This is a question that many people are asking at the moment and the interest is just going to increase through time. NFTs have arisen as a consequence of the technological development of mankind and involve questions about the present, the future and in that sense many of the answers are in the past, going back in history.

Even for those who already have to a greater or lesser extent some understanding of the term, it is likely that they will be faced with the difficult task of trying to explain in simple words something that we will see if it becomes a complex phenomenon with the ability to impact every area of human experience.

I will focus on summarizing what is a Non Fungible Token — NFT.

First of all, it is necessary to take into account what “fungible” means, from a monetary point of view, it is the property that money has of, for example, being exchanged 1:1, (i.e. $1 dollar for $1 dollar). The same is true of Bitcoin since of the 21 million Bitcoins that exist in total all are equally equivalent to each other.

Therefore, unlike cryptocurrencies, NFTs are Non-Fungible and this implies that each NFT represents a guarantee of unique digital property in the form of an encrypted token that is registered in the blockchain. What this means is that every tokenized asset or NFT is subject to a unique owner, associated with a personal wallet, which can be verified on the blockchain of the network (Ethereum) where the asset is hosted, secured by a digital contract.

This means that any existing asset in the physical world can now be tracked in a digital public record, for example: from real estate, artwork, artists merchandise, music albums, donations. Everything that involves a transaction or exchange of either a good or service can be verified by the network.

From the cultural aspect related to the arts or music, it represents the possibility of defeating the piracy of content, it also gives the possibility of verifying the authenticity of the creative work of any person as well as safeguarding their intellectual property.

In addition to the above, this also allows artists to manage their work independently without the need of third parties who are in charge of validating the artists as relevant or not, i.e. the big galleries and museums or the music companies that hold the monopoly of the content.

The innovation lies in the possibility of verifying and certifying assets of human creation such as art, music, or real estate and any exchange that occurs as a result of the interaction between two people, this implies a direct change in the way in which value is exchanged for creative activities and for everything that is useful to society.

On the other hand, NFTs also have the quality of functioning as an entry key or a way to identify each individual as a member of a community, which opens endless possibilities for the way in which present and future humans can organize themselves into groups and interact with each other.

Perhaps this will allow for new ways of governance where each individual can be verified and identified within each community through a digital token as an active member of that community. This can be translated into new voting systems and therefore greater decentralization since each NFT within an ecosystem could be equivalent to a vote within a decentralized organization.

Although it is something new today in (Q4) 2021 it is a phenomenon that as a good product of technological development and the digital era, it is deploying fast and its massive adoption seems that compared to previous technologies and innovations will be so fast that people will make use of them without even realizing it.

When artists and athletes like Sharika, Maluma, Messi, Shaquille O’Neal, or Ressee Witherspoon with millions of followers join the fever for NFTs it may be an indication that something is happening.

The future is happening before our eyes, we live in a world where everything happens very fast, information flies, and many times we are saturated with information. However, nothing stands still, progress and technological development is increasingly accelerated.

Because of its innovative nature, it is an environment where all actors are learning on the fly and everything happens at an accelerated speed.

Developing technology that influences diverse communities and not just in the art or sports industry, but technology, gaming, social networking, design, music, and almost any aspect of human life.

So join me in following what is happening in this space that is just beginning and can be built together.

Enjoy the content? Please, follow me on Twitter and share! Thanks.

This is a question that many people are asking at the moment and the interest is just going to increase through time. NFTs have arisen as a consequence of the technological development of mankind and involve questions about the present, the future and in that sense many of the answers are in the past, going back in history.

Even for those who already have to a greater or lesser extent some understanding of the term, it is likely that they will be faced with the difficult task of trying to explain in simple words something that we will see if it becomes a complex phenomenon with the ability to impact every area of human experience.

I will focus on summarizing what is a Non Fungible Token — NFT.

First of all, it is necessary to take into account what “fungible” means, from a monetary point of view, it is the property that money has of, for example, being exchanged 1:1, (i.e. $1 dollar for $1 dollar). The same is true of Bitcoin since of the 21 million Bitcoins that exist in total all are equally equivalent to each other.

Therefore, unlike cryptocurrencies, NFTs are Non-Fungible and this implies that each NFT represents a guarantee of unique digital property in the form of an encrypted token that is registered in the blockchain. What this means is that every tokenized asset or NFT is subject to a unique owner, associated with a personal wallet, which can be verified on the blockchain of the network (Ethereum) where the asset is hosted, secured by a digital contract.

This means that any existing asset in the physical world can now be tracked in a digital public record, for example: from real estate, artwork, artists merchandise, music albums, donations. Everything that involves a transaction or exchange of either a good or service can be verified by the network.

From the cultural aspect related to the arts or music, it represents the possibility of defeating the piracy of content, it also gives the possibility of verifying the authenticity of the creative work of any person as well as safeguarding their intellectual property.

In addition to the above, this also allows artists to manage their work independently without the need of third parties who are in charge of validating the artists as relevant or not, i.e. the big galleries and museums or the music companies that hold the monopoly of the content.

The innovation lies in the possibility of verifying and certifying assets of human creation such as art, music, or real estate and any exchange that occurs as a result of the interaction between two people, this implies a direct change in the way in which value is exchanged for creative activities and for everything that is useful to society.

On the other hand, NFTs also have the quality of functioning as an entry key or a way to identify each individual as a member of a community, which opens endless possibilities for the way in which present and future humans can organize themselves into groups and interact with each other.

Perhaps this will allow for new ways of governance where each individual can be verified and identified within each community through a digital token as an active member of that community. This can be translated into new voting systems and therefore greater decentralization since each NFT within an ecosystem could be equivalent to a vote within a decentralized organization.

Although it is something new today in (Q4) 2021 it is a phenomenon that as a good product of technological development and the digital era, it is deploying fast and its massive adoption seems that compared to previous technologies and innovations will be so fast that people will make use of them without even realizing it.

When artists and athletes like Sharika, Maluma, Messi, Shaquille O’Neal, or Ressee Witherspoon with millions of followers join the fever for NFTs it may be an indication that something is happening.

The future is happening before our eyes, we live in a world where everything happens very fast, information flies, and many times we are saturated with information. However, nothing stands still, progress and technological development is increasingly accelerated.

Because of its innovative nature, it is an environment where all actors are learning on the fly and everything happens at an accelerated speed.

Developing technology that influences diverse communities and not just in the art or sports industry, but technology, gaming, social networking, design, music, and almost any aspect of human life.

So join me in following what is happening in this space that is just beginning and can be built together.

Enjoy the content? Please, follow me on Twitter and share! Thanks.