by Capital Web
Simone Di Gregorio by Camilla Fraschini and Fabio Arboet explained to us what they are NFTs (non-fungible tokens), which act as certificates of uniqueness.
What is NFT?
NFT stands for Non Fungible Token, which is a non-transferable digital token. The cash is a convertible token, the 5 euro banknote can be changed into two two euro coins and one two euro coins, while the NFT is something It cannot be repeated.
In the online art world, NFTs act like a Certificate of Authenticity and are used just as they are in the real world.
Are NFTs tangible?
Camilla Frachini: “Monet’s painting exists tangibly, NFTs don’t exist tangibly, do they?”
Simon Di GregorioIt actually depends on which NFT you buy: if you buy a tweet from the founder of Twitter, for example, you have an intangible asset. On the other hand, if you buy a painting, the asset is physical and you can associate that business with one blockchain of NFTs (Validation Strings in the Digital World)”
What is blockchain
Simon Di Gregorio: “The digital world itself is immaterial. To allow people to create any kind of artwork online and make it unique even if it only exists in the digital world, the blockchain was created, a chain of validation through which users perform unique work through a code. The difference with the art market in the physical world is not much, even in fact the business has validation certificates.The purebred dog breed has the same validation mechanism as NFT”
What could become an NFT
Simon Di Gregorio: “Everything. A news story from a few months back told about a guy who got a lot of fines from the same speed camera and paid them off by creating an NFT. Someone saw a profit opportunity in this and invested their money in it.”
Can you make money with NFTs?
Simon Di GregorioThe market depends on many variables. Some time ago first tweet by Jack Dorsey The one I mentioned earlier was bought for more than 3 million dollars But today it’s only $30. It is as risky as investing in stocks or works of art.”
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