The development of crypto-products is gaining momentum. Digital artists are selling their tokenized works for millions of dollars. Mark Zuckerberg is building an entire meta-universe based on NFT and cryptocurrencies.
If you have little understanding of tokens, smart contracts and crypto exchanges, but want to touch the "marvelous new world" - this small guide is for you.
How NFT works
NFT - non-fungible tokens. At their core, tokens are individual links in a single chain of transaction records called a blockchain. For ease of understanding, let's think of the blockchain as a ledger and NFTs as specific rows in the ledger.
Blockchain technology has three important features:
Distributed
Records of transactions within the network are not stored on a single server, but on many different computers.
Decentralization
There is no single master regulator on the blockchain network. Transactions are confirmed and recorded by all participants simultaneously. You can't make changes to the "ledger" without agreeing with all the holders of copies of the ledger. This greatly increases the security of interactions between users.
Openness
Transactions within the network are transparent. All keepers of the "ledger" can read it at any time.
Principles of NFT operation
NFTs are unique. This allows them to be used as digital certificates of authenticity for images, audio, video, gaming items. The embedded token gives the buyer a guarantee that only he is the owner of the purchased artifact and has the right to dispose of it at his discretion (although the legal aspects of NFT are still being worked out in the legal field). At the same time, ordinary, not tokenized copies of the picture can be distributed quietly over the network. Similar to physical paintings - you can keep an original Rembrandt, but a reproduction of it can be printed in catalogs and art books.
How tokens have changed digital art
The first digital artworks with NFT implementation were "Cryptopunks" by the Larva Labs team. These are 10,000 stylized portraits of 24x24 pixels. All drawn punks have their individual features - skin color, hairstyle, headdress, glasses or pipe. Therefore, digital pictures from this series are of collector's value. The most expensive copy - CryptoPunk #3100 - was bought for 7.58 million dollars.
The most expensive token
On March 11, 2021, the digital work "Everydays: The First 5000 Days" by an artist under the nickname Beeple was sold at Christie's auction for a record $69.3 million (including commission).
The digital work, "Everydays: The First 5000 Days."
More and more contemporary popular artists such as Banksy, Pocras Lampas, and Damien Hirst are getting involved with the NFT. The financial turnover in the tokenized art sphere is constantly growing.
Musicians are also joining the world of tokenized art. Canadian singer Grimes, the former girlfriend of Ilon Musk, sold her works for 6 million dollars. Russian bands Ruki Vverkh and Little Big are planning to enter the NFT market.
NFT in games
The game industry does not stay away from new trends. Tokenization of games allows not only creators, but also simple players to earn on them. This way everyone stays in the win-win situation. Developers get new users and general "hype" around their product, and players get additional, and sometimes very significant, income. Axie Infinity is the most famous NFT project built on the "play-to-earn" model. In this game you can develop characters, participate in battles, mine valuable resources and NFT artifacts for resale.
Another way to monetize NFT games is through collecting (or the pay-to-earn model - pay to earn). The Sorare project offers users to collect cards depicting soccer players. In the game you can organize matches between virtual teams and earn points. In fact, it is an improved version of fantasy soccer. Given that the price of rare cards can reach several hundred dollars.
The use of tokens has another plus. Objects with embedded NFTs can, in theory, be transferred from one game to another. A notional fantasy sword can become a player's personal weapon, which he will use to chop enemies in different titles - perhaps even created by different developers.
NFT is now becoming the domain of more than just small indie studios. Ubisoft, one of the largest companies in the game dev industry, recently announced the introduction of tokens into its projects.
Metaviews
These are open game worlds where ownership of items, land and real estate is confirmed through NFT. The most famous metavillages at the moment are Decentraland and Sandbox. They develop their own cryptocurrency-based economies, host various events and even open "universities" where open lectures are held.
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