Digital sneakers and burgers. New business is born on the network

According to Strategy Analytics, transactions in this area will reach $6.1 billion worldwide (CZK 135 billion) this year, and in five years should be seven times that of $42 billion.

“We are following the NFT trend, we see in it there is an interesting technology that will grow. However, the region is still very loosely regulated, which is why, apart from some interesting things, some fraud has also emerged,” Pavel Peterka, Roklen’s chief economist, told Práva.

NFT from English Non-fungible token or unmistakable token is a collector’s item digitized with a unique code on blockchain technology, where, for example, cryptocurrencies work.

In the digital wallet on the mobile phone or computer, the owner has confirmation that he is the sole owner of the item.

This can be compared to having the original image signed by the author. It’s no longer just a fad, NFT sees opportunities not only from creators from classic producers to game producers, celebrities and artists, but also from investors.

For example, the fashion company Nike has announced that it will be selling virtual sneakers that you can put on your character in a game on your computer or phone. Competitive Adidas already has experience with NFT.

He earned $22 million (CZK 488 million) for a collection of 30,000 “pictures” of T-shirts or hats. McDonald’s again auctioned off the NFT burger in the Czech Republic this summer for around 250,000 krona, which was then donated to charity.

Automaker Porsche is auctioning a sketch of chief designer Peter Varga as an NFT for nearly two million krona.

What’s Missing in Pulp Fiction

Famous artists such as rapper Snoop Dogg with his digital 3D portraits or director Quentin Tarantino, who will be auctioning seven scenes that don’t live up to his legendary film Pulp Fiction, also join in.

However, Tarantino faced resistance from the film studio, who threatened to sue.

Czech artist Michal Trpák digitized and removed his Sleeping Pet statue, and he’s also auctioning it off as an NFT. The auctioneer will get it with a material model, a bronze statue weighing fifteen kilos.

According to Peterka of Roklen, NFT’s roots lie in popular video games, where they are used to create possession of unique elements in the game world in the form of weapons, heroes or special edition athletes.

Some tokens can then be earned by completing challenging tasks in the game, and sometimes they can be exchanged or sold.

“Another way to capitalize on the revenue wave in the NFT token field is to invest in companies that plan to work with this technology in the future. If they are successful, then their value can be expected to grow,” the economist added.

Georgie Burke

"Music maven. Evil pop culture lover. Unapologetic creator. Friend of animals everywhere."

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