What is an NFT

NFT meaning

Non fungible tokens (NFT) are cryptographic and virtual elements on the blockchain. The blockchain is a transaction register, in which anyone can write (anyone can interact with the blockchain) and on which nothing can be erased.

NFTs have unique identification codes and metadata (author, signature, date, type...) that distinguish them from each other. NFT is digital art, which works on the same basis as physical art : it is as unique, as a work of art can be.
It is the blockchain that makes it possible to certify the unique character of an NFT, and thus to guarantee its authenticity to its future purchaser. The NFT’s authenticity, identity, ownership history, and sales prices are all kept in track.

The programming is similar to cryptocurrency but both are actually very different.

How Is an NFT Different from Cryptocurrency?

NFTs and Crypto-currencies are created on a smart contract platform, Ethereum. However, both are quite different.

To be more precise, non-fungible means that each unit (token) is unique, and cannot be duplicated, unlike bitcoins which are fungible. Each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible).

Fungible means these particular units of currency are equal and identical. They’re also equal in value—one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. They can be compared to real money.

Type of NFT

The NFT formats are infinite. An NFT created or “minted” represents tangible and intangible items :

• Art in the sense of drawing or painting

base with attributes
unique piece of art

• GIFs

• Videos

• Collectibles

• Virtual avatars and video game skins

• Music

...

Surprisingly, because NFTs operate on ownership and speculation, even Tweets can sell.

The Twitter co-founder Jack Dorsey, sold the first message he posted on his own social network 15 years ago for $2.9 million.

NFT utility

NFTs have several functions.

Some are purely speculative.
Others are for the sake of beauty and enjoying art.
Some NFTs are avatars for games. NFT attributes can be added to the NFT avatar to enhance it in the game. Some NFTs are evolutionary. For example, Blockmonsters is developing a Pokemon-like game project. The initial NFT develops into a more rare and evolved one as a result of the level reached in the game.

Some NFTs link reality and virtuality.
And you can also get rewards. For example, Sorare is a worldwide soccer game. Managers (players) trade and manage a virtual team with digital player cards. Teams are ranked according to the performance of the players in real life matches. Twice a week, the managers with the best team are rewarded with new cards.

NFT future

NFTs are still in the early stages of growth. Although they are still unknown to most, their future is promising. In addition to the basic functions mentioned above, NFTs will be important in the so-called Metaverse.

Appeared in 1992, the phenomenon has experienced an unprecedented development in recent months. The ecosystem includes cryptocurrency, NFT, gaming but also virtual reality. For the more curious, meta means "beyond" and verse "universe". Simply put, the metaverse is an online, 3D universe that combines various virtual spaces and allows users from all over the world to meet, chat, work and play together. This virtual parallel universe would have the potential to surpass the Internet as we understand it today.

As you can see, NFT is the present and the future. We are only at the beginning of a huge revolution. If you want to be part of this craze while it's still accessible, feel free to contact me :