NFT- when cryptocurrency attacks art
The art field has been on the rise in recent years, thanks to blockchain. Yes! Thousands of artistic works are sold in NTF format online. A multitude of anonymous artists are taking advantage of this new art market to release their creation in return for new currencies. Learn the basics about NTF in this article.
Non-Fungible Token in English which means in French "non-exchangeable token", the NTF is a title deed held for an artistic work. In other words, it is a blockchain asset that the buyer acquires with crypto tokens. Here, the asset is a work of art (a photo, a social chat, a music album, etc.) whose value relaxes in its course.
What is NTF?
An NTF is non-fungible, that is, cryptocurrencies that are interchangeable with other crypto or real currencies such as the dollar and the euro are non-exchangeable. It only concerns digital (digital) artistic works such as an image, GIF or video. As a purchasing right, the NTF is unique and therefore non-reproducible and indelible, just like blockchain technology.
Creation and ownership of NFTs
The emergence of NTFs dates back to 2017 when the owners of the cryptocurrency Ethereum propagated CryptoKitties: virtual chats that Internet users with Ethereum obtained by investing nearly $ 20 million. This is how the NTF was born and linked to art in all its forms (physical or abstract).
An NFT buyer is a holder of the property right in a work. In practice, this unique creation can be copied; this is an infringement of the acquired work. For example the copy of the Mona Lisa. Here, the title holder owns the original version of the digital work. It is understood that the owner of the artistic product NFT cannot modify the author's creation.