NFT: what is it? Decryption

What is an NFT?

NFT, acronym for “non fungible token”, is a digital file stored on a blockchain. As a reminder, blockchains, or block chains, make it possible to store data in a secure and transparent way, and have the particularity of not depending on any central body. By being unique, indivisible and tamper-proof, an NFT can therefore serve as a certificate of authenticity. Often attached to a photo, video or audio file, an NFT can also be associated with usage rights for its owner.

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What are the uses of NFTs?

Its uses continue to diversify:

The NFT as a work of art and certificate of authenticity

In 2021, the work in NFT “ Everydays – The First 5000 Days » by American artist Beeple made history when it was bought at auction for $69.3 million.

As ticket

An NFT can also be used as a digital ticket, for example for a concert or sporting event. The famous music venue, L’Olympia, has recently put on sale membership cards, in NFT format, some of which allow the holder to access the concert of their choice.

As a digital asset in video games

Some Alpine-branded NFTs depict imaginary automobiles, which cannot be driven in the real world, but which can be used in compatible video games.

NFT as a club membership card

Roland Garros, Le Parisien, 20 Minutes, etc. There are many brands that, through their NFT, bring together a community, allow them to exchange, and offer them advantages related to their universe. Science&Vie is not to be outdone since we now have our own club!

But surely, we can expect this list to grow over time. As at the start of the Internet, these uses are certainly set to multiply and evolve. Indeed, who could have imagined Youtube, AirBnB, Spotify or TikTok when you were still connecting via a 56K modem.

What is the price of an NFT?

There are all types of prices on the market. Sacem has just launched unlimited and free NFTs, while some NFTs on the digital art market have sold for millions of euros. In short, everything depends on the rarity, but also on the usefulness of the NFT. And we must not forget that in the market, depending on supply and demand, prices can soar or collapse, like the stock markets.

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What is the future of NFTs?

Therefore, it’s no wonder that one of the main issues with NFTs today is to enhance their usefulness. An example of this effort is the possibility of accessing, through an NFT, exclusive services or experiences. This type of strategy allows them in particular to get rid of a purely speculative aspect, and to become a tool for a niche service.

Interested to know more about the Science&Life NFT Club ? You can join the Club Science&Vie Discord via this link.

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NFT: what is it? Decryption

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