The NFT revolution

Have you heard the term NFT? Surely yes.  

Normally we put a value on tangible objects and goods, such as works of art, antiques or jewelry, but in recent years and thanks to technology we have been able to give a value to goods that we cannot touch. A few years ago, people began to talk about non-fungible tokens or, as they are now known worldwide, NFTs. 

In this article we want to explain to you what an NFT is and how it is related to the blockchain, a technology in which PSS is a specialist. ?

NFTs are defined as a contract that stipulates that a person owns a unique and irreplaceable copy of a digital asset. To ensure that this contract is safe and true, it is stored on a public network, using technology blockchain.

NFTs are not interchangeable because they are unique. However, an NFT can be sold to another person.

The blockchain is a data structure whose information is grouped into blocks to which meta-information related to another block of the previous chain is added in a timeline. In this way, thanks to cryptographic techniques, the information contained in a block can only be repudiated or edited by modifying all the previous blocks. Thus, NFTs are guaranteed to be auditable.

This allows buyers to have a contract for an exclusive asset and if an NFT ends up being sold to another person or entity, the transaction can be recorded on a public network and thus the creator can be remunerated for each transaction.

Like everything that encompasses non-tangible goods, this “crypto art” market has been debated as a speculative business. However, there are forecasts that say that the NFT business will continue to grow. In fact, this week the news has come out that Instagram will start accepting NFTs on their profiles. (you can read the news here)

Among the most curious sales of NFTs we can find the so-called “Mflying cat em, an 8-bit graphic sold for $590.000 and that at least for its buyers (and the rest of the participants in the transaction) has the value that the ownership of the original file is in a decentralized file based on Blockchain as a property. Another of the most important sales of NFTs is the action that the famous “Time” magazine wants to do, which will auction some of its most iconic covers, including the first one that it published in 1966, whose highest bid reaches $16.955. Curious is also the sale of the NFT with the reinterpretation of Casa Batlló, which has been sold for 1,38 million euros.

NFTs look like they are here to stay and be implemented in more and more digital projects with the aim of providing value that Blockchain technology is capable of providing.

And you, what do you think about NFTs? do we read you?