Security News > 2021 > March > Blockchain may be the machinery of mischief, but it can't help telling the truth

The non-fungible bit merely means it's not the same as other NFTs so can't be considered as their equivalent nor traded as such.

There is a single nugget of magic in NFT: authenticity.

If generated and constructed properly, both things that can be made verifiable, then an NFT is exactly what it says it is, and ownership of it through blockchain transactions is absolute and unfakeable.

So strong is the authenticity of an NFT that it can create the thing it is attached to.

Jack Dorsey sold "The first tweet" with an NFT for $2m - and nobody knows what a tweet actually is.

There's little point in stealing physical objects if they can't be traded without their NFT. Videos with checksums in an NFT can't be edited, and can always be traced back to their origins - a few tools to automate that and the whole deepfake scene changes.

News URL

https://go.theregister.com/feed/www.theregister.com/2021/03/29/nft_authenticity/