7 Things About NFT Your Boss Wants to Know

[Kinnaird Willis]

Blockchain has actually entirely changed the way we think of cash and IDO developed a true period of digital property. Bitcoin is the first effective usage case for blockchain. Some innovative designers think they can expand the principle of bitcoin as a store of value and digital representation of currency.

The intro of clever contracts has caused the emergence of lots of brand-new applications on the blockchain, among which is non-fungible tokens (NFT). These tokens are as distinct as special pieces of art.

NFT is a digital container in which you can save any details: graphics, music, file, program code, and so on. As soon as a token is released, it is no longer possible to change the details in it. However NFT can be moved, like bitcoin, from one crypto wallet to another. That is, the owner of the NFT can alter. The ownership of the NFT is maintained on the blockchain network and can be verified at any time-- info about which wallet a particular token remains in is public.

Explores NFT started back in 2013-- 2014 with numerous tokenization projects on the bitcoin blockchain. Tasks such as CryptoPunks, and then CryptoKitties, got particular fame. In 2017, 10 thousand pixels "crypto-banks" were first distributed for free, then sold for a cent, and in 2021 the selling price of a few of them amounted to 4,200 ETH. You heard right-- $7.5 million for small pixel art.

Author: CryptoKitties Team

Today, such projects and works sold in the form of NFT for cryptocurrency are called crypto-art. Anything released in the NFT is considered crypto art by some. Others, nevertheless, view images created in a specific design as crypto art as part of the wider principle of "digital art."

The increased interest in crypto art is because of several aspects:

prominent held and prepared sales of digital works at Christie's and Sotheby's;

the popularity of digital twins of museums and virtual galleries with remote gain access to in 2020;

the emergence of available online platforms for the purchase/sale of digital works with NFT technology;

attracting a new young audience through innovation and digital currency;

development in cryptocurrency rates;

acceptance of the value of virtual digital artifacts, thanks to computer games, virtual worlds, brand support;

new chances for artists and collectors to communicate straight;

a reduction in Gen Z's desire to own physical art objects with all the attendant issues about them;

the urge to purchase here and now at the moment, openly showing its status.

Blockchain has entirely changed the method we believe about money and created a real age of digital home. Some creative developers believe they can broaden the concept of bitcoin as a shop of worth and digital representation of currency.

NFT is a digital container in which you can save any details: graphics, music, file, program code, etc. Experiments with NFT started back in 2013-- 2014 with a number of tokenization tasks on the bitcoin blockchain. Others, however, view images developed in a specific design as crypto art as part of the broader idea of "digital art."