And after all, what's the deal with them? They can be used to sell digital creations, such as digital art or music, but the file containing the original and the copy can be accessed by anyone. Investors who previously traded cryptocurrencies have started trading NFTs in large numbers. So NFTs are cryptocurrencies, which, unlike cryptocurrencies and other types of digital tokens, cannot be exchanged.

NFT is an abbreviation for the term of non-fungible token - which is a data-based unit from a register compatible named blockchain. To those correspond different format files (photos, videos, audio records, etc.) You can copy the files, but the infungible chips assigned are under permanent monitorization in the blockchain - offering the buyer property rights. The registers, used in an extended range: like Ethereum, Bitcoin Cash, Flux, etc. have each an assemble of standards that regulate the NFTs' use.

How are they created? By uploading a file (an artistic creation) to the specialized auction market (KnownOrigin, Raible, or OpenSea). It generates a copy in the form of NFT, which can be bought with cryptocurrencies and resold. Artists do not lose their copyright and can create multiple NFTs for the same work of art.

What are they used for? To artificially increase the rarity of a digital work (if the author associates only one NFT with a single signature). It's like an NFT associated with a work - it's an autograph.

Earnings? In 2020, MOCA (Museum of Cryptographic Art) made history for the highest acquisition on the market, buying the painting "Picasso's Bull" (painted by Trevor Jones) for the equivalent of $ 55,555.55 in virtual currency Ether. That was, in fact, the moment when it turned out that infungible chips are indeed a new art medium.

Are NFTs really the future of art? Are they beneficial investments?

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editorial: Maria Angele

graphic design: Ioana Mătăsaru

translation: Cristiana Alexandru

DP (desktop publishing): Ioana Mătăsaru