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In recent years, the economy and the way intellectual property issues are handled have changed by leaps and bounds. Thanks to the advances of the internet and new technologies such as blockchains, the efforts of creatives, collectors, and others, can be appraised and backed to facilitate procedures and avoid counterfeiting. In addition to creating novel intangible values.
Surely, you have heard of the famous NFTs. But if you are not aware yet, here is what you need to know to stay up to date.
- NFT stands for «Non-Fungible Token»
- Fungible means that something can be exchanged or substituted and will have the same value. It is interchangeable like the dollar, other currencies, gold, casino chips, Bitcoin, Ethereum, or loyalty points and frequent travelers.
That is if you lend me a $ 10 bill and I pay you with two $ 5 bills, you shouldn’t have a problem since although they are different denominations, the total value adds up to the same. This means that they are fungibles.
Therefore, if we say that something is «Non-fungible», it means that that good cannot be substituted. It has a unique value, whose attributes make it different from other goods in the same class. An example is arts, tickets to a show, a house, a suit in a video game, a trademark registration, or a digital kitten. As was the first real case that was successful on the Ethereum blockchain in 2017.
Assets can be physical and tangible and/or digital and intangible. What makes NFTs Non-Fungible Tokens.
When we talk about Tokens, we mean digital certificates stored in securely distributed databases called Blockchains.
In short, NFTs are publicly verifiable intellectual property digital assets authenticated on a Blockchain.
A good place to look for a variety of NFTs right now is Opensea.io. It is worth exploring and soaking up these new digital trends as NFTs will continue to grow for years to come. Some popular cases are digital art, virtual earth, games, collectibles, finance, and much more.
Meet some of the most popular and valuable NFTs so far:
The first tweet
CEO and founder Jack Dorsey tweeted the first tweet after setting up Twitter in 2006. The tweet read, «just configuring my twttr.» And later, he sold this tweet as an NFT for $ 2.9 million.
Judging by the popularity of Twitter, it’s not unexpected that the first tweet gets so much attention. This is a new form of asset tokenization.
Want to buy a spinning gummy bear video clip for millions?
This is what happened in the NFT sales of Nifty Gateway. An artist named WhIsBe was the creator of this artwork. The artist presents various gummy bears in many creative ways. This NFT is a 16-second video of a rotating golden gummy bear skeleton, and it’s called «Not Forgotten, But Gone.» The artist sold this piece for 1 million dollars.
In addition, other visionaries such as Elon Musk and Grimes are betting heavily on this type of technology. Which makes it a sound reason to update your portfolio and include these assets.
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Images
Rhett / Mankind, Twitter y WhIsBe/NiftyGateway.