CAC Atelier 09 | NFT Workshop: Art Token MVP

The full name of NFT is Non-fungible Token, as opposed to the “fungible” token that refers to the idea of interchangeability or a token that can be exchanged to any other token of the same type. Fiat and ordinary tokens are fungible. For example, one $100 bill can be exchanged for another $100 bill (without taking the serial number on them into consideration); the 100 USDT (digital dollar on Ethereum) in the digital wallet is indistinguishable and could be divided into very small units like 0.00001. However, each NFT is unique, indivisible and non-interchangeable since its smallest unit is 1, resembling the objects in reality. For instance, a ticket that cannot be split in half and is assigned with one specific seat is non-interchangeable. NFT is a special digital project that can be used to represent a variety of non-fungible rights and interests.

Since the birth of the Internet, a large number of non-fungible digital assets are owned, they are usually related to the objects in reality or virtuality: event tickets, digital art, domain names, game props, and so on. But to what extent do we “own” and “exclusively own” these digital assets? What’s the role of blockchain technology in this question? In the lecture session of the workshop, Victor Zhang will introduce the concept of information and data as well as exploring the impact and limitations of blockchain in terms of artistic creation. In the hands- session, participants will learn to create a simple NFT digital artwork by using smart contract.