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With the digital age and technological advances came NFT art or NFT art, a new form of digital artwork.

They are unique products in the world that are becoming crazy among the technological community and lovers of collecting works of art. This concept is here to stay and create a revolution in the art industry in all its fields.

NFT stands for Non Fungible Tokens and is literally an item that is not consumed, mainly because it is digital. That is to say, it is not like a sculpture or some work or tangible element that we can obtain physically. It is a unique asset that cannot be changed or transferred.

In simpler words, it is a technology that allows the creation of a unique signature, a digital certificate that ensures the authenticity of something. It can be an image file, a song, a tweet, a text posted on a website, and various other digital formats.

An NFT is the equivalent of the deed you receive when you buy a property. The deed contains all the information of this property (how many rooms, measurements, spaces, etc.). You only own the property if you have the deed. Since the deed does not have the “property itself, not even a photo of it, you only have a detailed description of what you have purchased”.

Transforming digital art

An NFT is highly secure and cannot be duplicated, for this reason it is possible to know which is the original copy of a digital art.

Cryptocurrencies are the currencies that allow us to acquire a digital work of art, the purchase of these works is not through payment with dollars, euros or any other physical currency. In this way, everything is based on digital assets such as Bitcoin, Ethereum, Ripple and even Dogecoin.

NFT certificates are created based on Ethereum, a blockchain, and traded through its cryptocurrency.

With this technology, artists and creatives can generate a certificate of authenticity for their digital works. This is what makes an NFT work of art so special and why they stand out in today’s digital consumption.

However, like much of the tangible art on the “real life” market, these works have commanded exorbitant prices, even running into the millions of dollars. And this thanks to the fact that the buyer has the certainty that he is acquiring an original and unique piece, with a certificate of authenticity that validates the NFT work of art.

Examples of digital art in all areas

The first tweet in history: recently auctioned by Jack Dorsey (CEO and founder of Twitter) and which has been awarded in exchange for the equivalent of $2,915,835.47 in Ethereum

The flying cat meme: Nyan Cat, an 8-bit graphic sold for $590,000 and at least to its buyers has the value that the original file is owned by a decentralized Blockchain-based archive as a property.

The first NFT album: it is the new work of the rock group Kings of Leon, who announced at the beginning of March the sale of their new album through NFT, becoming the first musical band to do so.

Time Covers: The famous publication will auction some of its most iconic covers, including the first one published in 1966 that only appeared text and no image. Until today the highest amount reaches 16,955 dollars.

NBA: Started selling short videos of basketball moves and iconic moments. These videos are nothing more than digital collectibles and they are certified through NFT and sold to sports fans.

To this day, there are brands that have already begun to sell and even give away some NFTs, including Coca Cola, McDonald’s, Adidas and Atari.

In conclusion, it is, without a doubt, a new trend in electronic and virtual commerce where, at least for now, enormous amounts are beginning to move in increasingly diverse fields.

The panorama is really very broad, but the simplest thing is to mention that the NFT has to do with cryptocurrencies and the future metaverse.

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Javier Lopez Casarin

Innovation Expert

guest column

Strategic entrepreneur, innovator and agent of change committed to his country and reinvention through his projects. It has a long history in the business world in the financial, telecommunications and technology sectors, as well as in the field of social promotion, which has allowed it to develop methodologies for identifying, analyzing and effectively solving current challenges.




www.eleconomista.com.mx

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