and collectables. However, it continues to cause confusion and frustration to the world as it is a new category of commerce.

How does it work

NFTs are tokens which represent ownership of unique real – world items such as, art, music, videos or even real estate. They are similar to a bill of ownership and authenticity, however, they are bought and sold online, frequently with cryptocurrency, and they are secured through smart contracts on the blockchain. There can only have one unique official owner and as it is protected by the blockchain, none can modify the record of ownership.

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