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NFT, what is this Revolution ?

Do you remember the Bitcoin, it was a revolution in the economy because it was a fully digital currency. And now, the NFT is a revolution for individual property, because it’s brought this concept for digital content.

But what is the NFT ?

Well, NFT is an acronym for Non-Fungible Token. To define the term fungible, in economy, something which is fungible means that it is easily exchangeable, for example, the different currencies are fungible, because a coin of 1 euro is always worth 1 euro or 2 coins of 50 cents, whatever happens.

So, something of non-fungible means the opposite, it means that it cannot be interchanged and has a unique property. For example, it could be a painting like Mona Lisa which is one-of-a-kind, even if you buy a print of it, you will never own the original.

We can compare theses NFT to digital certificates of ownership for unique non-fungible virtual things which can be bought and sold.

How does NFT work ?

As you know, digital files have a problem, they can be easily duplicated, so the NFT “tokenized” the files to create a certificate of ownership that can be bought and sold. As with Bitcoin, the history of the creation of NFT is stocked in the Blockchain.

You can compare the Blockchain to a book where everybody has been writing the detail of their deals since the beginning. With this system, anyone can check if anyone someone tries to corrupt the NFT system.

The interest of the NFT

With the NFT you can do a lot of things, you can create it for anything, you can purchase it, and you can sell it.

On a website you can purchase and sell NFT of famous Internet symbols with an auction system, for example, the creator of the Nyan Cat sold the NFT of the Nyan Cat Gif for 500,000 $.

Another example is Jack Dorsey, Twitter’s founder, promoted the auction of the NFT of the first tweet, sold for 2,5 million Dollars, this example is interesting because it shows that the NFT is not limited to Art.

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