- Non-fungible token (NFT) is a blockchain-encrypted device used to exchange digital transactions.
- Established in 2014, NFT began to gain momentum in 2021, when the market moved $ 44.2 billion of digital products, mostly in the multi-million dollar market.
- In addition to the art of drawing, non-fungible tokens are available in the video game market and can be used to register real estate.
Non-fungible tokens (NFTs) is changing the way we think about art. On the contrary, the technology of reconstruction, the technology of blockchain, the same as used in cryptocurrencies, makes it possible to create a shortage of digital products in the real world, creating products that are particularly popular with authors.
What is NFT?
NFT is a digital assets Represents real-world objects such as art, music, toys and movies that have been traded online, often in digital form. Time has drawn attention to the millionaire industry. Neymar paid R $ 6 million to NFT for the collection Bored Ape Yacht Clubbought by other actors such as Justin Bieber and Jimmy Fallon.
Fungible and Non-Fungible Asset: What is the difference?
NFT is a non-fungible propertywhich is, in particular, different from the fungible tool, which can be replaced by other items of the same without losing or gaining to the owner of the property. For example, a bill of R $ 200 can be exchanged by others at the same price, without discrimination. Art, on the other hand, is an example of a non-fungible piece of furniture, as it’s the price is very subjective.
Although they have been around since 2014, NFTs are gaining popularity now. In 2021, the NFT industry will increase even more 41,000% compared to last year. The volume of industrial output increased from US $ 106 million by 2020 to $ 44.2 billion last year.
What is the difference between cryptocurrency and non-digital art?
“The difference, when compared to NFT with non-digital works of art, is that many of these works can be printed, and not special publications”, says Mauricio Frizzarin, CEO of Qyon Tecnologia. LUB authenticity and uniqueness of the non-fungible token is guaranteed in the creation in the ethereum blockchain, a database that lists the names and uniqueness of the work.
Market history and NFT metadata are can be acknowledged to the public, so the proof of ownership is straightforward. Once exchanges have been committed, it is almost impossible to manage this information to “click” members.
Uniqueness is also the difference from NFT bitcoin and other digital currencies. “One cryptocurrency can be exchanged for another as well, which is not the case with NFT,” said the CEO.
Why is NFT so important?
Frizzarin explains that “the NFT makes sense if work is a satisfying thing by the public “. According to the art industry, the value of the work can be influenced by the artist who creates it. In addition, the key ideas or tools instant digital business can lead to interest.
You personal NFTs is sold to millions of retail stores. Securities are usually exchanged in cryptocurrencies. Position First 5000 days, by artist Beeple, has sold for $ 69 million and is now considered the most expensive painting ever sold in the world.
Brazil is also involved in this wave, and plans for soccer is the most visible. Vasco da Gama announced the digital token portal in honor of National Black Awareness Day and even sold NFT for BRL 6,500. São Paulo, Palmeiras, Corinthians and Santos have also entered the market.
How to invest in NFT?
Content developers, for now, are the biggest beneficiaries of the NFTs generation. They can use technology to make good business decentralized their work, does not require a large company. However, investors can make a profit depending on the product selected.
NFTs can be exchanged directly between clients. However, most are bought and sold inside special platforms, such as OpenSea and Rarible Coinbase NFT. Upon receipt, non-fungible tokens can be used for everything, including personal items in low-income loans.
Inheritance as well as security and authorization are not an issue. “Blockchain is the most secure thing I know today about protecting the name of an asset,” says Frizzarin. “However, from a financial point of view, depending on what the store will dolike most assets “, warns CEO.
Location: Mauricio Frizzarin, CEO of Qyon Tecnologia; Open SEA; Ethereum.