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What are NFTs?

NFT (non-fungible token) is literally translated as a non-fungible token.

A token is a unit in the blockchain network, and a blockchain is a ledger that can be seen by all users and where it is recorded what kind of object it is and all operations that have ever been carried out with it: when, by whom and for what amount it was bought and in what sequence. In the blockchain, it is impossible to overwrite and change anything, and therefore it is impossible to forge a token and sell a fake NFT.

An irreplaceable token is unique, it cannot be exchanged for anything similar. For example, you can exchange a hryvnia for a hryvnia, because they are of equal value, but you cannot exchange a van Gogh for a Dali, and the value of both cannot be objectively compared. NFT and acts as a conditional van Gogh.

Some NFTs only have a digital version, while some sell both physical and NFT objects. Currently, NFTs are most often bought on the following markets: OpenSea, Nifty Gateway, Rarible and others, and transactions are mostly carried out with the Ethereum cryptocurrency.

What can be traded as NFT?

Anything can be tokenized, i.e. converted into NFT: art, photo, video, GIF, audio recording, text or post on social networks. For example, Twitter co-founder Jack Dorsey sold his first tweet on the network for 2.9 million dollars, a student from Indonesia earned a million dollars from his selfies, and in Ukraine, the Internet project “Television Toronto” sold a meme for 2.5 thousand dollars.

Digital fashion has even emerged, with famous brands such as Burberry, Louis Vuitton, Gucci and Dolce & Gabbana releasing exclusive digital clothing or digital replicas of existing models. Sometimes they are sold even more expensive than physical items.

What is the value of NFTs?

First and foremost, NFTs are about ownership and authenticity in the digital world. Yes, all users can download your object (images, videos, etc.) and publish freely, but you prove that you own the original, and everyone else only has copies.

However, most NFTs also have additional value, such as joining a community or access to exclusive content. Currently, one of the most popular NFT collections is the Bored Ape Yacht Club art series. These are 10,000 painted monkeys with different clothes, fur color and facial expressions, they have already been bought by Eminem, Jimmy Fallon, Post Malone and other stars. This collection offers not only art, but also access to the exclusive Yacht Club, where image owners can put their monkeys as a profile photo on social networks, chat with each other on Discord or leave their virtual graffiti. They also automatically receive invitations to yacht parties organized by the authors of the collection. The NFT of this club has become a symbol of status and belonging to a closed group of people, which includes both obscure people and celebrities.

The value of NFT in the art world

NFTs can also be used to promote the idea of shared art ownership and affordable investment: “100 or 1,000 people can make a small contribution and buy a share of some high-value painting, sculpture, installation or other form of work. These investments can then be resold on the secondary market and their tracking will be very transparent.”

Why are NFTs considered problematic?

NFT has good goals: to make the market more transparent and democratic and avoid plagiarism, as well as to enable buyers to financially support their favorite artists or brands. However, it is worth paying attention to the shortcomings that the system currently has.

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