A New World (Virtual)

In recent years and having as a precedent the world of cryptocurrencies (digital currency) and the blockchain technology, is has developed NFTs (Non-Fungible Token, it means non fungible voucher, that is irreplaceable, nevertheless, a NFT is not a physical good). To understand what a NFT is, it is necessary to know that in the economic system there are fungible and non-fungible goods. Fungible goods have a certain value, but they can be exchanged, for example, a currency can be exchange for another currency with the same value and the owner remains the owner of a certain amount. Non-fungible goods are those that have value, but are irreplaceable, a piece of art, a historical relic, or a collection card, those are examples of non-expendable property since they cannot be exchanged for another with the same value. Non-fungible goods may have monetary value, but there is not a similar item in the world and its authenticity can be verified by experts.

Usually, these goods are sold with a certificate of authenticity and that is why are so valuable.

Some examples: Last year the founder of Twitter sold his first certificate tweet as a NFT in $2.9 million USD. Anyone can have a screenshot of the tweet and even print it out; however, there is only a digital certificate of the tweet that verifies it as NFT. Also, last year, an auction house sold a Beeple digital work for $69 million USD, making it the most expensive NFT in history, so far. Not all NFTs cost millions of dollars. More and more people are selling certified digital parts for less money; however, it is important to consider that the blockchain system is not cheap to sustain, so even if they don’t reach a million-dollar value, NFTs can cost thousands of dollars. “Virtual Reality Land is one of the most curious ways to invest in non-fungible tokens. On virtual reality platforms you can buy and sell virtual land. These platforms allow you to monetize your land through the development of your real estate, and some investors have made virtual casinos, virtual amusement parks, and virtual NFT museums to monetize their virtual land. Others simply buy these virtual reality lands as a speculative investment to sell later. It is important to do your research before investing in an NFT. These projects can be difficult to value, and many NFTs are illiquid, which means you may have difficulty selling your collection in the future. Undoubtedly, many NFT projects will fail, leaving investors with a worthless JPEG (digital photo finish).

Today, as a trend, we are in a relative new world, a virtual world, where many virtual goods are entering to a demand and supply market. The virtual market is growing, it is necessary to understand and know it before entering it. In the not-too-distant future we will be living in two worlds; the real and the virtual one, in both it will be possible to carry out goods transactions and if there are buyers there will be goods to offer and there will be more and more variety of them. Today they are art, music, virtual assets, photos, videos, memes, etc. Maybe tomorrow there will be experiences that human will be willing to buy or rent.  The fantasy of science fiction movies has reached us and regardless of entering this virtual world, we must understand it and know that it is happening, because it is already part of our lives.