NFT here, NTF there, you may have heard that word before, but what is it really? For a few months now, the word NFT has been part of our vocabulary, but many don’t know exactly what it means. If you are looking to understand why NFTs are trendy and especially to understand their interest, then this article is for you!
What are NFTs?
Let’s start with its meaning, the acronym NFT means in English Non-Fungible Code, which can be translated as a non-replaceable token. Even with this translation, this does not mean that we understand its meaning directly. Let’s see more precisely what corresponds to the latter.
Frequently used with cryptocurrencies, NFT is Unique and tamper-resistant identifier. Thanks to some kind of digital certificate, you will be able to Protect digital artwork that you would gain. The latter stores the signature of the work, author’s name, product style, and date as well as a unique authentication code. can be NFT Represented by a photo, short video, or illustration.
Nowadays, many public figures have acquired NFTs, but not all of them see the same interest in them. In fact, it is a revolution for artists who can now To discover their intangible style and artwork. As a hobbyist, you can therefore acquire a work of art for which you are the sole owner. With regard to copyright, the latter is kept on blockchain This will allow you to be the sole owner of your belongings. These are maintained by the respective NFT author.
An upward trend is observed for several months. Even the NBA starts selling the best stocks to different players during its games. This happens as an online auction and the highest bidder wins the action. So buyers keep fond memories of their favorite players. But, will this trend stay permanent or will it last a few months and then reverse?
Read also After Twitter and Instagram, there is another social network that integrates NFTs, is it a new hype coming?
This new trend has been around for 7 years now, but only a few months have they been in everyone’s mouths. So some people do not fully trust this new practice. One can then ask whether this new fashion carries risks, and if so, what are those risks? Any acquisition whether physical or not has its risks and even if the Blockchain is secure, it is Best to secure your artworks. This will allow you to avoid any risks at all.
Choose Hiscox Insurance for Your Art
Owning such valuable items should prompt you to insure them. Actually, you probably didn’t know, but It is possible to secure your artworks. Some insurance companies offer you coverage to protect your intangibles. It is possible to own NFTs at low prices, but some of them are set at very high prices and therefore require insurance.
Nowadays, we are witnessing a massive increase in cyber attacks. Cyber attacks fall into four categories:
- cyber crime
- Image damage
- to spy
Hiscox Is online insurance Which provides you with multiple services while securing your business. Offers services tailored to your needs and desires. You can now make an estimate on the website, it allows you to understand the true importance ofSecuring your artwork to keep it safe. Perhaps this will allow you to be more calm in the face of new technology that has not yet become a part of our habits.