Non-fungible tokens (NFTs) allow a certificate of authenticity to be associated with any digital content, whether it is an image, video or a piece of music.
Bitcoin (BTC) and Ethereum-based ERC-20 tokens (ETH) are fungible. The standard for non-fungible Ethereum tokens is called ERC-721. The previous is used by platforms such as CryptoPunk and Decentraland.
Although Ethereum was the first blockchain to be widely used, projects like Solana (SOL) and Tezos (XTZ) now have NFT standards.
The future of NFTs
The potential of non-fungible tokens to provide immutable proof of digital ownership is an important development in an increasingly digital world. NFTs could see the blockchain’s promise of seamless security applied to the ownership or exchange of almost any asset.
For now, the attention around non-fungible tokens is focused on art, and gaming. But increasingly, well-known brands are licensing to monetise their image.
Moreover, we are experiencing a revolution in the « Creator economy ». Indeed, everyone was able to create content, but no one really owned it until now. NFTs offer the possibility for creators to reduce or even eliminate intermediaries, multiply and diversify their sources of income, and for users to really own digital content. NFTs represent a paradigm shift in the way assets are created, shared and monetised.
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