NFT: How the world is changing

More and more often we hear about NFT or Non-Fungible Token, which literally means non-fungible "token", irreplaceable because it is unique. Essentially, an NFT is a contract of ownership with a certificate of authenticity for a digital asset.

Thanks to NFT, we can get a certificate that guarantees the originality of the product. It certifies the authenticity of a work such as a video, picture, audio track or even a famous tweet.

Did you not understand anything? Don't worry, we will make sure to clarify the situation with practical examples. In fact, the fields of use of NFT are diverse and increasingly influence our lives: from telecommunications to video games, from music to the world of fashion.

Just consider that Vodafone auctioned the world's first SMS sent as an NFT for €107,000. The buyer then became the owner of a detailed copy of the original communication protocol that carried the message.
Or do you remember the famous Nyan cat meme, a true viral phenomenon on the web? Well, it was sold as an NFT for $600,000 online in the form of an animated GIF.

NFT AND BLOCKCHAIN: WHAT SHOULD THEY DO?

But technically, how do you get an NFT? It is impossible to understand without introducing the concept of blockchain, literally "chain of blocks". Born to send and receive money without the mediation of financial intermediaries. A blockchain is a computer network of independent computer blocks that contain information useful for validating such transactions.

The interesting aspect is that no one controls or manages the transactions that take place in this system. All network users are equal to each other and store information exchange in secure and interconnected digital registers: secure, shared and distributed.

The blockchain technology used in the context of NFT, thanks to the transparency and verifiability of the system on which it is based, reliably guarantees the sale and purchase of digital objects.

DIGITAL ART: PHENOMENON OF THE MOMENT

One of the first applications of NFTs was in art due to their ability to provide proof of authenticity and ownership of a digital work. In the artistic field, NFT practically represents the "author's signature", and also read more in this article - https://www.chiangraitimes.com/tech/unraveling-the-nft-phenomenon-how-digital-art-is-reshaping-the-creative-world/ how digital art is changing the creative world.

Regardless of whether it is a photo or a drawing, any digital file can become an NFT, so much so that a real art movement called Crypto Art was born. But what are the main steps? It all starts with a piece, which, when in digital format, will correspond to a sequence of numbers 0 and 1. The sequence is limited by the process of hashing it into a shorter one, called a hash.

After receiving the hash, it is recorded in the blockchain. If the work is sold, it will be registered in a register so that no one but the original owner can claim ownership.

The first NFT artwork to be auctioned was Everydays : The First 5,000 Days by digital artist Beeple , which combines 5,000 of his individual works created between 2007 and 2021 into one 21,069 x 21,069 pixel image.

NFT: A DANGER TO THE ART WORLD?

Many consider NFT to be the right and necessary development in the internet age of the art world. However, the question is increasingly being asked why people should spend millions to buy a work of art that is only available in virtual reality.
It is also important to note that the purchase of an NFT does not correspond to the purchase of a digital file, be it a gif or jpeg, but a certificate of ownership, which refers to the digital file, a copy of which is sold with the certificate. There is no exclusivity of the digital object.

So why buy NFTs? There are several reasons: status, the ability to claim and demonstrate ownership of the work; have a unique and unrepeatable blockchain; even many NFT collectors are not interested in art, but are cryptocurrency investors simply looking for another way to get rich.

METAVSE WORLD: NEW LIMITS OF ART

Closely related to NFT is the topic of the metaverse, which, especially in the cultural sphere, will have various opportunities for development. Suffice it to say that in the virtual world we could create real art galleries where we can display collections, organize exhibitions or create educational itineraries.

What if the metaverse also had a place for digital gadgets? Just as today at the end of a visit we cannot help but buy a souvenir from a bookstore, tomorrow we can buy a digital gadget from our favorite virtual museum.