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HomeNFTNon-fungible tokens (NFTs), the most desired tokens of the moment

Non-fungible tokens (NFTs), the most desired tokens of the moment

NFTs are entering the mainstream, it is enough to observe what is happening around the world. The areas in which art, and consequently the blockchain applied to it, is confronted are ownership, corporeality, manipulation and value. On the one hand, we have traditional ‘physical’ and ‘tangible’ art, and on the other, digital art that is expressed in ‘bits’ and code.

Traditional art is not divisible, it is subject to deterioration linked to the life cycle of the materials it is made of, it is subject to alteration and destruction. In addition, the art of verifying the work is complex, requiring specific skills and tools. Digital art, by contrast, is easily divisible, it is not exposed to the alterations of time, but depends on the artist or owner, on the will to share and keep the work available.

The ability to link the identity of the work to its creative path and to bring that story to the blockchain, allows each creative action and passing of the work to generate an NFT, which linked and chained to the previous one is able to maintain information and generate a story.

The security of the work is not entrusted to third parties, but to the historical path of individual actions, the complete representation of the work is the sum of all actions recorded on the NFT tokens that cannot be modified. With their encrypted wallet and by means of the public key (identifier) and the private key (secret) the artist validates (timestamps) the intellectual property of the work.

When the first NFT is exchanged, all movements and transactions are initiated for each sale/purchase; the chain that is created from this data represents the history of the work in terms of transactions. Whoever owns tangible work has the possibility to duplicate it or make it disappear, just as data in a server can be modified or deleted.

The possibility offered by a structure that ‘tells’ the whole story of the works with non-manipulable NFTs, consisting of a chain in which the sequence cannot be altered, conveys the whole path of the artist to achieve a unique identity of the work.

SuperRare (Authentic Digital Art Marketplace)

One of the most successful projects is SuperRare, a kind of social network for art creators and collectors based on blockchain.

SuperRare uses Ethereum’s blockchain to create digital artworks and tokenize them so that the entire history and origin of an artwork can be tracked on a distributed ledger that no one controls and that anyone can access. Once the work has been created and linked forever to an NFT, it can be bought, sold and even managed as a long-term investment.

Artists can sell their work through an auction process or fixed price, once the NFT has been sold, it can be resold at any price on other NFT trading platforms. We recently talked about several other NFT projects to be launched in 2021. To find out more, we recommend reading this article.

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