NFT is the Collins Dictionary word of the year. What exactly is it?

We would translate the term NFT (non-fungible token) into Polish as “non-exchangeable tokens”. The name itself already indicates that We are dealing with an asset that is assumed to be unique and non-exchangeable.

That is why they were appreciated by investors, as shown by the amounts they spend on NFT tokens. As reported by Visa, only in August 2021, the volume of payments on this market exceeded the barrier of USD 1 billion, while in the entire year 2020 it closed at around USD 100 million. “Boom” was also noticed by the Collins Dictionary editorial team, which honored the term “NFT” with the word of the year 2021 award.

What is NFT?

Assets representing tangible or intangible assets are encoded on NFT tokens. They represent real items (such as works of art, collector’s cards) or unreal items (such as virtual real estate).

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See also: Is the anti-inflationary shield a good idea? “It could backfire. Inflation out of control.”

These tokens are based on blockchain architecture, just like cryptocurrencies. To simplify, this architecture allows for the storage of historical data in an unchanged state. In other words, blockchain allows you to establish information about the storage and transactions related to such an asset.

DISCUSSION

– They can represent, for example, real estate, a purse or a place in a rover that will explore the cosmos. This can be compared to a physical CO, but unlike regular NFT files, they are not copyable. They can only be transferred between users’ wallets, which makes it possible to create a unique file on the blockchain network – explained Piotr Jaśkiewicz from the Baker McKenzie law firm in an interview with the Newseria Biznes agency.

NFT is therefore a confirmation that its owner has a unique and the only file on the market. It is a kind of uniqueness certificate. These tokens quickly became popular in the art world.

In the article “Token, soup nothing”, “Press” magazine referred to Doug Shapiro, a media analyst and former Turner (WarnerMedia) security chief, explaining that while for money we can buy a copy of the film or a physical accessory associated with it, through NFT we can become the owner of a cult moment of a given work, e.g. a scene in which Cinderella fits her foot into a glass slipper.

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NFT in Poland

3D scans of her body in the form of NFT tokens were also sold by Dorota Rabaczewska, better known as Doda. The tokens with the images of the players could also be purchased by fans of Legia Warsaw – we read in the “Press” magazine.

Coming soon in Poland auctions of works of art in the form of NFT tokens will begin. On December 2, DESA Unicum will offer collectors a digital work by Paweł Kowalewski – “Why is there something rather than nothing”.

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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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