NFT Technology

Cesar Mora

NFTs are born under blockchain technology, it is the same technology as cryptocurrencies, but in this case as a non-fungible token.

NFT Technology

Recently, many projects have been born with the idea of revolutionizing the world and the economy through the technology of the NFT, and although so far, this new technology is in development, you hear things like: a scam, useless technology, money laundering, in this article we hope to give you a broad overview about the subject, so you can draw your conclusions about it.

What is an NFT?

NFTs are born under blockchain technology, it is the same technology as cryptocurrencies, but in this case as a non-fungible token. First, we have to know and understand that in our legal system, there are fungible goods and non-fungible goods. Fungible goods are those that can be exchanged, having a value based on their number, measure, or weight, and non-fungible goods are those that are not substitutable.

An example of fungible goods is money, if you have a 20-euro bill, this is a fungible good, since you can exchange it without any problem for another 20-euro bill, it does not lose value, and it is the same, besides, this bill is consumed when you use it. And, on the other hand, an example of a non-fungible good would be a work of art. If you have a painting at home, it is not consumed when you use it, nor can it be replaced by another painting. A work of art is not equivalent to another, and therefore, they cannot simply be exchanged as happens with a 20-euro bill. Add blockchain technology to this, and you get an NFT.

Why is it popular? is it a useless technology?

Its popularity came with the first use that was given to this technology, many artists began to take their digital works to the blockchain with the NFT, giving them the ability to make their work unique and not replicable, the problem was in the amount of speculation that led to this, having works that were sold for simply gigantic amounts, and whatever their reason, whether for collection or speculation for profit, the sad truth is that there was no utility beyond it.

Then came games that incorporated economic systems based on the NFTS themselves, looking for people in their free time, to generate profits playing, but most of them became unsustainable, and many of those people who saw an opportunity in these systems, could not make a profit from it either.

This is why this technology is associated with bad memories, but the truth is that the technology itself is not the only thing that allows speculative processes, or growing or failed economies, to be part of its development of it, and it is still growing, yet we have to understand how useful it can be in the future, and because it is one of the pillars towards web 3.

Web3, in the context of Ethereum, refers to decentralized applications running on the blockchain, in that way the first step towards decentralization is the NFTs, and the ability to make unique and unrepeatable our goods and interactions with the web, currently as we can already see, it has not been achieved sustainably or functionally, but many projects are gradually advancing in this new technology, seeing its benefits and possibilities.

Winkyverse is the first educational ecosystem that manages to combine no less than six of the most promising technologies: Robotics, Artificial Intelligence, Programming, Games, Augmented Reality, and Blockchain.

And although this project continues to grow along with the technology, there are many others as well that are not only being projected for speculation or profit, but this technology is being seen to improve or advance in a specific field, this project for example in education, making learning more interactive, and apart rewarding your progress in the study.

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