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Deciphering the NFT phenomenon
When we talk about NFT, we're talking about crypto-currencies. It's an abbreviation of 'Non-Fungible Token', which means a token, a digital asset issued by a blockchain. The first single NFT was created in 2014.
These tokens can be issued to assign 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 mainly created on Ethereum, a platform smart contracts and smart digital contracts.
NFTs are therefore a kind of digital object with a series of pieces of information associated with the blockchain, 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 publishing 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 the intervention of a third party.
- NFTs can be bought, sold or traded on marketplaces.
How do I 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...), a GIF, a song or music, a film, a game card, a tweet (yes!).
Once you've created an Ethereum address and uploaded a digital wallet, find the right marketplace for your NFTs.
What are the main dedicated platforms?
- OpenSea (the most widely used).
- Nifty Gateway (the one that attracts the most celebrities).
- Mintable (the cheapest).
- SuperRare (ideal for artists, as deposited works are examined by digital art experts).
- Rarible (sells a wide variety of NFTs and is interconnected with OpenSea).
But beyond art, many designers are also interested in NFTs. Indeed, it is possible to envisage NFTs being developed for more than just works of art; they will have a greater impact on our everyday lives.
We hope this article has shed some light on the concept of NFT and given you a better understanding of this phenomenon. If you'd like to find out more from our blockchain experts, contact us.
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