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The NFTs (Non Fongible Token) have been making the buzz for a few months now. But what is an NFT and what does it mean for the video game, art, fashion or music industry?

A non-fungible token is not interchangeable, it is a cryptographic token whose rarity and ownership can be checked and which concerns a digital asset. This digital asset can be a video, a GIF, an image, a piece of music, a video game element and more generally any digital asset.

The art market has been one of the most impacted since the beginning of the year with auctions of digital works at Sotheby’s or Christie’s. A record sale made the headlines in March with a work by artist Mike Winkelmann, better known as Beeple, sold for over $69 million. This puts this artist in the top 3 most popular living artists. This work is a montage of his 5000 creations in the format of a jpeg collage. At the same time Jack Dorsey, co-founder of Twitter, had sold his first tweet in NFT format for $2.9 million. It is a real frenzy that has taken over the blockchain world with these record sales.

Source : Beeple