Before answering whether or not it is important to understand what an NFT is and how it works, let’s start with a topic that comes from further back and will serve as a preamble to delve into everything related to the topic that brings us together today, and that is the blockchain , a large chain of data blocks that are protected and linked to each other, to form a large system of technologies that allow a decentralized, synchronized and secure record of different digital transactions.
Understanding very broadly what blockchain is, we can now say that NFTs or Non-Fungible Tokens , by their acronym in English, are units of data stored in the blockchain that can be sold or negotiated by different interested parties.
If we break down the term NFT, we find that on the one hand a token is a unit of value, in this case digital; and on the other, we have the non-fungible characteristic that denotes that it cannot be exchanged for another as it represents something unique and unrepeatable. Therefore, NFTs are not replaceable or interchangeable in an identical way.
One of the most talked-about types of NFTs and perhaps one of the clearest examples of this type of goods, if they can be called that, are works of art such as The Merge , by the Pak collective, which sold tokens of this work to 28,983 collectors, for a total of 91.8 million dollars, or one of the most talked-about NFT collections in the world, the 101 Bored Ape Yacht Club, a collection of monkey avatars where each Bored Ape costs no less than 170 thousand dollars.
And this is what happens in other fields such as music, fashion and sports, showing us that, if not now, in the future NFTs represent a business opportunity not only for the world’s biggest brands but also for smaller ones, which will be able to join this world as it gains momentum.
This is why, as entrepreneurs, we can stay one step ahead if we are at the forefront of what is happening in the digital world. Although we will not become NFT experts overnight, being aware of the experiences of major market leaders will open up our horizons to the different ways in which we could be pioneers in this regard.
It should be noted that our invitation is not aimed at participating in the blockchain as investors, as this will be up to each person according to the level of risk they want to assume given the high speculation that is being handled, but from the point of view of technological innovation where as an entrepreneur you stop seeing the idea of formulating a strategy that involves the creation of NFTs as crazy. This may not be a new thing, but it doesn’t hurt to get out of the mold and start thinking about how our company would adapt to this new world.
