Crypto

NFT: these digital tokens that arouse fascination and mistrust

ORn jpeg by an American artist named “Beeple” sold for $ 69.3 million, Jack Dorsey’s first tweet “just set up my twttr” for $ 2.9 million, World Wide Web source code for $ 5 , $ 4 million. These record sales have opened the eyes of the general public to a technology supported, such as cryptocurrencies, on the blockchain. For JPMorgan analysts, NFT’s monthly sales are currently around $ 2 billion. What is an NFT? Short for “Non-Fungible Token” or non-fungible tokens, an NFT is a digital token that authenticates and tracks the value of an asset on the Internet, including works of art, collectibles or even cards. Of games and even virtual ones. plots of land. Celebrities, artists, tech gurus, they all let themselves be won over by these NFTs. It appears that Facebook’s hype around the Metaverse has helped the NFT market explode this year-end.

In 2021, collectors and investors spent $ 22 billion on NFT, compared to $ 100 million in 2020, according to estimates from DappRadar, a platform that provides data for analyzing decentralized applications (dApps) and digital assets. For Cointelegraph, total NFT sales are expected to reach $ 17.7 billion by the end of the year.

According to experts, this massive increase is the result of a number of factors that are related to two main reasons why users spend millions on NFT. First, investors see long-term value in it and believe it will appreciate over time. Second, owning NFT provides a form of social position within the crypto community, much like a Rolex or Lamborghini does in “real life.”

As with cryptocurrencies, it is possible to buy and sell NFT on specialized platforms. For this, a digital wallet (Crypto wallet) is essential. Before the purchase, it must be financed with a cryptocurrency, either by bank card, or through P2P cryptocurrency exchange platforms, which is considered the most “secure” way for some Moroccan users, despite the prohibition of crypto assets in Morocco . At the top four Metaverse sites, The Sandbox, Decentraland, CryptoVoxels and Somnium Space, more than $ 200 million was spent last week on real estate purchases.

At Next Earth, a first blockchain-based replica of our planet Earth, investors got their hands on the most important parts of the city of Casablanca. For example, the Mohammed V Stadium currently costs around 25 Tether (USDT), or $ 25. But that doesn’t mean that virtual real estate is available to everyone. On November 23, 2021, Canadian investment company Token’s announced that it had spent no less than $ 2.4 million to purchase parcels in Decentraland. The industry is also dominated by Opensea, which had a total trading volume of $ 9.5 billion, followed by Axie Infinity with $ 2.7 billion.

The use of an NFT is still a technical and sometimes poorly understood operation that can put user-investors at risk. Faced with this surge in power of a digital asset that has only been around since 2017, experts remain skeptical that NFTs are a good investment. Researchers fear this is a bad time to enter the market, which has grown too fast under immense expectation and speculation. But the question that remains nagging on this issue is, “How long is this going to last?”

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