What is an NFT? Basic notions to understand the concept of fashion Technology has a rhythm that becomes increasingly difficult to follow , especially when it comes to digital issues , which have as many variations as there are possibilities offered by the immense world of the Internet and its programming . NFT development company Among so much turmoil then, it is normal that many times you hear about a concept or term, constantly and repetitively, without really knowing what it is about. With NFTs , that can easily happen.
NFT development The “Non-Fungible Token” , which summarized in acronyms results in NFT , and translated means non-fungible token, have generated a true commercial explosion and exorbitant figures related to them are mentioned. But, what is ultimately an NFT?
The indivisible relationship of the blockchain : Because nothing is that easy, unfortunately you cannot delve into the concept of NFT , without first going through the technology that shapes this digital asset . Nft development solutions who works as a specialized consultant on the subject and is the founder of Club , explains from his native Ecuador: “ to talk about NFT, it is essential to talk about Blockchain and the technology behind it, as well as everything that happens in the ecosystem , which not only has to do with NFT but with many other digital concepts” .
The last clarification makes more sense when completed:
Nft development services “in the traditional world all the information, websites and content are hosted on individual servers, while in the blockchain world it is distributed by many servers , which would be the ones that make up that chain of blocks” .
Monetary utility of NFTs: What do I gain by acquiring one? Naturally, if it is an asset , even if it is digital , anyone would understand that it must generate a movement in the assets or portfolio of the person who acquires it. To some extent it is, but the value of NFTs , as the name makes clear, is not fungible .
Requirements and determination of values For now, NFTs continue to be a concept that seems to be reserved for the most studious of new technologies and without a doubt, without training, it is difficult to master them. However, as with everything, the key is to be encouraged to join the ecosystem , as Fernanda has done, who is the brand new creator of the “Serious and Cool People NFT” collection .
You always have to do research on the project if you want to invest. As a collector, I collect what I like and I generally do it to support other artists”, affirms the Argentine digital artist, who in turn details what cannot be missing in a collection of NFTs : “In general terms, they are based on three pillars : Community, Utility and Storytelling .
Using his own collection as an example, he highlights the characteristics of an NFT and the utilities or benefits it offers to those who acquire it: “The first season of my Serious and Cool People collection is unique pieces , 1 to 1, that combine illustration and storytelling. , which makes it very attractive. In addition, collectors enjoy different utilities , such as airdrops , access to events , and they share with me the intellectual property of the work, among other things.
The commercial boom of NFTs: More than an image If the values that have come to be paid for an NFT from the Bored Ape Yacht Club collection are taken , one of the most famous and most traded at the moment , which was around between 100,000 (USD) and 300,000 (USD), it can easily be established that it is an absolute trend towards this type of digital assets.
“ NFTs are used for many things on the blockchain , but primarily they are being used to represent ownership of a digital asset . This is because its technology makes it very difficult for two people to own the same digital asset, so if you have an NFT and keep it in a wallet , it is already yours and no one can take it from you, even if they copy and paste it with a screenshot elsewhere, keep going being only yours”, says Carlos, to explain why this great escalation of NFT images as mega valuable products.
The valuation is in the project : Fernanda marked it with the description of her own collection, and along the same lines is that the Ecuadorian blockchain researcher is forceful declaring: “ Why is an image of a bored monkey on a yacht worth so much? Well, because the project behind those NFTs is very big and has an even bigger projection.
The metaverse fits very well as far as NFT is concerned. “There will be many types of digital assets , which will require a way to claim ownership over them , which is done precisely through NFT technology,” admits Carlos, who also intends to make it clearer with an example: “let’s suppose that in Meta you can build your virtual office . Every digital asset in that office should be an NFT , because that can be bought and sold just like when you now go to a physical mall and buy a chair for your office . “
Evolution and immersion Looking to the future, Carlos states that the concept of NFT will evolve , mainly because it needs it: “it has become popular and pigeonholed where it should not. In the future we will talk about NFT in another framework and context “ and, given that, he returns to link it with the metaverse: “it will be a place where you will have a collection of digital assets , to see and interact “ .