What is that called NFT that everyone is talking about?
What is an NFT?
An NFT is a piece of digital art registered in the blockchain and that can be bought or sold. Digital collectibles are unique, authentic, and ownable, giving it implicit and deep-rooted value for art collectors.
A Non-Fungible Token (NFT) is a digital token that is inseparably matched to the artwork using a specific blockchain technology, and it includes relevant details regarding the origin (creator) and authenticity of the artwork in an indelible way.
NFTs have several built-in benefits for collectors:
- Authenticity — It is publicly accessible and verifiable. Because this information can’t be changed, the creator or collector can be assured that the blockchain guarantees authenticity and can always be proven.
- Truly limited editions — Artists have the ability to register a finite number of signed and authentic copies of their digital artwork, distinguishing those from a copy that someone could make or falsify.
- Ownership — Because the digital work of art becomes a registered artwork or NFT, a collector can take possession of the digital art piece and store it in a digital wallet. And the NFT can be also reselled in an online secondary market, without losing the traceability of the true creator and previous owners.
- Liquidity — In the same way that cryptocurrencies are traded, digital art can be sold and traded in a similar way, without any restrictions setted by a central authority.
- Provenance — The ownership history of the artwork is fully tracked on the blockchain. And a creation’s ownership history will affect its current and future value, which is now always available online.
Each NFT artwork contains in its digital file, the artist’s signature, the exact time of creation, and all subsequent transactions related to the artwork in secondary markets. This information is readable and accessible and it can be found in the smart contract of an NFT.
NFTs are also beginning to have support even in very traditional segments, as the new auctions organized by Christie’s Auction House has shown.
It is safe, transparent and it’s the future of authentication traceability. What do you think, is now time to switch to digital art?
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