2024-11-19
In 2021, the investment market became famous due to the NFT slogan, although it appeared a few years ago. What exactly is it? Where does it come from? What can be transformed into a virtual world? Who can create it?
NFT is an abbreviation for non-fungible token, which in the simplest way is an intangible, digital record of information and property rights, often created in commercial or popularizing frequencies. It is used in the virtual world, but it relates to things in the real world.
NFT uses virtual currencies in blockchain technology. This is in direct contrast to the standard currencies used on a daily basis, but the values they support are also different. All of this exists in the virtual world. The file that is to be sold as NFT must be converted to a special, non-copyable format, as opposed to graphics, e.g. in JPG format popular on the Internet, possible to duplicate with one click. Payments are made through cryptocurrencies.
In digital form, the product being sold may be text, a work of art, an experience, an object, an intellectual property, or even a record of the creator's body. It is used by celebrities, artists, athletes and gamers to disseminate their image or provide content created in a form other than traditional.
Tokens can be resold, exchanged and traded like normal currencies. The most popular examples of NFT's creativity include the Bored Ape Yacht Club collection, with a total market capitalization of 1 billion $, or works by Beeple, with a record price of nearly 70 million $ for the "Everydays: The First 5,000 Days collage".
The first Auction House in Poland that fully supports virtual payments and sells works of art in the NFT format will be Artbidy.