International markets for art, video games, and sports are booming thanks to NFTs (non-fungible tokens), these redeemable, tamper-proof digital tokens that can be worth a “huge” fortune.
In a tumultuous economic context, these digital certificates, which are booming in many sectors looking for ways to monetize their digital assets, are synonymous, for some, with real additional growth, since they allow to accumulate and carry out very successful virtual currency transactions. . .
Born with the development of decentralized blockchain technologies, these certificates of ownership of digital objects (photos, drawings, videos, audios, texts, etc.) are driven by the need to confer the notion of private property to goods, particularly in a metaverse context. virtual revolution.
The development of digital has thus ensured that these tokens explode, like cryptocurrencies, thus generating many very important financial opportunities in the international market.
“The operation of NFT is simple. An image, video, sound, text or compressed file obtains an identifier in which the name of the author, the initial value and the sales history, among other metadata, are registered”, explained, in a statement to the MAP, Taha Tchamili, collector and speculator. of NFT, keeping in mind that this digital token cannot be duplicated, consumed or replaced by anything else.
“Obviously, nothing prevents someone from copying a digital work and uploading it to their own blog or website (nothing except copyright), but by purchasing the NFT, the buyer acquires the ‘signed work by the author and copyright’. property,” he explained. .
Any digital content can be “tokenized”, he pointed out, pointing out that thanks to blockchain technology and smart contracts, this content can be provided with a series of metadata that guarantee its authenticity, identify its author, its output and acquisition value and all the transactions that have lived since its creation (its creator, who symbolized it and who, where and for how much it was sold).
This token, said Mr. Tchamili, includes in its code computer instructions called “smart contracts” that determine its characteristics and that allow it to be identified by assigning it a unique address in the blockchain, thus guaranteeing its authenticity.
Therefore, NFTs can serve different purposes, for example, securing the original artist a share of the profits that may be generated by a future token sale, which can lead to a huge fortune.
According to a study by Chainalysis, reported by the Financial Times, by the end of 2021 almost $41 billion had been spent on NFTs.
“A total of $40.9 billion has been invested in ethereum blockchain contracts typically used to create NFTs in the year to December 15,” according to crypto analytics group Chainalysis, reported by the Financial Times.
Many artists, influencers, celebrities and companies are sparking a sudden resurgence of interest in this lucrative market and are also starting to develop a market for these special tokens.
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