an NFT is a digital certificate of ownership representing the purchase of a digital asset, traceable on the blockchain
NFTs THE NEW FRONTIER
NFTs, by its “non-fungible” denomination, is a unique digital token in the
blockchain universe that is commonly minted — that is, created — in the
Ethereum (ETH) blockchain protocol. While the concept of a unique item and the
ownership thereof is not exactly news in the physical (real) world — think of
paintings hanging in museums — the rave surrounding NFTs is its ability to create
a proof of sole ownership to a unique digital item in the virtual world.
NFTs THE FUTURE
Hopefully, by now, the NFT landscape and the mechanisms powering it have
crystallized in some way. Like the broader cryptocurrency economy, there’s cause
to be both righteously wary and cautiously optimistic. And while it’s anyone’s
guess if the frenzy (or the funds) behind NFTs will hold much longer, the hype
may have settled just enough for fans and artists to objectively survey the field and
determine how they want to engage with the market. Or if it’s even worth it in the
first place.
What is NFT:
The concept of an NFT is deceptively (and remarkably) simple. For
as long as media — be it images, video, or music — has been shared between
people on the internet, the creators of those works have had virtually no means of
verifying their ownership of the original. As an NFT or non-fungible token, that
piece is instead minted as a unique digital file hosted on a server and then sold
through the blockchain, an encrypted ledger that tracks the use and purchase of that
work, in exchange for some amount of cryptocurrency (in most cases, either
Bitcoin or Ether.)
What problem do NFTs solve:
The ensuing media frenzy proved that NFTs have
successfully consummated a buzzy marriage of cryptocurrency and contemporary
art. But they have also been touted as solving the authenticity problem that plagues
digital art.
What does NFT do for you:
When someone buys an NFT from the creator, they
obtain ownership in the sense that it becomes their property. After all, an NFT is a
digital certificate of ownership representing the purchase of a digital asset,
traceable on the blockchain. But the NFT holder does not have any other rights to
the work
Why should I care about NFTs:
You can buy, sell and resell almost anything in
the physical world and NFTs enable you to do that with digital goods. And because
they are verifiable, thanks to the blockchain, they can be traced back to their source
of ownership, which makes them ready to be commoditized.
What do you do now with NFTs:
You can resell NFTs on the secondary market,
just like anything else you would own. To do so, make sure the NFT in question is
in the crypto wallet paired with your marketplace of choice and put it up for sale.
Interview conducted in Bogota Colombia with Johan Ruiz and Darren Olayan.
For more information, contact Johan at johan.mruiz14@gmail.com
