The world of art and the web now form an essential duo. NFT (non-fungible token), a crypto-art, quickly became the benchmark for authenticating digital works and guaranteeing them intellectual property. Optimum Circle returns for you to NFT, the cryptocurrency which has revolutionized the art world.
What is Non Fungible Token ?
The NFT (non-fungible token) has become a reference in the art and digital world. Indeed, it is a crypto-art but also a digital currency, or we can say, a cryptocurrency. In fact, anything digital can turn into NFT, like a song, a work of art or a movie. It is a revolution for all digital works, which are increasingly numerous on the web. The principle of the non-fungible token is simple. It enables authentication and digital intellectual property. Digital works are monetized and sold in the form of tokens. This can quickly reach colossal sums.
What is the link between non fungible token and blockchain ?
What exactly is a blockchain ? It is a technology for storing and transmitting information, transparent, secure, and operating without a central control body. Actually, it is the database of all of these digital transactions. Moreover, there is a history about all these exchanges, which is an important assurance of security. NFTs are stored in a digital wallet, which is itself password protected. The NFT uses the Ethereum blockchain as a technology and platform. In addition, the advantage of this blockchain is that it has its own cryptocurrency.
Difference between Non Fungible Token and Bitcoin
It should be noted that a non-fungible token represents something unique. Therefore, these tokens are not interchangeable. This is its defining feature. It makes it different from other cryptocurrencies like bitcoin, which are fungible. So that’s the whole point of NFT. Being non-fungible allows the work not to be duplicated, but on the contrary to make it unique. This is obviously what the artists are looking for during their creation process. Consequently, non-fungible tokens ensure the scarcity of digital work. A significant advantage.
Towards an intellectual guarantee of the digital work
NFT is a popular tool in the art world. Indeed, this cryptocurrency makes it possible to authenticate a digital work. Thanks to that, it is easy for artists to claim they are the creators. It also simplifies their sales in a growing market. A work sold as NFT cannot in theory be an infringement. Furthermore, NFT makes it possible to create a unique art work. More generally, the NFT ensures digital intellectual property. This notion is more and more essential with the Internet spread. Every artist has rights over his creation. In France, it is the INPI that ensures the intellectual property of an invention, a patent or even a trademark. On the web, it is quite different. And this is the whole principle of NFTs, which make a digital work unique and guarantee its intellectual right to its owner.
However, it is difficult to verify if the seller is the real creator of the work, which could lead to abuses with possible scams thanks to this cryptocurrency.
There is a justified distrust of cryptocurrencies in general. It can be risky and not necessarily very ecological. But NFTs are opening up a new avenue for the art and digital world. The digital works are then unique, authenticated and have a guarantee of intellectual property. And note, it’s now easier to access digital art and shop with just a few clicks. Whether you are an artist, an art lover or simply curious about beautiful and original things, the NFT is for everyone.