HISTORY OF
COCOANUT ROW / PALM BEACH
In 1878 the Providencia, a small Spanish brigantine en route from Havana to Spain, wrecked on the shores of Palm Beach right near where Mar-a-Lago is today. Its cargo contained some 20,000 cocoanuts.
Early Palm Beach settlers rescued the cocoanuts and planted them all over the Island, thus creating an island of palm trees.
It was this planting of cocoanuts and the resulting palm trees that gave Palm Beach its name. Some say it was the palms that attracted Henry Flagler to the island in 1892.
DEFINITION OF A
NON-FUNGIBLE TOKEN (NFT)
A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies any digital file to be unique. An NFT functions like a cryptographic token, but unlike cryptocurrencies such as Bitcoin, are not mutually interchangeable, in other words, not fungible.
NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright.
NFTs are created when blockchains string records of cryptographic hash, a set of characters that verifies a set of data to be unique, onto previous records therefore creating a chain of identifiable data blocks. This cryptographic transaction process ensures the authentication of each digital file by providing a digital signature that is used to track NFT ownership. Because of the ability of blockchain technology to assure the unique signature and ownership of NFTs, digital art was an early use case for NFT’s.
