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What is blockchain technology and why is it vital for things such as NFTs & Cryptocurrencies? Blockchain most simplistically is a ledger, a diary that is almost impossible to forge. The ledger cannot be changed or altered. Whatever is recorded on the ledger, stays forever. It is IMMUTABLE. This ledger is decentralized, meaning everyone has a copy of the ledger and everyone has access to it. Blockchain is a trust-less, peer-to-peer system - governed by the community (The members of the platform), like a co-op. There is no central authority! This technology is the main reason why technology like NFTs and Cryptocurrencies can exist.

What are NFTs and what makes them so special? NFTs A fungible asset is an asset, in which its units are interchangeable, and something even indistinguishable. For example, one-dollar bills are interchangeable - each one-dollar bill is worth the same and it does not matter which one-dollar bill you use to pay for goods or services. However, they may not be indistinguishable, as each one-dollar bill has its own serial number. On the other hand, one ounce of gold is both interchangeable and indistinguishable. Unlike fungible assets, each unit of a non-fungible asset is unique, and thus not interchangeable or has the same value. A good example would be a painting of an artist. Not only is a Rembrandt painting unique and different from a Picasso painting, but also each Rembrandt painting is unique and the same applies for each Picasso painting.