NFT, the price of success

Sent 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 stars, or very vocal, such as social media influencers. Everything was fine in this small world, until the bursting of the speculative bubble of cryptocurrencies that allow the purchase dragged the NFTs down.

The profiles of NFT buyers are different. They range from individuals interested in these investments or emotionally attracted to these products to diehard speculators. Their value depends on the project to which they are linked. Among the collections that have been edited, some images peaked before collapsing in the wake of cryptocurrencies.

Cybercrime

There was a time when NFTs were created every day, as the niche promised easy money. It was also quickly the site of scams of all kinds. Having become the subject of multiple manipulations and scams, NFTs are attracting the attention of regulators and cybersecurity specialists. Although the blockchain is supposed to protect them, the creativity in intimidating, manipulating, or malware of cybercriminals sometimes manages to crack the keys.

La Story is a Les Echos podcast presented by Pierrick Fay. This episode was recorded in July 2022. Editor-in-chief: Clémence Lemaistre. Guests: Nessim Aït-Kacimi (financial markets journalist at “Les Echos”) and Benoit Grunemwald (IT security expert at ESET). Director: Willy Ganne. Responsible for production and publishing: Michèle Warnet. Music: Théo 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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