NFTs (non-fungible tokens), in French non-interchangeable digital assets, are shaking the internet. But what does that actually mean? We explain it succinctly.

An NFT can be a video, a piece of digital art, a jpeg, or any other dematerialized object.

They have 3 major advantages:

• they are unique and therefore rare (their value will vary according to supply and demand);

• they are non-fungible (there is only one original, a bit like a masterpiece painting, there is only one copy that cannot be exchanged for another);

• they are authentic thanks to a certificate of authenticity obtained through blockchain.

• they are traceable throughout their lifecycle (they can be resold, and we know the different owners and other information like their price, for example).

HOW ARE BRANDS EMBRACING NFTs?

Many brands have embraced the NFT phenomenon by selling unique pieces specially designed for this new economy.

To sell an NFT, one must go through specialized platforms, have a virtual wallet that allows access to cryptocurrencies, and “tokenize” one’s digital object to authenticate its existence and assign it a unique identity. The NFT can then be offered for sale. To buy it, one often has to use Ethereum (ETH) but other cryptocurrencies or even credit cards are accepted depending on the marketplaces. Well, we won't hide it, it’s a whole world with its jargon and workings, but when you take a closer interest you eventually understand the ecosystem. #bullrun

In October, TikTok launched into NFTs by putting up for sale a collection of 6 “culturally significant TikTok” videos.

I’ll let you lose yourself here to invest or satisfy your curiosity: https://tiktok.immutable.com/

The luxury brand Dolce & Gabbana recently launched a collection of 9 NFT pieces. The auction raised $5.65 million. You could buy the dress in physical form to wear at a gala dinner but also in digital form to shine in your virtual world.

Here’s the presentation of one of the dresses from the collection: https://unxd.com/drops/dolce-gabbana-collezione-genesi/dress-from-a-dream-gold

Even McDonald's is getting into NFTs by creating its own collection of digital art pieces. 4 videos each featuring an iconic product of the brand have been “tokenized.” You can win a Big Mac NFT through a contest. Unlike other examples, these NFTs are not for sale. It’s just a good marketing move.

Buy Art is an online site and now also a physical gallery in Paris that sells artworks to the general public so that everyone can become a small or large collector. The art world has strongly embraced the subject of NFTs. Buy Art even offers an NFT pack with a workshop on digital art awareness: https://achetezdelart.shop/products/nfts

And of course, there is an exhibition of 100% digital artworks that has been organized: https://achetezdelart.com/nfts/

KEEPING NFTs IN VIEW

To summarize, an NFT is a unique digital asset (like an original artwork) and certified (you have proof of its uniqueness).

You usually buy it with cryptocurrencies. You can resell it. If the NFT has a new buyer, this latter knows the product’s history (they know they are the nth person to own this NFT).

Entertainment, luxury, art, numerous sectors have ventured into the world of NFTs. The phenomenon has amplified and been heavily publicized following astronomical purchases: $2.9 million for the NFT of Jack Dorsey’s first tweet, $11.7 million for CryptoPunk 7523 or even $69.3 million for the now-famous work by Beeple.

If the market is still unstable, sometimes subject to absurd inflations, it opens doors to a virtual economy that is interesting to keep in sight (hello Metaverse).

If you want to see what a NFT sales platform looks like, we’ll let you scroll over here: https://opensea.io/assets Who knows, it might inspire you to create your own NFTs.