The world of art and the web now form an essential duo. NFT, 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 that revolutionized the art world.
What is Non Fungible Token ?
The NFT (Non-Fungible Token), or non-fungible token in French, has become the benchmark in the art and digital world. Indeed, it is a crypto-art, that is, a cryptocurrency, a digital currency. 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.
Link between Non Fungible Token and blockchain
What is blockchain exactly? It’s very simple actually. It is a technology for storing and transmitting information, transparent, secure, and operating without a central control body. It’s actually the database of all of these digital transactions. The fact that a history of these exchanges is kept provides additional 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. These tokens are therefore not interchangeable. To be distinguished from a cryptocurrency like bitcoin, for example, which is 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 artist will seek when creating it. Non-fungible tokens therefore ensure the scarcity of the 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 the digital work in question, to show itself as its owner, as well as to sell them more easily in a growing market. A work sold as NFT cannot in theory be an infringement. This therefore also has the advantage of authenticating it, of making it unique. Primary for its owner. More generally, the NFT ensures digital intellectual property. And this notion is essential. 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.