Entertainment: NFTS - The new hype in the digital world

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crypto currencies are now recognized by governments and accepted by large companies worldwide. Krypto currencies such as Bitcoin and EtherEm have promoted the rise of new digital assets. Such a digital asset are NFTS (non-fungible token). In the first half of 2020, NFT worth 12.1 million euros were sold. This new industry that connects new technology with art is shot at 9.4 billion euros at the end of the third quarter 2021 "to the moon".

  NFTs - der neue Hype in der digitalen Welt © Euronews Million for Krypto Art: $ 69 million for Digital Artwork What is a NFT?

The Acronym NFT, which has become popular in the financial and art world, stands for non-funny tokens. An NFT is a clear identifier that can prove the ownership of digital goods. They make digital works of art and other collectibles to unique, verifiable assets that are easy to act over the blockchain.

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until the introduction of NFTs digital art did not have the same value as a masterpiece of Monet or Picasso. This is definitely the fact that digital art can be duplicated with a single mouse click, making it almost impossible to recognize the original.

The artist Sacha Jafri explains: "There is a software that scanned a work of art. It can not be falsified. This is absolutely impossible. If you scan a blank paper and another blank paper, they are different because this software is different Detects the difference between the two blank leaves ".

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A phenomenon on the NFT market are limited art collections like Cryptopunks , Bored Ape Yacht Club and Cool Cats .

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Each of these collections is limited to 10,000 digital works of art. Every day thousands of NFT artworks are sold. As with traditional works of art auctioned by Christie's or Sotheby's, the more rarer is a work of art, the higher the price it can achieve.

The third of 10,000 copies of the Cryptopunks collection was recently sold for more than 472 million euros. This pixeled artwork shows the potential of NFT sales in the future.

Why should you invest in NFTs?

You may be asking why someone should invest in something that can be easily duplicated on a cell phone or laptop. Expensive NFTs are used as profile pictures in social media to show prosperity, similar to business people wear expensive Rolex watches.

Many people buy themselves in the world of NFTs to be part of an online community. Through possession of certain NFTs you can get access to exclusive content and live events.

digital investors use NFT marketplaces to make great sums of money in hopefully short time. The business models of many industries are also redesigned to include NFT trade. A single NFT can be purchased and sold several times, but the buyer must pay a license fee to the original owner or creator for each sale. The license fee is usually about 10 percent.

Charles Morin, co-founder of Jumy , explains to EuroNews: "Since we can understand the full story of the token with every single ownership transfer, the artists receive some money from the license fees."

irrespective of whether the participation in NFTS from financial interest, accession to a community or simply from love for a work of art, the future of NFTs looks rosy.

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