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INTANGIBLE ART

Not a tangible work of art, but a so-called "NFT," or non-fungible token, was recently sold at auction for 495,000 euros. An NFT is based on the same technology as bitcoin. This technology creates unique tokens that act as digital collectibles. Text: Fleur de Jong
Image: MetagrailNFTis different from crypto currencies, though. A bitcoin, for example, has millions of copies that are interchangeable, have the same value and can be broken up into smaller pieces. With NFTs, this is not possible. Each non-fungible token contains a unique aspect, which can actually be seen as an inviolable certificate of authenticity. It cannot be duplicated and can only be transferred in its entirety to a new owner, obviously only with the consent of the current possessor. Consequently, NFTs often function as collector's items. They are used for digital artwork, fashion items, sports pictures and purchases in computer games. What is unique about this concept is that as an artist, you can also earn royalties. An artist puts his artwork in the blockchain, someone buys the NFT and if the owner decides to sell the NFT, the artist can earn royalties every time the artwork is resold.

The Nyan cat

The well-known GIF the "Nyancat" is one such example of an NFT. The digital artwork recently sold at auction for 495,000 euros. According to market analysts, the entire crypto art market now accounts for about 1.4 million euros. Meanwhile, well-known brands such as Nike and Louis Vuitton also offer digital goods and services based on the NFT principle. For example, Nike has used the principle to create digital shoes as well.

Like tactile sneakers, NFT sneakers are rare and expensive, but the biggest advantage is that they are not counterfeit. The Nyancat | Photo: Now