Artigenda
International NFT Day
When: Annually, September 20.
On September 20, it is NFT Day. A day that helps remind us of a relatively new phenomenon, the Non-fungible token. The launch of NFT parent is. For this day, people keep the date of September 20, and there is a good reason. That is the day the standard ERC-721 was proposed in 2017.
ERC-721
The standard ERC-721 is the most widely used standard for storing NFTs, which guarantees uniqueness. This makes what is offered unique. It may be a form of art, an audiovisual file or another creative work. The link made in the form of an NFT is a kind of property. This is arranged so that it is not interchangeable.
The difference with any ‘ordinary’ file is that there is no restriction on exchangeability. An NFT is unique in the sense that, via blockchains that cannot be changed, guarantees of authenticity are given and thus someone can become the owner of something digital. The fact that derivatives or copies can then be made of that original does not detract from the original file. Indeed, it allows the owner to easily prove ownership.
NFT transfer is possible. However, the owner must take into account costs incurred for the (re)sale. This is the gas fee. These costs can be substantial. In addition, the rights for resale may be limited. Thus, the original creator can always get a sum of money when there is a sale or resale.
Disadvantages and considerations
Yet there are drawbacks to NFTs that need to be worked out in more detail in the coming years. NFT Day is a great time to think about this. How about the risks of scams? Energy taxation, too, as it uses a blockchain system could be a reason to think again on this day. However, this standard (ERC-721) is indeed based on Ethereum GitHub and promises have been made about reducing the carbon footprint. Only it remains to be seen when this will happen.
