What are NFTs and how will they evolve?

What are NFTs and how will they evolve?

The popularity of non-fungible tokens or Non-fungible tokens (NFT) has skyrocketed in recent months and, with it, the doubts surrounding this new phenomenon. For this reason and to clarify possible doubts about what exactly this concept is, in this article we explain what are NFTs and we anticipate its evolution in 2021. Want to know more? Keep reading!

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What are NFTs?

We could define a token as a “contract” in which it is stipulated that a person owns a unique and irreplaceable copy of a digital asset, with that asset. To ensure that the “contract” is safe and true, it is stored on a public network, which is technology blockchain. Being on the blockchain ensures that it is auditable and that if those buyers decided to sell said contract for owning a single asset, a follow-up could be done.

Material goods that can be touched and seen, such as stamps, works of art or jewelry, are often valued. Now, more and more, this is also done with intangible goods which, although we see it, are not material. Although the crypto-currencies approach this definition, the NFTs go further by applying this concept to oriented objects, in particular to the collection.

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