Non fungible token
what is it?
NFTs are digital certificates, based on blockchain technology, unique and not interchangeable. The blockchain registers ensure that the NFT remains unchanged over time. Special smart contracts identify its unique and irrefutable characteristics. The main peculiarities of NFTs are:
The registration of the token on the blockchain allows to verify the authenticity of the digital asset and to describe, in the metadata field, its unique characteristics.
NFTs allow you to prove the intellectual property of a digital content by validating the resale on the primary and secondary market.
Fraud is a problem that affects all sectors. The association of blockchain architecture with NFTs allows you to certify the authenticity of the creation of each individual digitized asset.
NFTs are irreplaceable tokens that represent the ownership of an asset, such as a work of art, photographs, real estate and even companies. The art world was one of the first to arrive at NFTs, let’s try to understand better what they are, borrowing the words of Dannie Chu, CEO of MakersPlace – NFT trading platform:
“There are hundreds of thousands of prints and reproductions of the Mona Lisa, but since they are not the original created by Leonardo they are worth much less. The same principle applies to NFTs: you can copy and paste an image or a video but the original, digitally signed by the artist, is what has value “.
So the Not Fungible Tokens are unique certificates that represent the specific asset to which it refers, making it digitally unique and not cloneable. Any copies can be recognized as such and can never have the value of “original”. The NFT bases its characteristics on the basic concepts of the blockchain, thus ensuring that the NFT remains unchanged over time; special smart contracts identify the unique and unassailable characteristics such as, for example, the property, the value or the creation or purchase dates.
WHAT DOES TOKENIZE MEAN?
Tokenizing means transforming a physical asset into an unrepeatable immaterial entity. How?
By digitizing the asset, fragmenting it into different “virtual parts” called tokens and recording the tokens in the blockchain. In this way, each token uniquely represents a specific part of the asset and cannot be copied or confused with others. Since blockchain registration certifies its uniqueness, ownership and the impossibility of being manipulated, each token at this point can be managed by special Smart Contracts for various purposes: sale, storage, etc. In addition to Non Fungible Tokens, there are many other types of tokens with different peculiarities and functions.
There are already many realities that have decided to create their own nft, mainly in the field of works of art, but Adamantic also begins to dialogue with other sectors, such as automotive, the world of collecting and music. . There will be many other possible applications over time, as NFTs have in fact evolved the concept of ownership and sale. As is already happening in other contexts, the current criticalities and limitations will be solved by technological evolutions and perfected also thanks to the necessary regulatory and institutional contributions. There is no doubt the added value of these solutions and its strong impact on the whole community, regardless of the business context.
- Digital Art- 70%
- World of collecting – 15%
- Music – 10%
- Automotive- 5%
Projection based on internal company data. Source: Adamantic
how to use nfts
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