NFTs (Non-Fungible Tokens) have recently become a topic of great interest, especially in the digital art and collecting world. But what exactly are NFTs?
Briefly, NFTs are unique, immutable and non-repeatable digital tokens that use blockchain technology to record their ownership and authenticity.. This means that each NFT represents a one-of-a-kind digital asset, such as an artwork, video, song, meme or any other type of content.
NFTs use the blockchain and make the most of its cornerstones: immutability, transparency, and security. In this way, each time an NFT is bought or sold, its ownership is transferred and recorded “on the chain.” This data will be kept safe, visible to everyone and cannot be changed.
NFTs are becoming increasingly popular, especially in the digital art world. With these tokens, artists can create unique digital artworks and sell their properties to digital collectors. This has created new opportunities for artists to monetize their work. It also eliminates the need for intermediaries. like traditional auction houses. A big advantage of this system is recognize royalties for future sales of the work itselffurther enhances the work of artists.
But NFTs are also used in other industries such as music, gaming, sports and even digital real estate. NFTs represent a new form of digital ownership that allows everyone to own a unique piece.
Right now, fastest growing industry. What was previously considered a simple “add-on” can become an NFT and – thanks to its rarity and features – a unique piece on the secondary market. NFT applications create new economies, allowing not only companies but also players to make money.
Axie Infinity is currently one of the most popular NFT video games.
However, the use of NFTs in video games is not without criticism. In fact, non-tradable tokens can create an insurmountable gap between players who can buy valuable virtual items and those who are unwilling or unable to spend money. Also, many NFT-based video games highly profitable economy for first users, but does not guarantee sufficient sustainability over time and causing collections to depreciate at the expense of the last entrants.
In recent months, the NFT industry has seen a sharp decline in volumes and prices that were initially high due to FOMO for this new standard. We are witnessing that projects created for fun or with unimportant features are gradually being phased out. leaving room for more structured and interesting projects.
The magnifying glass focused on this standard, but always with due care.
Alberto Cuculachi is an entrepreneur, popularizer and university professor in Marketing and Business Development. He has been following the blockchain world since 2013 and founded his YouTube channel DeFi Talks in 2021. It has reached more than half a million people in more than 100 different countries through its channels in the past year. Today, he is engaged in creating useful educational content and tools to make the world of crypto and DeFi accessible to all.
Alessio Vilmercati is a 22-year-old investor and DeFi enthusiast with a Business and Management degree. In 2022, he obtained his Blockchain Technology & Management certificate at the Blockchain Management School in Rome. Predominantly in the world of DeFi, Alessio devotes himself to reviewing dApps every day, looking for new opportunities every day. As an open supporter of this technology and its future application in the traditional world, DeFi Talks collaborates with the YouTube channel.
Federico Chironi is a 23-year-old trader and DeFi enthusiast with a Business Administration degree; He then chose to continue his education with a Master’s degree in Blockchain Technology and Management at the Blockchain Management School in 2021. He has been studying and investing in the blockchain world, especially in the DeFi sector, since 2020. Decentralized Finance, which will bring it in the coming years, has recently been doing outreach activities on the subject in cooperation with the YouTube channel DeFi Talks.
Luigi Travaglini is a popularizer and technical advisor in the cryptocurrency industry. He intersects with the crypto world between 2014 and 2015, then becomes passionate and never breaks himself off. Combining his academic career with a long technical study in the field of blockchain, he started to provide training and assistance services in 2018.