4min chapter

The Foresight Institute Podcast cover image

Kate Sills | NFTs and Engineering Property Rights

The Foresight Institute Podcast

CHAPTER

How Blockchain Translates Into the Blockchain Space

Blockchain's allow for the creation of property, that is virtual, intangible property. So as many of you may know, there's two major types of virtual property on a blockchain: fungible and non-fungible. A smart contract is code that runs on a chain that either produces virtual property or transfers it according to rules specified in the code. In this example, Alice sends her virtual baseball card to a smart contract. The contract keeps your card in escrow and gives her back seven new cards - one for each day of the week.

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