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What is an NFT and what is it used for?
A NFT (non-fungible token) is a digital file unique encryptedincluding a property right. It establishes a unbreakable link between thephysical work and a unique owner through a blockchain, which is a network of computer servers that validates and performs digital transactions (Ethereum ERC20).
An NFT contains all the information related to the certification of a work: name of the work, name of the artist, number of prints, size, medium, etc.
It serves both as title of ownership as well as a certificate of authenticity and as such, it replaces the physical certificate of authenticity.
Since a physical certificate of authenticity can only be identified by the people who issued it or by experts, in the case of NFTs, all the links in the chain (artist, collector, gallery, public, expert, etc.) can verify the authenticity of this certificate in the blockchain.
The art market relies on three pillars to value a work: rarity, provenance, and authenticity. With NFTs, the source of the information is totally reliable and the information itself is certain.