Vocageek #8: NFT, what are these digital tokens for? – Junior Geek –

How to create unique dematerialized products when they are technically easily reproducible? Welcome to the world of NFTs, non-fungible tokens, a practice that could upset the world of art, video games and virtual worlds.

Discover our previous Vocageek articles!

The definition

An NFT (non-fungible token) or called non-fungible token is a cryptographic token that represents a digital object such as an image, a video, an audio file, a 3D object to which is attached a digital identity (a unique code) held by a single owner. Authentication is validated using a blockchain protocol. Remember that the blockchain is a participatory and decentralized computer system that certifies transactions.

Fungible, what does that mean?

A fungible element is consumed by use and can be replaced by something of the same nature, of the same quality and of the same quantity. For example, a one euro coin can be exchanged with another one euro coin. The value of the exchange is zero, you will always have a one euro coin in your hand! On the contrary, a work of art by Pablo Picasso cannot be replaced or duplicated by another work by the same painter. It is unique and therefore non-fungible.

How it works ?

NFTs take up this principle of a non-fungible element. But to guarantee the authentication of the unique digital object, it relies on the technology blockchain. The authentication guarantee, concretely a unique code, will then be tamper-proof and makes it possible to prove that one is indeed the owner of this digital object. This does not always prevent a user from copying this object (an image), but he could not claim ownership of it.

Why create an NFT?

NFTs are of great interest to the art world since any digital creation can now be identified and recognized as a unique work, then immediately taking on value, like anything that is unique. Some things, like memes, can thus be considered unique works.

A speculative system?

Some believe that NFTs are only for speculation in the art world. A digital image of the artist Beeple has thus been sold for more than 69 million dollars during an auction!

Everyday: the First 5,000 days, a work by the artist Beeple, was sold for $69.3 million on March 11, 2021 at Christie’s

However, many other uses are emerging. In the video game, this makes it possible to make certain elements that a single player could own unique. For example, in a video game you could be the only owner of a piece of land or the only one with a weapon. Ubisoft has, for example, launched Rabbids Token, unique Rabbids whose proceeds from sales are donated to Unicef. Finally, Mark Zuckerberg just announced that the future of the web will go through virtual worlds called metaverses. NFTs will then play an important role in guaranteeing a certificate of ownership for certain objects.

A question arises, however, about what these digital tokens represent. With them, isn’t the web turning into a huge trading room where everything is for sale, even what shouldn’t be?

This video from the YouTube channel of the Swiss media Le Temps explains the essentials about NFTs:

We want to give thanks to the author of this post for this remarkable material

Vocageek #8: NFT, what are these digital tokens for? – Junior Geek –

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