Companies from all over the world have joined

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NFTs grew 11,000% in one year. Is it a good idea for brands to consider them as a strategy? nft benefits If following the news is part of your routine, you've probably come across the word NFT several times in the past few months. The Non-Fungible Token acronym was chosen as the word of the year by the Collins Dictionary , with meteoric growth in its use of more than 11,000% in 2021 . The reason for this increase is that NFTs generated $23 billion in deals last year according to the 2021 Dapp Industry Report . That's why everyone wants to know how to enter this multi-billion dollar market.

Companies from all over the world have Telegram Number Data joined the NFTs race as a way to rethink their brand and be closer to markets that are still little explored. But what are NFTs anyway? Keep reading to understand more about the topic! ADVERTISEMENT About NFT and Blockchain As we already said, NFT is the acronym for Non-Fungible Token. In technology, the word Token can be defined as a digital representation of an asset. In turn, Non-Fungible means something cannot be replaced by something else . An easy way to exemplify what a non-fungible good is is the art market: how many Van Gogh paintings are worth a Mona Lisa? There is no such relationship, since they are unique, different and irreplaceable works.



On the other hand, you can exchange one $10 bill for two $5 bills because they are fungible. These unique, distinct and irreplaceable electronic codes are recorded by the blockchain system, which is the same technology used in cryptocurrencies, such as Bitcoin . The blockchain system records transactions in encrypted form and, in theory, the information included in the blockchain cannot be changed. In this way, the unique file of the digital asset is connected to the unique certificate generated by the blockchain , guaranteeing the authenticity and ownership of that asset. An NFT is a unique digital certificate, recorded on a blockchain, used to record ownership of an asset, such as a work of art or a collectible.