The point of NFT is that it is a standards-compliant asset that is not upheld by a single authority. It achieves this by combining the following two ideas: - T

The point of NFT is that it is a standards-compliant asset that is not upheld by a single authority. It achieves this by combining the following two ideas: - The token and current state of its ownership is updated with transactions in a distributed ledger. Only the owner can transfer ownership to a new address. - The media is stored on a peer-to-peer hosting system like IPFS, allowing anybody to replicate and host it. The "standards-compliant" aspect of ERC-721 is also very important as it makes these assets composable across a whole ecosystem of independent platforms and sites. This allows you to buy a token from one source, and auction it off on another unrelated platform.