Just like us, surely you have also wondered; what’s up with them NFT? What are they and what are they for? This because we have heard a lot about them and it seems that the world goes crazy for them.
That is why today we explain everything about them.
The explanation
- The acronym NFT stands for: “Non Fungible Token”. That is, a Non-Fungible Token. It sounds very rare, but basically it is a valuable asset that cannot be replaced or exchanged for another since it is unique. A unique digital file.
- Those goods or values, the NFTs, can be images, video, audio, text or compressed files.
- In much simpler terms, NFTs are basically works of art; that is why they cannot be replaced. Think, for example, of the Mona Lisa painting, it was made by Leonardo da Vinci and although thousands of people make copies, there is only one real one, there are no more.
- But, how is it possible that they cannot be replaced if everything on the internet is very easy to copy? It’s true, everyone can copy works of art, more on the Internet, so NFTs can be copied by anyone, but the original has a certificate of authenticity, so only the owner has that proof.
- Before, there were no non-expendable goods on the Internet, only fungible goods, such as bitcoins, so for many people, especially artists, the fact that NFTs were invented was very important, as it helps them protect their works, therefore they can sell them, and customers are assured that they are buying something unique.
- Being something unique, NFTs become a great investment, since it works like buying art in real life; that is, it is a good that does not lose value, as the peso does, for example, when it is devalued.
- Various celebrities are creating and selling NFTs. For example, Kings of Leon, who “toketized” their album ‘When you see yourself’ and managed to raise more than 2 million dollars.
- Not only singers or visual artists can create and sell them, everyone can enter the world of NFTs; in fact, some fields, such as sports, are already doing it.
- Justin Bieber, Snoop Dogg, Eminem, Jay-Z, Shakira, Lewis Capaldi, Steve Aoki, Shawn Mendes, Kings of Leon, Soulja Boy, Aphex Twin and Katy Perry are just a few of the celebrities who are already part of this culture.
- You can create your own NFTs, as well as buy and collect many.
The summary
It sounds complicated but we can summarize it like this:
An NFT is a unique and original digital file, which cannot be copied because it has a certificate of authenticity; it can be audio, video, image or any digital file. It has a value that will never go down in value, on the contrary, it can even go up, so it’s a good investment.