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Non-Fungible Tokens (NFTs): 201 July 2021 In recent and brief history, an alternative space of blockchain-based assets known as Non-fungible tokens (NFTs) has made a huge splash in the art industry. While the technology to support NFTs has been around since 2010, it wasn't until Cryptokitties, a blockchain-based cat breeding and trading game, entered the public arena in late 2017 that NFTs began to gain traction. Following the influx of prominent artists, musicians, celebrities, and casual speculators, the NFT market reached a new high in the second quarter of 2021, with net sales of $2.5 billion, up from $13.7 million in the first half of 2020I. To understand what NFT means, we must first break it down into its constituent words. In pure economics terms, fungibility refers to the ability of an asset to be interchanged with an identical asset. For instance, one could substitute a twenty-dollar bill for two ten-dollar bills as the two are "fungible". However, it would be unacceptable to exchange one house for another as each unit bears unique and distinct features. Unlike physical money, commodities, stocks, financial options, and cryptocurrencies, NFTs are "non-fungible", meaning they cannot be interchanged for one another. Similarly, the word "token" or crypto token applies to any digital certificate stored on a secure distributed database called a blockchain. Hence, NFTs are tokens that exist on a blockchain, usually Ethereum, and allow the transfer of unique digital goods like art, games, collectibles, and music. These non-divisible, non-mergeable, and non-interchangeable coins use blockchain technology to monitor ownership and verify content uniqueness. It is important to realize that the NFT doesn’t refer to the digital asset in and of itself, but rather a unique record of ownership bought and sold through smart contract, recorded on the blockchain. The market mechanism mimics the conventional market in that equilibrium is attained when demand meets supply. Anyone interested in selling an NFT can do so by converting a digital file to an NFT on auction platforms such as Nifty Gateway, SuperRare, or KnownOrigin. The digital file is then converted into a smart contract which contains a few lines of code called metadata. This metadata is a unique digital record in the blockchain that provides the file's name, a brief description, and a link to the file's information on the web. The metadata processed through a cryptographic hash enables buyers to "own" digital assets. Upon purchase, the buyer acquires the certificate of ownership stored on the blockchain that grants access to the digital asset. Because the owner still retains the copyright to the original digital file and can produce multiple copies, the buyer is deprived of the exclusive right to the file. An NFT is essentially one of a kind intangible asset that can be collateralized to secure additional cash flow. Physical assets such as a house, vehicle, or art collection can be used as collateral in traditional financing. NFTs can be effective collateral in a Decentralized Finance (DeFi) network, which is a public decentralized blockchain network. The owner of the NFT can use the digital asset as security for a smart contract loan. Typically, the NFT is worth the same as or more than the loan, and if the borrower defaults on the loan, the NFT is liquidated to compensate the lender. On July 14th, 2021, PLeasrDAO, an investment collective, put up four of its priciest NFTs as collateral to secure a $3.5 million loan from Iron Bank, a DeFi protocol lending platformII. However, there are still several challenges that need to be overcome in the DeFi collateral, some of which include copyright, appraisal and storage issues. The recent popularity of NFTs is driven by the search for digital uniqueness in the digital age. After Beeple sold his digital collage, "Everydays: The First 500 Days", in March 2021 for a record $69.3 million, the news whipped up a frenzy of interest within the digital sphere. Following the fine art model, CEOs, celebrities, artists, and speculators have embraced and capitalized on the NFT in the form of tweets, memes, video clips, collectibles, and GIFs-proving to the world that there is indeed no set limit to anything that can be sold as an NFT. While not all of the artworks converted into NFTs grab the interest of online customers, virtual artists and casual observers have rushed to enroll their works on NFT exchanges in order to take advantage of the opportunity to Authors: Shivani Chaudhary, Regions Asset Management Intern 1PDF Image | Non-Fungible Tokens (NFTs) 201
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