Welcome to the sixth instalment of our Disruptive Technology series, where we showcase technical innovations that are revolutionising the world!
This time around, we’re exploring one of the hot topics thats got the art, tech and business worlds talking — NFTs. These tradeable, collectible art forms (ranging from GIFs, to digital art and so much more) are taking over the headlines as of late, with lots of excitement and some confusion over what exactly NFTs are — and what they mean for the future of art.
Let’s start with the basics.
What the heck is an NFT?
An NFT is a non-fungible token; unlike ‘fungible’ assets, which can be interchanged (for example, one bitcoin with another bitcoin, or one £20 note with two £10 ones), non-fungible assets have their own value and are one of a kind. The Mona Lisa is a popular example of a non-fungible item — it can’t be replicated and it’s one-of-a-kind.
And while most digital files can be duplicated quite easily, NFTs are ‘tokenised’ as they’re part of the Ethereum blockchain— meaning that the owners can prove that they own the ‘original’ because of the ata stored inside the file.
An NFT can be almost anything digital, and have been around since 2014. In-game items, like unique outfits for characters, are NFTs; as are short films and music. But the recent hype that’s been building over the past couple of years around NFTs is centred around NFT artwork — with an incredible $174 million USD being spent on them since 2017.
What are some of the most famous out there?
Quantum — the very first NFT