What is a NFT?
A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Types of NFT data units may be associated with digital files such as photos, videos, and audio. Because each token is uniquely identifiable, NFTs differ from blockchain cryptocurrencies, such as Bitcoin. NFT ledgers provide a public certificate of authenticity or proof of ownership. NFTs can be summarised as a digital title deed that attests to the uniqueness of your property. Like cryptocurrencies, NFTs are stored in digital wallets.
NFTs, a fundamental trend in the art market
NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.
NFTs are designed to give you something that can’t be copied: ownership of the work. To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original.
Buying an NFT also usually gets you some basic usage rights, like being able to post the image online or set it as your profile picture. Plus, of course, there are bragging rights that you own the art, with a blockchain entry to back it up. The unique and non-duplicable nature of NFTs creates scarcity and makes these cryptographic assets more valuable.
Symbols of the traditional art market, the famous auction houses Christie’s, Sotheby’s and Phillips have moved into NFT, a sign of their willingness to position themselves on this technology that is shaking up the art market.
ICT Spring, a unique opportunity to safely and simply enter the world of NFT
For ICT Spring, Luxembourg artist Sumo – who recently designed Luxair’s Boeing 737 – is creating a unique NFT collection entitled “Beyond Frontiers”.
During this flagship event, participants will receive a digital character, created by Sumo. On site, they will be able to contemplate physical items and to circulate in a virtual exhibition where Sumo’s works will be visible in the metaverse created by Mathias Keune, co-founder of VIZZ who just launched www.theduchy.lu, a metaverse for Luxembourg.
The Luxembourg House of Financial Technology (LHoFT) will provide all the elements to enter and perform in the world of crypto assets: financial literacy and an assistance to create a digital wallet in a simple and secure way. Experts advice for intermediate players and above.
This partnership between key players is a joint project of public utility to democratise the use of these new technologies with an official launch during ICT Spring. The project is a long-term collaboration to offer the best of the digital and physical world, echoing the main theme of the first day of the event “Beyond Frontiers”.