What is an NFT?

An NFT, or non-fungible token, is a unique digital asset verified through blockchain technology. These assets, ranging from videos and GIFs to digital paintings and multimedia collages, are not physical objects but exist solely online. NFTs enable creators to not only digitally “sign” their work but also to monetize it, typically through online marketplaces and cryptocurrency wallets. To some, the concept may seem paradoxical: why pay for something that anyone can copy, share, or screenshot for free? But what NFT buyers are often purchasing isn’t exclusive rights or copyrights, it’s proof of authenticity, a longstanding pillar of value in the art world.

Artists have long developed systems to verify the originality of works that exist in multiples, such as prints, photographs, sculptures, or conceptual pieces. Consider bronze sculptures: an artist first crafts a prototype in clay or plaster, which is then used to create a mold. A foundry can cast several versions from that mold, each one officially recognized if produced under the artist’s guidance. The famed French sculptor Auguste Rodin (1840–1917), for example, authorized numerous casts of his sculptures in various sizes and materials. Even after his death, the Rodin Museum was allowed to produce posthumous editions using his original molds, limited to just 12 casts per work. These posthumous editions, each bearing a number (such as 1/8 to 8/8 or I/IV to IV/IV), are considered original Rodins, not reproductions, because of their sanctioned lineage. By contrast, a mass-produced miniature of The Thinker from a museum gift shop is just that: a replica with no artistic value beyond sentiment.

NFTs function in much the same way. A digital artist can designate a specific number of authenticated editions of their work, with each NFT acting like a digital signature, much like the numbered casts of a Rodin sculpture. In 2021, musician and producer Justin Blau (aka 3LAU) embraced this model by auctioning 33 NFTs tied to exclusive tracks and visuals inspired by his 2018 album Ultraviolet. While Blau retained full copyright and the music remained shareable online, collectors paid not for control of the content but for the status of owning an authenticated edition.