Many implementations of Blockchain technology are based on traceability or digital identity projects . We can see projects like GOUZE , with which to guarantee the traceability of a product, or projects like the ALASTRIA identity with which it is intended to identify users by making them bearers of their own identity. Well, another type of Blockchain implementation is the “non-fungible tokens”, in English “non-fungible tokens” (NFTs).
An NFT is a unique and unrepeatable cryptographic “token” that is created thanks to the use of Blockchain technology .NFT Token development services These NFT tokens are records in a Blockchain, whose value is associated with digital assets such as images, videos, brands or numerous items with a certain digital value . Its importance is given by the need to ensure the origin and introduce a code in the programming that allows the creator or artist to be remunerated with a percentage for each transmission of said NFT token.
The growth of this type of NFT projects affects works of art, diamonds, real estate, gold reserves, stocks, bonds, collectibles, etc. Many experts on this subject emphasize that, today, venture capital investors are beginning to invest in the market for this type of NFT token, being the basic element in both traditional finance and cryptocurrency markets, which represent a novel economy based on digital property . The most egregious case of digital art sales was that of a digital image depicting “the first 5,000 days” sold for $69 million.
Blockchain NFT
These works of art on which a digital property seal is registered, based on Blockchain, are usually made on the public Ethereum network. This record of purchase, sale and proof of ownership of the asset over a person is publicly registered in said network. To make any purchase of this type, it is necessary to have a wallet in the Ehtereum network to be able to acquire an NFT, such as a digital work of art. NFT Development company It should be clarified that these tokens can not only be created on the Ehtereum network, but there are numerous Blockchains in which they can be purchased.
Blockchain Ethereum
From a technical point of view, the registration of digital art through NFT tokens is a use case for Blockchain technology that fits very well . It is possible to unequivocally register a digital asset and give it an owner thanks to a purchase by a user. The price that a person can pay for this type of “cryptoassets”, such as digital works of art, may be shocking. The price is reflected by the number of people who are willing to pay to own that digital asset. since it acquires a special value either due to its history, its elaboration, the author of the work, etc. These concepts are also based on concepts of physical art , making it easy to compare them between the two.
Just as there are physical art artists, there are also digital artists , for which there are documents, such as the bible of NFTs, where they tell us how to create this type of digital art. The main concept that drives this type of token creation is that there is only one single work of art created with the original characteristics and that is the one that acquires the real value of the auction. Something similar would happen if you tried to sell a painting by Picasso or Botero. The moment people make replicas in order to have that art in their home, it is believed that the value is lost; but nothing is further from reality, that desire to possess the real painting, the painting that Picasso or Botero painted, is the one that really has the value for which millions of euros would be paid.
Blockchain NFT
It is an abstract concept that many users, without knowing it, will use when buying “cryptoassets” online and ensure certain digital parameters of belonging to said buyer, Non fungible token development company as well as the guarantee of being the only cryptoasset on the market. NFTs look like they are here to stay and are being implemented in more and more digital projects with the aim of providing value that Blockchain technology is capable of providing.
