Many implementations of Blockchain technology are based on traceability or digital identity projects . We can see projects such as GOUZE , with which to guarantee the traceability of a product, or projects such as 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 Development services are records on 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 paid a percentage for each transmission of said NFT token.
The growth of these types of NFT projects affects works of art, diamonds, real estate, gold reserves, stocks, bonds, collectibles, etc. Many experts on this subject emphasize that, nowadays, venture capital investors are beginning to invest in the market for this type of NFT token, being the basic element both in traditional finance and in cryptocurrency markets, which represent a novel economy based on digital property . The most blatant case of digital art sales was that of a digital image representing “the first 5,000 days” sold for $ 69 million.
These works of art on which a digital property seal is registered, based on Blockchain, are normally made on the public Ethereum network. This record of purchase, sale and demonstration of ownership of the asset on a person is publicly registered in said network. To make any purchase of this type, it is necessary to have a wallet from the Ehtereum network to be able to acquire an NFT, such as a digital work of art. 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.
From a technical point of view, the registration of digital art using NFT tokens is a use case on Blockchain technology that works very well .And also many NFT Development company are create A digital asset is uniquely registered and an owner is granted 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 due to its history, its elaboration, the author of the work, etc. These concepts are also based on concepts typical 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 this there are documents, such as the NFTs bible, 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 a single piece 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 could be 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.
It is an abstract concept that many users, without knowing it, will use it when buying “cryptoassets” online and ensuring certain digital parameters of belonging to said buyer, as well as the guarantee of being the only cryptoasset on the market. The NFTs look like they have come to stay and are increasingly being implemented in more digital projects with the aim of providing a value that Blockchain technology is capable of providing.
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