What are NFTs and why Cryptourism.io is on it?

Cryptourism.io would like to welcome everyone to the new World of NFTs.

We proudly created our first NFT that will be redeemable for a 3 nights stay in our property from June 31st 2022. It is a unique art of work with a unique serial number impossible to duplicate. The Cryptourism.io NFTs are part of a collection with real world value where you can exchange it from free nights stay, drinks, food and other gifts.

NFTs are a great way to ensure the safety and security of our promotions as we intend to make them beautiful and attractive.

SO what really are NFTs?

“Side-eying Chloe” Clem – a young girl who became an internet sensation when a picture of her looking unimpressed went viral – is selling the original image for thousands of dollars at auction..

It’s being offered as a “non-fungible token” (NFT), a way of owning the original digital image.

Where Bitcoin was hailed as the digital answer to currency, NFTs are now being touted as the digital answer to collectables since it impossible to duplicate and is 100% secure against fraud.

What is a non-fungible token?

In economics, a fungible asset is something with units that can be readily interchanged – like money.

With money, you can swap a £10 note for two £5 notes and it will have the same value.

However, if something is non-fungible, this is impossible – it means it has unique properties so it can’t be interchanged with something else.

It could be a house, or a painting such as the Mona Lisa, which is one of a kind. You can take a photo of the painting or buy a print but there will only ever be one original painting.

NFTs are “one-of-a-kind” assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own.

The digital tokens can be thought of as certificates of ownership for virtual or physical assets, prizes, tickets, raffles and others.

How do NFTs work?

Traditional works of art such as paintings are valuable precisely because they are one of a kind.

But digital files can be easily and endlessly duplicated.

With NFTs, artwork can be “tokenized” to create a digital certificate of ownership that can be bought and sold.

As with crypto-currency, a record of who owns what is stored on a shared ledger known as the blockchain.

The records cannot be forged because the ledger is maintained by millions of computers around the world.

NFTs can also contain smart contracts that may give the artist, for example, a cut of any future sale of the token.

How much are NFTs worth?

In theory, anybody can tokenise their work to sell as an NFT but interest has been fuelled by recent headlines of multi-million-dollar sales.

On 19 February, an animated Gif of Nyan Cat – a 2011 meme of a flying pop-tart cat – sold for more than $500,000 (£365,000).

A few weeks later, musician Grimes sold some of her digital art for more than $6m.

It is not just art that is tokenised and sold. Twitter’s founder Jack Dorsey has promoted an NFT of the first-ever tweet, with bids hitting $2.5m.

Visit us today for more information at Cryptourism.io