What are NFT’s
NFT, short for Non-Fungible Token, is a new blockchain-based mechanism of determining ownership. In the context of art, NFT’s are digital art pieces forever embedded in the blockchain, with a failsafe association to the rightful owner. NFT’s are revolutionizing the way art is perceived by creating new ways for art to be distributed, owned, and enjoyed by a global audience. There are no more institutions or people influencing the processes of creation, distribution or ownership. Artists can directly connect with the people appreciating their art. We as NFT Link are taking this even one step further with our creation of NFT-L’s!
What is the blockchain
The blockchain is a decentralized network where each node possesses independent authority and decision-making power with regard to how it interacts with other systems. When something is decentralised no person or institutio can claim nownership or control over the whole system. Like the internet it belongs to no one in particular, but is held together by networks of rules and interconnections.
With no central party dictating certain rules, rewards or punishments it is possible to create a real democratic system that is shaped and held together by everyone participating in it. The implications of such as system are huge and have the power to revolutionise our financial and social system towards more fairness and equality.
Cardano is an open-source project based on the environmentally friendly proof of stake* (POS) protocol, providing a balanced and sustainable ecosystem for the future of NFT’s and the blockchain as a whole.
In contrast to the ‘proof of work’ (POW) protocol (operating on Bitcoin and Ethereum) which is based on large amounts of processing power and energy wastage, the POS* protocol eliminates the need for high processing power, drastically reducing energy consumption. To illustrate this gigantic difference consider that Bitcoin uses a whopping 115,850 gigawatts-hours anually, which is more than some European countries use in a year. Cardano, on the other hand, uses only about 6 gigawatts-hours per year.
To put this data into perspective, consider that YouTube alone uses around 243600 gigawatt-hours per year. And this does not even take into account all the other major social and streaming platforms such as TikTok, Netflix, Instagram and co.