NFTs are a hot topic in the news right now – and they could soon have a big impact on businesses here in London, according to a local IT expert.
They’ve allowed digital artworks to be sold for millions – and even the world’s first tweet to be sold for £2.1m.
“NFT stands for Non-fungible Token, which is probably baffling to most people,” explained expert Gary Marshall, of Marshall Info Tech.
“The Non-fungible bit means it’s unique and can’t be replaced with something else. It’s literally one of a kind.
“What an NFT allows you to do is transfer ownership of something digital. Think of the Mona Lisa. It’s owned by France, but is on display so millions of people can see it.
“In exactly the same way, anyone can look at the first ever tweet, but the original owner has sold it to someone new.”
Gary believes the technology behind this could change the way some business is done in the future.
He said: “NFTs are part of a blockchain, which is a system of recording information in a way that makes it impossible to change it or cheat the system. That changes the rules of ownership.
“Transactions where ownership of something changes hands needs middlemen such as lawyers to establish trust, exchange contracts and make sure the money changes hands.
“Because blockchains cannot be cheated, they could change how we sell assets like our houses and cars. It also allows creatives to sell digital works.
“There are so many opportunities; it’s very exciting.”
Gary’s business Marshall Info Tech was formed in 2009. It now looks after dozens of businesses in the London area.