A non-fungible token (NFT) is a special type of cryptographic token that represents a digital object such as an image, a video, an audio file, to which is attached a digital identity that is linked to a non-empty set of owners.
Its authentication is validated through the protocol of a blockchain, which gives it its first value. This is in contrast to crypto currencies such as Bitcoin and many utility tokens which are fungible in nature. Thus, the value of this object varies according to the price of the crypto currency it represents but especially according to its intrinsic value, due to its originality and rarity.
This is the game of supply and demand like the art market or collectors.
Non-fungible tokens are used to enable verification of verifiable digital rarity, digital ownership and interoperability of assets across multiple platforms. NFTs are used in several specific applications that require unique digital items such as crypto art (rare art), crypto collectibles, crypto-games or a photo.
Non-fungible tokens can be bought and sold on several platforms including OpenSea. SuperRare price in (Etherum) and recently in Sol on Solana.
Crypto trading card games were the first use cases for game related NFTs. Projects such as Age of Chains and Rare Pepes used the Counterparty protocol to issue Bitcoin-based blockchain trading cards as NFTs back in 2016.
Art was one of the first use cases for blockchain. The launch of CryptoPunks in June 2017 paved the way for crypto art on the Ethereum blockchain. DADA.art was built on the CryptoPunks model and launched the first marketplace for crypto art in October 2017.
NFT Non-Fungible Token
Later, popular blockchain games like CryptoKitties used non-fungible tokens on the Ethereum blockchain. NFTs are used to represent game assets and are controlled by the user rather than the game developer. This allows assets to be traded on third-party markets without the permission of the game developer.
Crypto art markets include Nifty Gateway, Rarible, SuperRare, Known Origin and MakersPlace
Growth and mainstream appeal.
NFTs first became popular when CryptoKitties went viral and subsequently raised $12.5 million in investment.
RareBits, an NFT marketplace and exchange, raised a $6 million investment.
Gamedex, a trading card game platform enabled by NFTs, raised an $800,000 funding round.
Decentraland, a blockchain-based virtual world, raised $26 million in an ICO, and had an internal economy of $20 million as of September 2018.
Nike holds a patent for its blockchain-based NFT trainers called "CryptoKicks".
In March 2021, Jack Dorsey, the co-founder and CEO of Twitter, is auctioning off the very first "I just created my twttr account" tweet published on the platform for $2.9 million in NFT form.
In France, the first NFT of a physical artwork was deployed in June 2021 by the association Pour Que Marseille Vive! (PQMV) and the Equisafe platform.
The work, created by Marseille artist Deniz Doruk and offered as a co-possession to the 150 visitors of the exhibition organised by PQMV, was tokenised on the Tezos public blockchain.
NFTs can also be used to represent game assets, such as digital plots of land, which are controlled by the user rather than the game developer. NFTs allow assets to be traded on third-party markets without the permission of the game developer.
Source : Wikipédia
Photo : 20 minutes.fr