The NFTs THE NEW FRONTIERNFTs, because of its “non-fungible” denomination, is an exclusive digital token in the world of blockchain that is typically minted, created within the Ethereum (ETH) blockchain protocol. The idea of a unique object and its owner isn’t news within the natural (real) world (think of the paintings displayed in museums, the excitement about NFTs is its capability to prove the sole ownership of a particular digital object in digital space.
NFTs THE FUTURE
Perhaps, by now, the NFT environment and the mechanism driving it have become crystal clear at some point. The overall cryptocurrency economy is a reason to be cautious and cautiously hopeful. While it’s impossible to tell what the excitement (or the money) behind NFTs last for a long time, the hype might have slowed just enough for artists and fans to look objectively at the industry and figure out how they’d like to participate in the market. And if it’s worth it, to begin with.
What is NFT:
The idea behind an NFT is actually (and extremely) simple. As long as media, be it videos, images or music has been shared by individuals online, The creators of these works have been left with no way of proving their rights to the source. In the case of it is an NFT or non-fungible currency, this piece of work is instead created as a digitally unique file that is hosted on a server and later traded on the blockchain, a ledger that is encrypted that records the usage and purchase of the work in exchange for a specific sum of currency (in the majority of cases, Bitcoin and Ether.)
What is the problem that NFTs resolve?
The media craze that followed demonstrated that NFTs had created a buzzy mix of contemporary art and cryptocurrency. They have been touted as having solved the problem of authenticity that has plagued digital art.
What can NFT offer you?
If someone purchases the NFT by the author, They
acquire ownership, in the sense that the NFT is the property of the owner. In the end, an NFT is an NFT.
Digital certificate of ownership that represents the purchase of a digital asset
The blockchain can be traced. However, the NFT is not a holder of any other rights
What should I be concerned about? NFTs?
You can purchase or sell almost anything that is physical, and NFTs allow you to accomplish this using digital products. Because they can be verified because of the blockchain technology, they can be traced back to the owner, making them suitable to be sold.
What can you do using NFTs?
You can sell NFTs in the secondary market as you would with any other item you own. To do this, ensure that the NFT in question is stored in the cryptocurrency wallet that is linked to the market you want to use and offer it for auction.
The interview was held at Bogota Columbia with Johan Ruiz and Darren Olayan.