What is an NFT?
NFT stands for "Non-fungible token'. An NFT is a digital asset that is bought and sold online. It is a unique digital identifier that cannot be copied. It is recorded in a blockchain and used to certify authenticity and ownership. NFTs are used to verify proof of ownership of digital assets such as images, video clips, music, and gifs.
NFTs are unique, or at least part of a limited group, which creates digital scarcity, increasing its value because only one original exists. Just like with physical art, there can be only one original piece. Take the Mona Lisa for example. Many copies have been made in print, but those are not the original piece which is one-of-a-kind and irreplicable. The technology behind NFTs allows the same to be true for digital assets.
For a digital asset to be one-of-a-kind, it goes through a process called 'minting'. Minting an NFT is when a piece of digital art is sent to and incorporated into the blockchain. The blockchain is a public ledger that is unchangeable and tamper-proof. Once a piece of digital art is 'minted' it therefore becomes truly unique, tamper-proof, unchangeable and original. Sure someone can copy the image or download it to their computer, but the original piece of art is verifiable and is owned by one person or entity, backed by the blockchain, where it's unique information is stored.
NFTs make it possible for one person to have ownership of a digital asset, which creates scarcity and increases its value.
Why is Roots of Humanity using NFTs?
Roots of Humanity is looking to enter the NFT market because it sees an immense opportunity to promote their name and to allow others to further to cause of education and learning through art around the world. With the help of Holdman Studios, Roots of Humanity has showcased thousands and thousands of historical events in its stained glass windows. Roots of Humanity has digitized its stained glass windows, and are now selling them as NFTs.
By purchasing an NFT, any supporter of Roots' cause can directly fund their project throughout the world. A percentage of the purchase price of a Roots NFT panel, will go directly to funding the mission and vision of Roots of Humanity.