Anna Brown
Feb 8
4 min read
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The talk about non-fungible tokens is getting more and more interesting. No wonder, as their potential for generating income is not exclusive to any particular realm and, for the time being, is limited only by human imagination. NFTs offer the possibility of raising funds in a relatively simple, fast and attention-grabbing way, and it is thanks to these features that they have proved so successful in the world of charity actions.
What it’s all about, or what NFTs are
NFT is an abbreviation for non-fungible tokens, which means they are unique and non-exchangeable. It is a concept in the field of tokenization, which refers to transferring a given value to the digital world, based on blockchain. An NFT token, very briefly, serves as a digital proof of authenticity that an asset, tangible or not, belongs to a particular person. As a result, it is possible to trade and handle digitized assets online.
The fact that a token is non-fungible means that it is unique and you cannot sell, buy or exchange two identical assets. Quite contrary to, for example, exchangeable currencies such as USD, where it doesn’t matter which particular coin you own.
The fact that a token is non-fungible means that it is unique and you cannot sell, buy or exchange two identical assets. Quite contrary to, for example, exchangeable currencies such as USD, where it doesn’t matter which particular coin you own.
What can be turned to a non-fungible token?
NFTs can represent many valuable objects, either virtual or not. These can be physical objects such as real estate, precious metals, collectibles, as well as manifestations of creative activity registered in any form: graphics, musical works, oil paintings, literary works, or even a post on Twitter (more details below). At the same time, the sale of NFT does not necessarily involve the transfer of copyright: the artist can sell the token representing the work in question, retaining the rights to the intellectual property.
So what’s the point of the NFT? And why is it still so popular?
It’s all about those extra benefits, like the certificate of authenticity and ownership. Thanks to this, we have a value which we can trade, transfer and all this is done online, thus conveniently, quickly and from any location. Then there is also the matter of innovation and an intriguing trend that can resonate with tech-hungry audiences. Purchased NFTs can constitute our major investment, diversification of resources, a method to explore the blockchain-based world or simply a form of an interesting project.
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