At the end of 2021 the Collins Dictionary has already determined what is the word of the year: “NFT”.
At the end of 2021 the Collins Dictionary has already determined what is the word of the year: “NFT”. Gone are other buzzwords like “Metaverse”, “weather anxiety” and “crypto”.
This award is due, according to the publication, to the enormous number of searches and content created around its meaning, creation and applicability.
What are NFTs?
This dictionary defines NFT as a “unique digital certificate, registered on a blockchain, which is used to record the ownership of an asset such as a work of art or a collector’s item.”
By “blockchain” he refers to a blockchain, that is, to a technology that allows the transfer of digital data in an encrypted and decentralized way, which assigns it absolute security.
For this reason the term blockchain has always been related to the field of cryptocurrencies and now with this type of goods digital.
The acronym “NFT” refers in English to token no fungible, which refers to a digital asset that cannot be consumed or replaced.
They are registered by means of a smart contract that assigns them a unique number, which provides peace of mind to their owner against possible replicas.
This record contains the data of the owner and the creator, which allows to preserve the copyright equally.
In short, an NFT can be an image, a graphic, a video, music or any other content of a digital nature that someone wants to have possession of.
Everything can be an NFT
The founder of Twitter, Jack Dorsey, sold the first tweet of the platform (of his authorship) as NFT at the beginning of 2021 for almost 3 million dollars.
The famous Nyan Cat in GIF version was traded for $ 600,000 and even NBA videos of the best plays have fetched prices above $ 100,000.
In fact, this sports franchise already has a platform to trade its own NFTs: NBA Top Shot, as is the case with the European Football League.
Perhaps where the greatest emphasis has been placed in terms of the development of NFTs is around the purchase and sale of digital works.
The first reference is attributed to the artist Kevin McCoy with his work QuantumAlthough perhaps the most prominent example corresponds, for now, to the artist Beeple, whose digital collage was auctioned on March 11, 2021 for 69 million dollars.
Although there are copies and versions on the internet, the NFT will correspond to the original content. The creator will have 10% of future transactions insured. Thus, while the property rights correspond to the buyer, authorship rights are also preserved.
Is there an impact on digital communication?
The Internet and the evolution of mobile technologies have caused individuals to establish daily dialogues through digital resources such as emojis, stickers, memes, GIFs, videos, etc.
Apart from the cases already mentioned, the conversion to NFT of one of the most famous video memes on the internet recently transpired: “Charlie bit my finger”.
This video, one of the most viral on YouTube, was sold as NFT for $ 650,000 in May 2021. It shows a one-year-old boy biting the finger of his three-year-old brother, who complains energetically.
A scene that was funny to his father, who published it in the online video repository with the intention that the family could see it in 2007, is one of the first memes on the platform.
There is also the case of the photo of the iconic girl who smiles in the foreground while a house burns in the background.
Better known as Disaster girl This meme has recently been sold for almost half a million dollars.
Memes are a fundamental element in today’s digital pop culture and a means of communication that even brands and companies exploit with greater frequency in marketing strategies.
Criticism of NFTs
There is concern within the community of Internet users that something that seems the maximum expression of free communication (due to its ability to replicate and attach to any message) is affected by this recent “culture” of hoarding publications and digital content.
As has already been specified, replicas and versions will continue to exist because the internet is like that. However, the original content, apart from being “owned”, will also provide rewards based on authorship.
In other words, in any home or office there can be a replica of the Mona Lisa framed and displayed, but the original is in Paris at the Louvre Museum and its reproduction is copyrighted.
The phenomenon of NFTs is incipient and there is still much development, such as that their technology becomes massive and users have full knowledge of its capabilities.
Since it is part of a digital architecture, the phenomenon of NFTs has recently been related to the development of the Metaverse at its different levels.. (I)
Paul is a talented author and journalist with a passion for entertainment and general news. He currently works as a writer at the 247 News Agency, where he has established herself as a respected voice in the industry.
