Non-fungible Tokens (NFT), Virtual Real Estate and Digital Assets, Cultural and Artistic Works

Abstract

Working mainly on the Ethereum blockchain, Non-Fungible Tokens (NFTs) are, in their simplest form, digital certificates with unique code and metadata belonging to digital assets. NFTs can be used, traded, gained, or lost in value. Most audiovisual artifacts such as images, sounds, games, videos, digital artworks, and even digital posts (for example, tweets) can be NFT. NFT is not a currency like cryptocurrencies, as the name suggests, they are non-fungible. Any currency (for example, dollar or bitcoin) is the same everywhere in the world (Bitcoin which is belonged to a Bitcoin owner in Turkey, and Bitcoin which is belonged to a Bitcoin owner in America are the same). However, NFTs are digital representations of the asset they represent and are unique. It is often discussed whether NFT is a temporary trend or a new technology that will revolutionize art, culture, and intellectual property rights. Along with these discussions, it is a fact that the NFT market has grown exponentially. NFTs improve the marketing processes of cultural and artistic works, make them more accessible, may eliminate intermediaries, and facilitate traceability. In this study, the development, features, and ecosystem of NFTs, which are becoming popular day by day and an important element of Web 3.0, are examined in detail and tried to provide the reader with a holistic and objective perspective on NFTs.