NFT: The “non-fungible tokens” (or “NFT”, in the popularized acronym in English) are collectible digital assets that use the technology offered by blockchains, also used in cryptocurrencies, to make themselves unique. Despite having been proposed back in 2014, the format only emerged in recent months, when it was incorporated into auction sites with bids accepted in cryptocurrencies — such as OpenSea and Rarible.
Bidders receive not only the digital artwork, but also a code linked to the item, which can be verified via blockchain to show which is the original. Thus, an image file in NFT, for example, can be downloaded, copied and shared several times on the internet by anyone, but it will still be possible to check which was the first edition of the work, guaranteeing the possibility of appreciation.
In addition, the agreement also comes with an assignment of ownership agreement, which is smart and highly customizable. Thus, the purchase can guarantee the full right of use for the new owner or even take a small commission for the author, if the piece is resold in the future.
Although the possibilities for the technology are vast, most auctions offer digital artworks, which sometimes receive exorbitant bids, capable of shocking most Internet users. Unsurprisingly, the fertile niche quickly became the scene of successful image collections, harbored scams, and received input from major corporations—factors that not only contributed to the format’s popularization but also ensured an infamous reputation for its supporters.