We are still learning about the various cryptocurrencies: from Bitcoin and Litecoin to Ethereum and Neo, and so much more. An crypto-industry that is still growing and developing until today. However technology never stops and new inventions are popping up every second.
With the pandemic leaving us almost confined to the digital world, it is not a surprise that new technologies are developing and earning a significant popularity these last couple of months. Among those, we can find NFTs, which although they were born a few years back, only recently they became a thing.
NFT stands for “non-fungible token”, which means something is unique and can’t be replaced with something else. That is to say: one dollar can be exchanged for one dollar, as well as one bitcoin can be exchanged for one bitcoin. Well, it doesn’t work that way with NFTs.
Now the question is: what is that something? Apparently anything digital can be an NFT. From fashion to art, including music (although artwork is a current trend inside this new technology).
To give you a few examples, Jeff Staple ―founder of Staple Pigeon and a milestone in the streetwear culture― launched yesterday a limited sneaker collection in the form of NFTs alongside virtual sneaker platform RTFKT Studios.
On the other hand, Overpriced sold its first-ever NFT-linked hoodie, which featured the physical garment that held a patent-pending scannable V-code on the front. The NFT-powered hoodie sold for $26000.
To sum up, it works as a speculative asset: you buy it hoping it will increase its value, so you can then sell it and make a profit out of it. In the meanwhile, you become a collector.
Are we looking at the future of blockchain assets?