An Outline of Technologies Used in NFT
Non-fungible tokens (NFTs) have taken art collection to another level. Before NFTs, art collectors acquired paintings, sculptures, first editions of books, and other iconic and valuable pieces. Collecting has become more tech-advanced today. Anyone who has the means can start collecting art in the form of tokens without even leaving their homes. Plus, ownership and certification have become more accessible.
This digital renaissance brought forth by NFTs is made possible by the different technologies that support it. If you want to understand how NFTs work in light of these advancements, you can know more about them here.
Cryptocurrencies and the Blockchain
The very foundation of NFTs are cryptocurrencies and the blockchain. Crypto is a decentralized form of currency that is tracked using a blockchain. A Blockchain is a virtual ledger that stores data in blocks connected to other blocks. It records data in chronological order.
These two play an important role in the creation, selling, and purchasing NFTs. It works like this: asset creators find a platform and use cryptocurrencies to mint tokens for a fee. This process involves authenticating the asset, issuing a license of ownership, and placing them on the blockchain. Then, the creator can put the work up for sale.
The Very First NFT
Anil Dash and Kevin McCoy created the very first NFT in 2014. With concerns on the ownership, distribution, and control of art, Dash worked with McCoy, an artist to create a system that will support and protect artists and their works. It also aims to give artists a way to earn from their works aside from the traditional way of art collecting.
The first NFT was a video clip made by McCoy and his wide registered in the Namecoin blockchain, which Dash bought. The idea failed to gain traction for a few years until 2017 when it became more popular.
Today, there are numerous platforms where different forms of tokens can be sold and purchased. Counterparty started calling these assets “non-fungible tokens” or NFTs. Websites such as Nifty Gateway, OpenSea, and CryptoPunks have opened up opportunities for artists. Other platforms such as CryptoKitties and Axie Infinity also provides a gamified version of NFT trading.
These places serve as marketplaces for NFTs. The aforementioned websites, in fact, serve as auction catalogs where artist can put up their works for bidding and buyers can pick artworks to bid on, much like an extremely accessible gallery.
Plagiarism Detection and Secure Certificates
Given the stakes that come with minting a digital asset, artists and owners should always be on the lookout for measures that can help protect their ownership and control of tokens. Artizyou offers an alternative to NFTs called non-fungible certificates (NFCs).
Assets are processed to become Blockchain Intellectual Property (bIP), which is then transformed into an NFC. NFCs give ownership to the asset not only in the digital world but also in the real world, protecting them from criminals intending to use the work for commercial purposes. Instead of this, owners can use the asset for their own commercial activities.
The Bottom Line
Technology has helped advance civilization, including the art world. If you are an artist or a collector, an NFC may be the best option for you.