They are the topic of the moment in the digital world and crypto-assets; We are talking about NFTs (non-fungible tokens), which are currently causing such a stir with million-dollar sales of digital art, criticized for the energy expenditure they represent and the danger of becoming the new speculative bubble. In this article, we explain what NFTs are, how they work, and why they seem to be on everyone’s lips.
What are NFTs? It’s meaning
NFT corresponds to the acronym ” non-fungible token “, which we can translate as “non-fungible token” or “non-fungible asset”, or, in other words, the meaning of NFT means that it is an asset that is unique, it cannot be modified and it cannot be exchanged for another of equal value, because there would not be an equal one. And these assets are also digital, that is, they do not correlate in the physical world (although sometimes they may).
How do NFTs work?
To better understand what an NFT is, we must see how they work and what makes them possible.
Any digital content can be tokenized, that is, thanks to blockchain technology and smart contracts, it can be provided with a series of metadata that guarantee its authenticity, identify its author, its starting and acquisition value, and all transactions that have lived since its creation (from who created it, who has tokenized it and who, where and for how much has it been sold).
As we said when tokenizing digital content (it can be a JPEG file, a meme, an e-book, or even a twit), a digital certificate of ownership and authenticity is created, which indicates that this content is unique and that property rights have the person who has acquired it (it is important not to confuse it with copyright, which will remain in the possession of the author of the work).
In this sense, the smart contracts of the NFTs can serve different purposes, for example, ensuring for the original artist a part of the benefits that may be produced by a future token sale.
Main features of NFTs
The main characteristic of NFTs is that they are digital assets, that is, they are not real and tangible objects that we can have in our homes, but pieces of digital content that will be stored on a server.
Although what has made them fashionable is that they are unique digital content, works, or objects, there are also non-unique NFTs, as in the case of digital card games or collectibles based on this technology, such as Top Shot of the NBA or Worlds Apart from Doctor Who, where there are different value ranges for each NFT based on its rarity and exclusivity (for example, there may only be one NFT of a specific card and therefore its value is higher and may even be increased with time).
The NFTs are based, as we said, on blockchain technology, which allows their traceability and makes them not (in theory) forged or hacked since the chain of blocks is decentralized and maintained by hundreds of computers (users) throughout the world. That same technology is what allows its creation, purchase, and sale.
Why are they trending in 2021?
Although now is when we’re hearing about them the most, NFTs have been around since 2017, when the first NFT, CryptoPunks (from Larva Labs) was launched, followed a little after by CryptoKitties, which went viral and raised further than$ 12 million.
Still, they’ve recovered fashionability in 2021 because in March of this time, the Christie’s gallery auctioned the digital work Everyday’s-The First 5000 Days, by the artist Beeple, for$ 69 million. Or because the first tweet ever vended for$2.5 million.
Suddenly, NFTs are on everyone’s lips and there’s the discussion about them, about their utility, about the enterprise that’s being generated around them, about the environmental impact they’ve ( numerous energy coffers are demanded their creation and sale), and to what extent they’re a licit way for artists to vend their digital workshop and have control over the price they put on them.
The Latest Trend: VGAMER – The New Virtual Game
Welcome to VGAMER, an application that helps us connect our console games, play, stake, stream, and create NFT with other users. It is a place where gamers and blockchain meet to make friends.
All details are in https://vgamer.io
Token Pre-sale (Details):
Platform: Pinksale.finance
Start: Dec 24, 2021 (8:00PM GMT)
End: Dec 27, 2022 (12:00AM GMT)
Number of tokens: 25,000,000,000 VGM (25%)
Soft cap / Hard cap: 50% / 100%
Exchange rate: 1 BNB = 12,500,000 VGM
Accepted currencies: BNB, BUSD
Min / Max buy: 0.1 / 10 BNB
