RIO DE JANEIRO, BRAZIL – Known for their passion for technology, the Brazilian public, which for several times has led the rankings of time spent on social networks, is now also highlighted in the adoption of NFTs, or non-fungible tokens.
According to Statista, at least 5 million Brazilians already have an NFT, about 2.3% of the population.
The leader is Thailand, with 5.6 million users. Brazil is followed by the United States, China, Canada, and Germany.
According to the ranking, the high adherence to NFTs here is directly related to the popularity of blockchain crypto games, such as Axie Infinity.
Research by Chainalysis shows that through April, and considering some significant drops in February, non-fungible tokens have already moved more than R$144 billion this year (US$28 billion). Last year, the total value transacted was R$192 billion.
Although the mark is close to being surpassed, the market still associates the 2022 numbers with punctual and voluminous transactions, representing almost half the total volume alone.
The market is on alert because transactions have decreased. From January to May, the daily average of negotiations has been almost 20,000, which means a drop of more than 90%, according to NonFungible.
The movement also occurs in the number of active portfolios, which are 14,000 at the beginning of May, a retreat of 88%.
WHAT IS NFT?
It is a unique item, a non-fungible item. In other words, NFTs are a way to demonstrate ownership over a digital asset or a real-world asset represented by a token.
NFTs are not reduced to art, although the big boom has occurred because of the attractiveness of digital art.
Anything can be an NFT: an image, audio, video, a domain name, concert tickets, music albums, or in-game digital assets (for example, a skin).
HOW DO YOU CREATE AN NFT?
The verb that refers to the creation of an NFT is mint. NFT minting is the process that transforms a digital file into a digital blockchain asset.
It is impossible to modify, delete, or edit a digital asset registered in the blockchain.
In other words, it is the minting of an artwork that will transform it into a non-fungible token so it can be bought or sold.
With information from Forbes