To start talking about the NTF (Not Fungible Tokens), created for digital artists or simply for those who like art and handle a certain number of technological tools. It is essential to define them as digital certificates of authenticity in the chain of blocks. NFTs are closely linked to the cryptocurrency market. Sign up now on popular platforms to start bitcoin trading.
A bit of history about NTFS
Recently, the auction of a digitized image under a JPG format whose name is: “THE FIRST FIVE HUNDRED DAYS,” considered a work of digital art, whose value in cryptocurrencies reached sixty-nine million dollars (USD 69,000. 000), not even its creator could understand what was going on and the cost his artwork got.
It is a trend that will get super interesting as it claims that the NFTS can reach a value as high as that of the works of art by Picasso or van Gogh. However, many skeptics see this as a new bubble about to burst.
If bitcoin was hailed as the digital answer to the forex market, NFTs are now seen as the digital answer to collectibles.
What are the goals of NTFS?
The object of this new digital tool is to make an interconnection between digital contracts or SMART CONTRACT S and cryptocurrencies, allowing the creator of NFTs to place a unique property seal on their work of art, carry out transactions, offer them to third parties, Put it in galleries, but, all with your digital signature.
What is intended is that the creators of these works that contain bits and bytes can claim their originality and right of creation and thus obtain an economic benefit based on this type of crypto asset.
To carry out operations with these NFTS, it is essential to have a crypto wallet where this type of operation can be stored, and it is in this step BITCOIN enters as the primary form of payment for said NFTS.
NFTs can revolutionize the art market; according to curator and art market expert Christina Steinbrecher, they have been waiting around 20 years for a technical standard in which digital artworks can be considered unique and easily traded.
The concept of digital property given to this type of work through NFTs allows its commercialization through online platforms and whose cancellation is made in cryptocurrencies, which is interesting because that is where users endorse this type of work of digital operations without making use of typical currencies, but supporting the use of cryptocurrencies with greater intensity.
With each passing day, new people emerge, quickly becoming artists creating NFTS. Sometimes, it only takes between 20 and 30 minutes, generating unprecedented income and work valued at unimaginable prices.
These assets have existed since 2014, but since 2020 they have acquired the popularity that drives them as digital financial investment instruments with which any authentic digital content can be revalued.
The sale of these elements is quite particular, so NFTs represent unique and unrepeatable works where their author can certify their authenticity.
Differences between NFTS and cryptocurrencies
NFTs are not fungible, unlike cryptocurrencies, which are fungible; another identical token cannot replace them with the same value.
It can be interpreted as follows: the value of 20 Bitcoin will always equal 20 Bitcoin regardless of who has it at their disposal.
But a digital artwork NFT is unique, and its value cannot be equivalent to that of different digital artworks because they are not the same.
Unlike NFTs, cryptocurrencies are digital currencies that can be exchanged, bought, sold, and extracted through mining, while NFTs, being digital assets, can only be auctioned, bought, or sold.
What can be done is create an NFT or tokenize digital content.
On the other hand, it is difficult to determine the exact value of an NFT since this asset class is relatively new.
The most significant difficulty arises when it is necessary to give value to this type of digital asset; consequently, both authors and buyers are in charge of providing value to them, and it could be undervalued in the most damaging case, as well as reaching an astronomical significance.
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