Beyond the innovative buzzword “non-fungible token” which is electrifying the art and crypto worlds, NFTs are a very advanced technology. An NFT is a virtual right to someone else’s work that is purchased. It doesn’t have to be real art (how can you even define art?) but can be anything created online: a tweet on Twitter, a broadcast of a defining moment in sports, a photograph, a drawing, a clip. If the person who created it decides it is valuable enough, they can simply sell it. That is, the virtual right to it. There are quite a few such pictures hanging in our office.
In order for an item to be an NFT, it must go through a process known as minting, which is the imprinting of a new token on the blockchain network. As soon as the seller receives confirmation of this, they can put the item up for sale as an NFT on one of the known trading platforms and look for a buyer who will identify with the (subjective, one must say) value of the piece they are offering. Our office has been working in this innovative field for the past few years and although it is impossible to say where it will end up, it is interesting to follow.