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Deciphering the NFT phenomenon
When we talk about NFTs, we're talking about cryptocurrencies. It's an abbreviation for 'Non-Fungible Token,' which means a token, a digital asset issued by a blockchainThe first unique NFT was created in 2014.
These tokens can be issued to be assigned to a specific owner, an existing physical asset, or a digital creation. Ownership is unique because no one can imitate it. Anyone can decide to create, buy, or sell. NFTs are primarily created on Ethereum, a platform smart contracts and smart digital contracts.
NFTs are therefore a kind of digital object with a series of information that are associated with the blockchain, and which serve both to identify it and to provide proof of its origin.
What are NFTs used for?
- NFTs have been used to sell artwork, and celebrities have also started releasing their own NFTs.
- NFTs are used to sell virtual real estate.
- Because they are built on technology Blockchain, NFTs can be traded or sold peer-to-peer without third-party intervention.
- NFTs can be bought, sold, or traded on marketplaces.
How to create an NFT?
Before creating your NFT, start by creating your Ethereum address and digital wallet.
You can create an NFT from a work of art (drawing, photo, etc.), a GIF, a song or music, a film, a game card, a tweet (yes!).
Once you've created an Ethereum address and downloaded a digital wallet, find the right marketplace for your NFTs.
What are the main dedicated platforms?
- OpenSea (most used).
- Nifty Gateway (the one that attracts the most celebrities).
- Mintable (the cheapest).
- SuperRare (ideal for artists, as submitted works are reviewed by digital art experts).
- Rarible (allows you to sell a wide variety of NFTs and is interconnected with OpenSea).
But beyond art, many creators are interested in NFTs. Indeed, it's possible to consider developing NFTs for things other than artwork; this will have a greater impact on our daily lives.
We hope this article has shed some light on the concept of NFTs and given you a better understanding of the phenomenon. If you'd like to learn more from our blockchain experts, contact us.
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