Hotels Events Magazine Specials Contact EN Reservations NFT, Pure Speculation or Future of Art? Back 27 JUL Culture OD Magazine NFT If you are not one of those who live so happily isolated from the world, I am sure you have adopted terms such as cryptocurrency, blockchain or NFT into your vocabulary. I am also sure that you freaked out when you read in the news that a work of digital art sold for 69 million dollars, that the first tweet in history did so for 2.9 million, that a column in the New York Times was worth 475,000 euros and that someone spent 590,000 dollars on a meme. What’s going on? Have we all gone crazy? What the hell is an NFT? NFT means Non-Fungible Tokens. A token is an individual unit that provides its users with a valuable product to interact with the company. A token can represent a currency, a stock, a personal belonging, or a financial asset. Non-fungible means something unique that cannot be replaced by anything else. In short, an NFT is unique type of asset that cannot be altered and whose format is digital. This format makes us wonder, why am I going to spend money on digital content that I can access for free? The answer is simple: Exclusivity. NFTs use blockchain technology to certify their uniqueness and differentiate themselves from the rest of the digital files on the internet. Although it is generally related to cryptocurrencies, a blockchain network is nothing more than a distributed and secure database that can be applied to any type of transaction. Many artists see NFTs as a new way to promote themselves and earn income. The identity of a work of art and the rest of the essential information about it can be easily traced thanks to the blockchain. Whenever someone wants to resell their piece of art, it is easy for buyers to check if it is original. In addition, NFTs offer the opportunity for digital artists to sell directly to the market without intermediaries. A copyright function can also be programmed into the work so that, in the event of resale, a certain percentage is received. So that you can get a clear idea of the size of this phenomenon, below we name some of the most expensive NFTs in history. Aphex Twin: the stage name of the English musician and composer Richard David James, considered by many to be one of the key figures in electronic music over the last two decades, wanted to join the NFT trend and managed to sell a work for $128,392,56 (72 ETH, Ethereum currency). The auction managed to capture the attention of the artist’s most staunch followers, being the first work that Aphex auctioned off in the new trend of nonfungible tokens. The Irishman said that he will use part of the money to plant tres and for permaculture projects. Read more Newsletter Sign Up Corporate Careers Downloads Contact Terms & Conditions by eMascaró Cookies Policy By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Cookies policy Accept All Cookies Cookies Settings