Posted on July 18, 2022, 5:00 PM
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Technically, NFT stands for “non-fungible tokens”. Specifically, these are unique digital assets that represent music, an image, or a character from a video game. They are successful in fields ranging from art to luxury and benefit from prestigious ambassadors, such as the stars, or very vocal, such as social media influencers. Everything was going well in this small world, until the bursting of the speculative bubble of cryptocurrencies with which to buy them dragged down NFTs.
The profiles of NFT buyers are diverse. They range from individuals interested in these investments or emotionally attracted to these products to seasoned speculators. Their value depends on the project they are associated with. Of the collections that have been edited, some images have peaked before collapsing in the wake of cryptocurrencies.
There was a time when NFTs were made every day because the niche held promises of easy money. It was also quickly the site of all sorts of scams. NFTs have become the subject of multiple manipulations and scams, drawing the attention of regulators and cybersecurity specialists. While the blockchain is supposed to protect them, cybercriminals’ creativity in intimidation, manipulation or malware sometimes manages to crack the keys.
La Story is a Les Echos podcast hosted by Pierrick Fay. This episode was recorded in July 2022. Editor-in-Chief: Clémence Lemaistre. Guests: Nessim Aït-Kacimi (journalist specialized in financial markets at “Les Echos”) and Benoit Grunemwald (cybersecurity expert at ESET). Directed by: Willy Ganne. Production and publishing manager: Michèle Warnet. Music: Theo Boulenger. Graphic identity: Upian. Photo: REUTERS/Florence Lo. Sounds: BFM Business, Psyhodelik, Saturday Night Live, “Hamlet” (1996), Jonathan Mann “There’s Only One CryptoPunks”, Warketing, Lupine (2021), “Le Magnifique” (1973).
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