Tech

What is NFT? The Secret of the Digital Painting Sold for 500 Million TL

Footballer Mesut Özil earned thousands, even millions of dollars by selling the crampons and jersey designs of the future, YouTuber Logan Paul Pokemon cards, Elon Musk’s wife Grimes music videos with NFT. So what is this NFT, how does it work, what does it do? We explained the digital assets of the future for you.

In return for valuable items sold at auctions, buyers get a “physical asset”, that is, the work itself. So what if we held the auction online and the tables were digital? Can’t someone else copy these tables, sounds, files and sell them elsewhere? More importantly, people in the internet where everything is copied Are they crazy enough to spend money on an asset? Providing all this What is NFT?

They’re not crazy because NFT there is. A digital asset thanks to the blockchain technology, which is also the basis of cryptocurrencies. -just like in real life- can be protected. The asset in question is encrypted so that it belongs only to its owner.

Briefly What is NFT?

what is nft

Opening “Non-Fungible Token” There is no official Turkish equivalent of NFT, but we “Non-exchangeable money” We can translate in the form. But the word ‘money’ here can be any asset that is valuable to humans. A work of art, a tweet, a video, the web page with these lines you read, the images in it, the comments you made, the last story you posted on Instagram… When the appropriate conditions are provided, everything in the digital environment can be an NFT.

NFTs are collectible items in the real world. reflections in the digital world It is also defined as. One of the most popular examples in this regard is football player cards, which were popular in the 90s. If player cards were still popular today, probably Christiano Ronaldo’s or Mesut Özil’s card would be more valuable than the packs. We can think of NFTs as a digital version of these cards that cannot be copied.

On the other hand, we see that NFTs have already been used in the digital art world for a while. This technological approach, which will bring a radical solution to the copyright crises of cartoonists, has also recently been published by Uykusuz magazine. was accepted.

How does NFT work?

how nft works

Today, many NFTs, Ethereum It is part of the blockchain. Other cryptocurrency developers can also build their own NFTs on the same network. However, NFTs are different from cryptocurrencies as in the Ethereum example. Different information needs to be processed and encrypted. Cryptocurrencies can be produced by mining methods, but NFTs cannot be produced or exchanged.

So, is it a crime to share this video, which is sold for 50 million TL, on the internet?