What is an NFT?
NFT, acronym for non fungible token, is a digital file stored on a blockchain. As a reminder, blockchains or blockchains allow data to be stored securely and transparently and have the particularity of not being dependent on a central body. Since an NFT is unique, indivisible and tamper-proof, it can therefore serve as a certificate of authenticity. Often attached to a photo, video, or audio file, an NFT can also come with usage rights for its owner.
What are the uses of NFTs?
Its uses continue to diversify:
The NFT as a work of art and a certificate of authenticity
In 2021 the work in the NFT will Everyday Life – The First 5000 Days » by American artist Beeple made history when it fetched $69.3 million at auction.
As a ticket
An NFT can also be used as a digital ticket, for example to a concert or sporting event. The famous music venue L’Olympia has recently put membership cards for sale in NFT format, some of which give the holder access to a concert of their choice.
As a digital asset in video games
Some Alpine-branded NFTs depict imaginary cars that cannot be driven in the real world, but 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 a community together, allowing them to share and offer them benefits around their universe. You can’t beat Science&Vie here We now have our own club!
But surely we can expect this list to grow over time. As with the dawn of the Internet, these uses will surely multiply and evolve. Indeed, who could have imagined Youtube, AirBnB, Spotify or TikTok when you were still connected via a 56K modem.
How much does an NFT cost?
There are all kinds of prizes in the market. Sacem has just launched unlimited and free NFTs while some NFTs have been sold on the digital art market 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 prices in the market can go up or down depending on supply and demand, just like stock markets.
What is the future of NFTs?
So it’s no wonder that one of the main concerns of NFTs today is to improve their usefulness. An example of this effort is the ability to access services or exclusive experiences through an NFT. In particular, this type of strategy allows them to get rid of a purely speculative aspect and become a tool for a niche service.