Non-Fungible Token

newsletter #13


What is it?

With digitalization becoming a big part of our daily lives, it also became a big way in which people choose to promote and sell their art and digital creations. So this raises a major issue digital creators have when it pertains to the monetization of their creations: how to make them unique and scarce, and therefore increasing its value.

Can I maximize my blockchain
usage and get NFTs with crypto?

Oftentimes, NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs.

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Examples of NFTs

One of the earliest applications of NFTs was the digital collectible game “Cryptokitties”, which emerged in 2017.

What sort of regulation or legal ground does this technology have?

The existing regulatory and legal environments of most countries around the world were not designed to accommodate digital assets, including NFTs. The idea of cryptocurrency is still fairly new, so legal frameworks for digital currencies are not mature yet. Therefore there a lot of legal implications and concerns when it comes to investing in NFTs

What are the benefits for consumers, creators, institutions?

There’s a lot of excitement surrounding NFTs because, unlike with the blockchain underlying bitcoin, you can do way more complex things with it. You can wind up setting terms within it such as the original creator getting an x-amount upon each resale of this asset. Or you can take it and you can have an NFT that itself manufactures other NFTs. And it winds up having all of these really untested applications. The surface has only been scratched in terms of its potential.

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