What is an NFT?

In 2021 everybody talked about Non Fungible Tokens, more commonly referred to as NFTs. We read news of multi-million dollar purchases, but also public criticism and misconceptions in people—a bit like what happened with the birth of cryptocurrencies.

This article has the objective - challenging to achieve, we admit - of explaining in a few lines, WTF are NFTs? 😃

So what is an NFT?

An NFT is simply an acronym that stands for "Non-Fungible Token".

Can you explain a little bit more? Compared to fungible goods, non-fungible goods mean that such goods are not replicable and replaceable because they have a specific individuality. This individuality is provided by a digital mark, which has a certificate of authenticity. The certificate is issued on a blockchain. So, NFTs are associated with digital content, whose uniqueness and authenticity they guarantee, giving the owner a certificate of authenticity. In simple words, each NFT, thanks to the blockchain, is unique and therefore not fungible, i.e. not interchangeable. This is an NFT.

NFTs solve basic needs. Firstly, to give value to what previously had none: digital art and creators' rights over it. Secondly, the need for "recognition" (economic and social) of people also in digital spaces (and thanks to digital assets) is currently unfulfilled. To satisfy this need, dozens of meta-verses were born, where users can use and showcase their NFTs. And facebook's announcement of his metaverse clearly signals that the road to virtual worlds where users can use their NFTs is now paved.

About a metaverse. The canonical definition is this: "A three-dimensional space in which individuals can move, share and interact through personalized avatars." You can see the metaverse as a set of technologies that create persistent virtual worlds that continue to exist even when you're not playing and augmented reality that combines digital and physical worlds. The exciting thing here is that it also translates to a digital economy, where users can create, buy, and sell goods.

The benefits of NFTs: why create and sell them?

A whole new billion-dollar market has sprung up out of nowhere in the last few years: the earning potential is virtually unlimited, and the costs for companies and individuals are minimal.

The fields of application are equally infinite: everything can be sold as NFT, you just need to create a digital copy of what you want to sell, and that's it.

Moreover, NFTs incorporate all the classic advantages of blockchain: decentralization, disintermediation, the immutability of the ledger, traceability and verifiability of its contents, and above all, transfers.

Another advantage is that you can also earn money from second, third, fourth, etc., level sales: in a nutshell, every time your NFT is resold to a third party, you are paid back for your rights. All thanks to the fact that every transfer of ownership is traceable on the blockchain. A continuous revenue stream and unlimited in time.

So what are you waiting for? Go and create your own NFT. And when it's time to spread the word worldwide, don't forget to do it correctly! 🚀 How? Long story short, there is only one way: go viral in as many languages as you can, and we at Hero Translate are the right people for this!

We have already helped hundreds of projects and companies go viral in English, Italian, French, Spanish and German, to name a few!