What is an NFT?

An NFT, or Non-Fungible Token, is a unique digital asset that is stored on a blockchain. A blockchain is a decentralized ledger, meaning that it’s maintained by a network of computers, rather than a single entity like a bank. Because it’s stored on a blockchain, an NFT is secure and can’t be duplicated, making it a unique and valuable item.

NFTs can be used to represent a wide variety of digital assets, such as artworks, music, videos, collectible items, and more. For example, an artist might create a digital artwork and then sell it as an NFT. The buyer of the NFT would then own a unique digital asset that they can keep or sell at a later stage.
Before NFTs it was difficult to sell digital assets because they could be easily duplicated and shared for free: thanks to NFTs, creators can sell their digital assets in a secure way, and buyers can be sure that they are buying a unique item that can’t be replicated.

Another advantage of NFTs is that they can be easily traded on various marketplaces. There are many online platforms that allow people to buy and sell NFTs, making it easy to find a buyer or a seller for an NFT.

It’s important to note that NFTs are not the same as cryptocurrencies like Bitcoin or Ethereum. Cryptocurrencies are fungible, meaning that one unit is interchangeable with another. For example, if you have one Ethereum, you can trade it for another Ethereum, and it will have the same value. NFTs, on the other hand, are unique and non-interchangeable, so each NFT is different and has its own value.

In conclusion, NFTs are a new and exciting evolution of the world of digital assets. They are rapidly gaining popularity in the art world, as well as other industries.

Absolut lovers’ community is made of digitally savvy individuals who are always keen to explore the latest trends and technologies. That’s why Absolut is committed to shaking things up with its initiatives and evolving its approach across multiple projects both in the digital world (as demonstrated by the 2021 Twitch campaign) and in the art world (as testified by the many amazing art collabs). All while being responsive to the needs of its community. So, it’s no wonder Absolut has teamed up with a partner like Seletti who shares its values and ambitions.