NFT stands for “No Fungible Token”that is, from non-fungible tokens. These are assets with unique properties so they cannot be exchanged. These are digital assets that can be bought and sold like any other item but cannot be modified so that they can be used as certificates of ownership for virtual and physical assets.
NFTs provide the ability to create unique digital collectibles that can be sold or auctioned at high prices.
It is common to believe that NFTs and cryptocurrencies are the same or similar. However, this is a wrong assumption because, unlike cryptocurrencies (which are fungible tokens in that they are all identical and can be exchanged), NFTs have one clear identification through codes and metadata to distinguish them from each other. Since the NFTs are unique, they cannot be exchanged for equivalence with other NFTs. This means that each of these tokens becomes a unique digital collectible that cannot be replicated.
One of the reasons NFTs are so important to brands is because they’re used to them represent digital fileslike graphics, audio and video. They are so versatile that they can be portrayed as creative art forms. Here are a few examples of how brands can use NFTs:
-GIF: Some brands have started creating unique GIFs using NFT that can be collected. With that in mind, Chris Torres, creator of the famous GIF “Nyan Cat”, auctioned his famous creation on NFT for more than $ 500,000.
– Collectable Videos: Some brands like NBA use NFT to create unique collector’s videos. These videos are sold in different categories, from Basic to Premium Plus, which are each more expensive.
-Products: It is also possible to create unique collector products that are attached to an NFT. With this in mind, it is possible to create objects as part of a marketing campaign to celebrate an event or brand milestone.
-Art works: Digital artist Mike Winkelmann, better known as Beeple, made his mark in the history books for selling a JPG work for $ 69.3 million at Christie’s auction house. The reason for the high price of this sale is that it is a work with NFT.
You can better understand what NFTs are in this video:
