“There is a lot of speculation around NFT, but we are creating a new market linked to digital art, which did not exist before”, explained on franceinfo Axel Reynes, expert in NFT (non-fungible token) for Million Maison, auction house. Tuesday, December 21, the first SMS in history was put on sale: the buyer will receive an NFT, that is to say a digital certificate signifying that this SMS belongs to him.
Franceinfo: What is the concept of NFT?
Axel Reynes: To popularize, it is a digital certificate of authenticity in the form of a digital token placed on the blockchain. It is an intangible asset but which gives us full ownership of the digital asset in question, we can freely make a transaction, transfer it to a friend or enjoy it in our living room. The NFT is unique and traceable thanks to the blockchain, which allows us to access and enjoy it freely.
The blockchain system is a large inventory on which lines of code are entered but which cannot be falsified because they cannot be erased. It is open and available to everyone, anyone can have access to the transactions made. Each transaction will add a chain to the block, hence the term blockchain, which creates this global ecosystem. The blockchain is based on the principle of anonymity, but we are talking about several hundred thousand users and daily buyers of NFT around the world.
Why is the art market starting to use NFT?
Last year we saw a record in the art world with Beeple, which sold a digital work for more than 69 million dollars at the start of 2020. This American artist has become the third most expensive contemporary artist in the world , behind David Hockney or Damien Hirst. This has aroused a certain curiosity around NFTs, which is why we have been talking about it so much since last year. There is a lot of speculation around NFT, but we are creating a new market related to digital art, which did not exist before.
“People who work as graphic designers, motion designers for various companies will rise to the rank of artists and sell their works through blockchain and NFT.”
Axel Reynes, NFT expertto franceinfo
What is the point of having a tweet or an image on the internet that anyone can copy?
It is true that we can copy them endlessly. But it’s like having a Mona Lisa poster in your room: you have her image but you don’t own the work. There it is the same. You can copy an NFT, have an image, and display it in your living room, but you don’t own it and can’t enjoy your property.