An NFT is a digital asset that marks ownership of products that live online, like art or music. The acronym itself stands for “non-fungible token,” which means it’s a non-interchangeable token.
NFTs are purchased (using money or cryptocurrency) to assign unique ownership of most any type of digital creation to the buyer. Think of it along the lines of procuring a coveted baseball card — it has an agreed-upon monetary value, but the card itself cannot be exchanged as currency.
Buying an NFT gives someone unique, exclusive ownership of a property — in the case of the L’Oreal Paris USA auction, works of digital art. (This explainer can shed further light on the subject of NFTs and their role in the broader art world, if you’re interested. Meanwhile, if you’re wondering how one even displays an NFT, big brands like Samsung and LG sell digital TVs that resemble picture frames, which can display digital artworks, while some collectors use physical prints for display.)
But like scores of other emerging technologies and markets, the NFT art world is rife with gender bias. A recent study shows that just 5 percent of NFT art sales went to confirmed women creators. And considering how big the market is — in the first half of 2021, $2.5 billion in NFTs was sold — it matters that women break further into it.
That’s the part L’Oreal Paris USA is hoping to change with its latest effort. “Through this program, we want to bring attention to the gender disparity in the NFT space and hope that we can shine a light on the women already working within the sector, while attracting more women artists and buyers,” Brunschwig explained.
Participants say they were happy to have the opportunity. Lili Taie, one of the artists commissioned, said in the press release that, beyond finding empowerment for herself as a digital artist, “this project is [also] an opportunity to inspire confidence through my artwork.”
All of the profits from primary sales will go to the artists themselves. A portion of any secondary sales made on these NFT artworks, meanwhile — which would be tracked using blockchain technology — will go to L’Oreal Paris USA’s philanthropic arm, Women of Worth.
What Is Cryptocurrency?
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
KEY TAKEAWAYS
A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.
Experts believe that blockchain and related technology will disrupt many industries, including finance and law.
The advantages of cryptocurrencies include cheaper and faster money transfers and decentralized systems that do not collapse at a single point of failure.
The disadvantages of cryptocurrencies include their price volatility, high energy consumption for mining activities, and use in criminal activities.
What Is Cryptocurrency?
Understanding Cryptocurrencies
Cryptocurrencies are digital or virtual currencies underpinned by cryptographic systems. They enable secure online payments without the use of third-party intermediaries. "Crypto" refers to the various encryption algorithms and cryptographic techniques that safeguard these entries, such as elliptical curve encryption, public-private key pairs, and hashing functions.
Cryptocurrencies can be mined or purchased from cryptocurrency exchanges. Not all ecommerce sites allow purchases using cryptocurrencies. In fact, cryptocurrencies, even popular ones like Bitcoin, are hardly used for retail transactions. However, the skyrocketing value of cryptocurrencies has made them popular as trading instruments. To a limited extent, they are also used for cross-border transfers.
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