NFTs (Non-Fungible Tokens)

    Nowadays, Non-Fungible tokens or also known as NFTs are on increasing popularity. On today's post we are about to discuss what are NFTs and why should we pay attention to its increasing demand and popularity.

    Let us start by defining what is a NFT. According to wikipedia a NFT(Non-Fungible Token) is a unit of data stored on a digital ledger, which is considered as a blockchain. The blockchain is used to certify that the digital asset is unique and consequently not interchangeable. In addition to that, Robyn Conti, in forbes.com, describes an NFT as a digital asset that represents real objects such as, art, music, in game items and videos. Robyn Conti also states that NFTs are frequently bought and sold by the use of cryptocurrency.

    Knowing the defitions of NFTs may not be enough to understand why they are becoming so relevant in our nowadays technological society. To explain the importancy of NFTs, let me start by explaining how it became so popular. People's attention to NFTs grew bigger after a digital artist, Mike Winkelman - also known as Beeple - sold a piece of digital art for $69 million. Mike Winkelman was working as part of a project called "Everydays." After working for a long period of time, Winkelman created "Everydays - The First 5,000 Days." This piece of digital art was made out of the creations of Winkelman on his first days at "Everydays."

Beeple’s collage, Everydays: The First 5000 Days, sold at Christie’s.

 Image: Beeple

    NFTs are becoming a better way for artist to make their name known by more people, art companies, etc. NFTs are a new way for people to create art and sell it, it is just another step into humanity's transition to a more technological and digital future. Such as it was before with paintings, pictures, and videos, now NFTs are becoming a new way of art expression.

Conti, R. (2021, June 23). What you need to know about non-fungible tokens (nfts). Forbes. https://www.forbes.com/advisor/investing/nft-non-fungible-token/.

Kastrenakes, Jacob. “Beeple Sold an NFT for $69 Million.” The Verge, The Verge, 11 Mar. 2021, www.theverge.com/2021/3/11/22325054/beeple-christies-nft-sale-cost-everydays-69-million.