The new trend: NFT

Fabio
3 min readOct 6, 2021

What are NFTs?

NFT Art

NFT stands for “non-fungible token” and is a digital brand that has characteristics of uniqueness and authenticity. All this is based on the Romanian blockchain technology that has become central in the world of cryptocurrencies. Combining the meaning of NFT with the technology of the blockchain we see with the product it turns out to be a unique and rare piece as it is not interchangeable.

The nft mechanism is based on the conception and creation of a digital content. Content is then assigned to a non-fungible token.

Vitalik Buterin (the founder of Ethereum) argues how NFTs can be and become a social good. In fact, he argues that they can be used for social purposes such as charity and the financing of public goods. According to his vision, the next step is to pass NFTs not as a tool to enrich celebrities even more but to serve a collective purpose.

How are NFTs created? NFT is a digital object saved by the author. The file becomes a binary code which is then subsequently compressed in a process called “HASHING” from which the process called “HASH” derives. After the hash process, the asset is stored in blockchain with temporal characteristics and all the typical details of the blockchain.

Binary Code

However, it must be said that owning an NFT does not mean being the owner of the work but claiming the rights to the work itself.

Nowadays there are different types of NFTs that can be found in different markets and many crypto projects are investing in this market on a daily basis. Their advantage is to insert an asset in an economy of passion and the sale of these works that starts from the creators.

Where is it possible to buy and sell nft? The place where NFT trades take place are called marketplaces. Today there are different types such as Open Sea and Sorare. The standard process for purchasing NFTs is to link your wallet (such as Trust Wallet or Metamask) to the store and pay with the available funds in the currency requested by the seller.

The negative aspect of nft can be that of the use of electricity and therefore of pollution deriving…

Fabio

I am an Italian guy who loves to look around and write about everything that happens in this crazy world. 🇮🇹 ✍️ #Crypto #Communication #Writer #IcelandGuide