What is NFT and how do non-fungible tokens work

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Digital art is a subject that still causes confusion in many people. After all, what is the value of an art that can be replicated with two clicks? While it takes hours (or days) to copy a painting, creating a copy of a digital art requires no effort. How can we guarantee that this work of art that exists only as pixels – and, in a deeper analysis, only as data – is really exclusive and original?

NFT: What is it?

This is where crypto art comes in, a digital art with a unique code attached, guaranteeing the owner that it is unique and exclusive. Even though it can be copied countless times, only the original has this code. Or, if the artist wants to sell all copies, he can insert codes on them, and each one will have a unique “mark”. This guarantees to buyers that even the copies are exclusive, such as numbered editions of an art sold to collectors, for example.

This is the basic concept behind Non-Fungible Tokens, or just NFT. In a very short way, an NFT works as a code, which is linked to art, so that people know that it is original, unique and exclusive (like the Mona Lisa). For this, the NFT is based on blockchain – the same base used in cryptocurrencies like bitcoin -, which guarantees some advantages, especially when the art is commercialized.

Available blockchains

Currently there are several blockchains available, to be used for the most diverse purposes, however, Ethereum was the one that became most popular for the NFT. One reason is that it has its own cryptocurrency, Ether (ETH), facilitating transactions. Even so, it is possible to make purchases with other cryptocurrencies and even with credit cards.

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The advantage of this format is that the NFT can always be linked to the original creator or owner. If a buyer decides to resell the work in the future, the artist responsible for it may receive a portion of the amount (provided the transaction is made on the same platform as the original sale). In other words, the NFT guarantees, in addition to exclusivity, that digital art is not pirated.

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