NFT here, NTF there, you may have heard this word, but what exactly is it? For a few months now, the word NFT has become a part of our vocabulary, but many do not know what it means. If you are looking to understand why NFTs are trending and especially to understand their interest, this article is for you!
What are NFTs?
Let’s start with its meaning, the acronym NFT stands for in English Non-Fungible Tokens, which can be interpreted as a non-fungible token. Despite this translation, it does not mean that we directly understand its meaning. Let’s see more precisely what the latter corresponds to.
Often used in cryptocurrency, NFT is a unique and tamper-proof identifier. Thanks to a kind of digital certificate, you can protection of a digital work of art that you have. The latter will store the signature of the work, the name of the author, the style of the product, the date as well as a unique authentication code. Become an NFT represented by an image, a short video or by an illustration.
Nowadays, many public figures have acquired NFTs, although not all of them have seen the same interest in them. In fact, this is a revolution for artists to be able to do now to discover their style and their immaterial works of art. As an amateur, you can acquire a work of art of which you are the sole owner. Regarding copyrights, they are stored in a blockchain which will allow you to be the sole holder of your earnings. This is stored by the NFT author in question.
The rising trend has been observed for several months. Even the NBA started selling the best stocks of different players during its games. It takes place as an online auction and the highest bidder wins the action. So buyers keep the memories of their favorite players. But, will this trend remain permanent or will it last for a few months and then fall back after that?
Also read Want to invest in NFTs? Discover the new NFT market on the Cardano blockchain
This new trend has been around for 7 years now, but they’ve only been on everyone’s lips for a few months. So some people do not fully trust this new practice. and one may wonder if this new trend involves risks, if so, which ones? Any claim whether material or not involves its risks and even if the Blockchain is safe, it is better to insure your works of art. This will allow you to avoid any risk whatsoever.
Opt for Hiscox insurance for your works of art
Owning such valuables should prompt you to insure them. In fact, you may not know, but it is possible to insure your works of art. Some insurances offer you coverage to protect your intangibles. It is possible to own NFTs at low prices, however some are overpriced and therefore require insurance.
Nowadays, we see an exponential increase in cyberattacks. Cyberattacks fall into four categories:
- cybercriminality
- image damage
- spy
- sabotage
Hiscox is online insurance which offers you many services while securing your works. It offers services tailored to your needs and preferences. You can now make an estimate on the website, allowing you to understand the true value ofSecure your artwork to keep it safe. This may allow you to be more at peace in the face of new technology that is not yet part of our culture.
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