“NFTs give real value to brands”
The new digital revolution is also reaching the art world, and NFTs are making a strong entrance as a virtual reference for certificates of authenticity of digital works. A business model that moves millions around the world. But what are NFTs? And how important will they be in our economy? Gemma Vallet, marketing director of 11Onze, explains it to us in a new episode of Estat de la Nació.
NFTs, which stands for ‘Non Fungible Token’, are digital certificates created using blockchain technology. The same technology used by cryptocurrencies, but unlike cryptocurrencies, they are unique, non-fungible, i.e. irreplaceable, non-duplicable units of reference that credit the author and owner of the work.
“An NFT is a digital file, which can be a song, a video, or it can be a work of art. A concept that has acquired value during the Covid crisis, when the industry did not provide an outlet for artists’ works. In this context, NFTs are beginning to acquire value within digital art, as they allow a piece to be distributed in a universal, international way, while protecting intellectual property,” explains Vallet.
One consequence of the popularity of digital transactions has been the advent of blockchain technology, which essentially eliminates intermediaries, and has been key to the creation of NFTs. “The blockchain decentralises authorities and ensures that the piece is authored. It becomes a safety that you can have a transaction with both buying and selling,” she adds.
The very nature of NFTs and the functioning of blockchains guarantee the authenticity, exclusivity, and validity of the work or digital object purchased. As Vallet points out, “just as when you buy gold, and you have a certificate of value, the same thing happens when you buy a digital piece. You have a certificate, which, given blockchain technology, guarantees it”.
Therefore, NFTs are, in short, certificates of ownership of virtual or physical assets that allow us to acquire the original work signed by the author, or sell it on the digital art market if we are the creators. A decentralised and secure process, where the control of the process belongs to the users.
Fintech Talk about NFT with Gemma Vallet
If you want to know more, don’t miss the next Fintech Talk, where Gemma Vallet will talk about NFT. You can register here.
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NFT, the digital art revolution3 min read
Gemma Vallet, 11Onze’s Marketing Director, will talk