NFT: This year, social networks were inundated with several new terms often linked to technology. Words like “NFT”, “Blockchain” and “Metaverse” became increasingly common among posts and featured topics, while meaning little to most users.
To make life easier for internet users and prevent them from missing out on the next trends, TecMundo has created a brief glossary with the most recent words. Check out:
Often quoted in explanations, the term “Blockchain” can be translated as “block chain” and refers to a data protection and authentication technology. It works through the inscription of small sets of information, called “blocks”, in a sequence that must be validated by digital mathematical challenges, sent to an online and decentralized network of users, with each new addition.
This process, known as “mining”, is financially encouraged by digital rewards native to the respective network, the infamous cryptocurrencies, which can be traded without restriction by the participants. Proposed by Satoshi Nakamoto in 2008, a pseudonym for the creator of Bitcoin, the model guarantees a powerful level of encryption and has not yet been decoded by any hacker or algorithm.
Initially, the technology was developed for financial use, ensuring that digital value transactions were not duplicated or spoofed by malicious users. However, currently, the solution has been adopted as a tool for the validation of other documents, such as works of art and certificates.
Another topic that fueled heated discussions on social media was “NFT”. The acronym means “non-fungible tokens” and can be translated into Portuguese as “non-fungible tokens” or “irreplicable codes”, in a free adaptation. Very briefly, the term refers to assets sent to a blockchain to be validated as “unique”, having a decentralized certificate of authenticity that can be reliably transferred between users.
The NFTs ended up becoming popular for their use in the artistic world, as they allowed the negotiation of digital works with ownership certificates autographed by their respective authors. Naturally, it didn’t take long for the niche to face sudden speculation, followed by alleged problems of energy expenditure and cases of plagiarism, which divided part of the netizens into supporters and protesters.