NFT — how incomprehensible pictures changed the game in the web3 world (Part 1)
I wanted to write another article for 10101.art, but I had a better idea — why not tell the story of NFT, highlight interesting points, and analyze the development of this sector in the world of digital technologies?
And, of course, based on the information I found, I will try to describe the potential development of 10101.art and what heights this project can reach, referring to the history of various projects and NFT collections
Since there is a lot of material, I decided to divide the information into several parts
Enjoy your reading!
What is NFT?
Let’s start with a simple one: what is NFT? Using many clever words, it can be described for a very long time. But I can do it differently — NFTs are Pokemon v2 cards. It sounds ridiculous, but there is much more to these words than it might seem at first glance.
NFTs are non-fungible tokens, the same story as Pokémon cards. Cards and NFTs may look identical at first glance, but the difference of one pixel makes them completely different assets.
A good example of non-fungibility is the digitalization of the legendary Banksy painting “Turf War” by 10101.art
In my humble opinion, this move by 10101.art is simply brilliant. Let me explain why: the live painting is located in the Monada Art Gallery in Dubai and not every ordinary art connoisseur would be able to buy it. 10101.art found a way out — to digitize the painting, dividing it into 1500 pieces. By purchasing even 1 piece, you already become the owner of the painting to some extent, though one of 1500, these are the details)
How does the non-fungibility manifest itself — there can’t be two identical pieces of a painting, it’s simple
The uniqueness and effectiveness of NFTs
Unlike cryptocurrencies, which can be interchanged from one another, each NFT has its uniqueness and cannot be replaced by something else. Since each bitcoin or ether has the same appearance and is practically indistinguishable from the others, they can be freely exchanged on cryptocurrency exchanges without any complications.
However, trading NFTs is not as easy as trading other cryptocurrencies because each NFT is unique. Each NFT has its unique identifier and set of parameters, which makes each instance different from the other, even though they may look similar on the surface.
If you can successfully replicate Banksy’s work (who knows, maybe you have the talent too, (although it’s unlikely, we’re all hopeless)), you can try to deceive some interested parties and sell a fake, and in some cases, it can be difficult to prove that it’s not the original
With digital art, it’s easier to create copies and publish them according to your interests than in the real world. However not being able to verify the originality of a digital image becomes a challenge. This is where NFTs come in, using smart contract technology to store unique information on the blockchain. Each NFT is a unique instance, and creators can encrypt important details, ensuring the creation of a variety of verifiable digital assets. These technologies allow for the authentication of assets and make it easier to transfer them safely and efficiently.
I think that’s enough for today, this will be an introductory part, and the next ones will be more extensive
P.S. If you are interested in the 10101.art project
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