Although cryptocurrencies have been very popular for several years now, a new model of acquiring intangible assets through the digital ecosystem is coming to life today. Ttoken Irreplaceable Tokens (NFTs) have achieved the goal of holding images or photographs considered art for personal use.
What is NFT?
The EFE defines an NFT as “a unique digital certificate registered on a blockchain that is used to register ownership of an asset, such as a work of art or a collectible.”
Each NFT is unique in its class, there is no other pair like it, so many of them reach sky-high numbers when buying one.
The Forbes publication explains the mechanism for posting intangible items for sale online — like artwork or tweets — through NFTs.
First, the digital work is prepared in the NFT format, and then put up for sale on the cryptocurrency art market, for example, through the Flipkick or Nifty Gateaway platforms. At the end of this process, the NFT is placed in an auction house where it will be sold.
Victor Garcia, professor of computer science, multimedia and telecommunications at…