Blog Post #5: Enhancing NFTs with Capture
One of the hottest discussion topics right now are Non-fungible Tokens, otherwise known as NFTs. Recent large purchases of digital art and NBA basketball clips have pushed NFTs to the front of news cycles and have many ordinary people inquiring about this phenomenon. With this in mind, it seems appropriate to focus this weeks blog on NFTs and how Capture App as a unique digital asset generator aims to tackle this new world of digital asset monetization.
What are Non-fungible Tokens?
Non-fungible Tokens, or NFTs, are a type of crypto token that represent something unique. Differing from traditional cryptocurrencies such as Bitcoin, NFTs are not mutually interchangeable. The end result is a digital asset that acts not as currency but as a collectable. Some of the earliest adopters of this technology are artists and game developers that have leveraged NFTs to develop a new world where digital assets can have scarcity as well as tangible value.
Unique Photos and their relation to NFTs
Capture App is a camera app that leverages the power of Numbers Capture, Seal, Trace protocol as well as the blockchain to make seemingly normal photos into unique traceable assets. Every photo taken with Capture App, coined as ‘Captures’, has their value, ownership and context preserved through the use of space time tracking, associated certificate of authenticity and blockchain traceability and immutability.
It sounds complicated, but the main takeaway is every ‘Capture’ is a unique digital asset. Doesn’t that make Capture a NFT? Not quite. The main difference between a Capture and a NFT is the tokenized aspect of it. NFTs are tokens whereas Capture remains a photo. At the core, NFTs and ‘Captures’ are one-of-a-kind digital assets. NFT’s get their one-of-a-kindness from being tokens whereas ‘Captures’ get their one-of-kindness from establishing ownership, time and context.
Enhancing NFT Value, Previewing ‘Capture’ NFT Prototype
With the amount of money being spent on NFTs being publicized so openly, there will be actors who will look to take advantage of the unknowing individual. How do we know that tokenized piece of digital art is actually created by the artist and not a digital counterfeit (a copy or fake). The answer currently is we do not know and that is a scary thought.
Let us consider the following example on mintbase.io a NFT marketplace. Note: The following NFT is being used as an example and nothing more. We are not suggesting that this NFT is fake or fraudulent.
On the outside, this piece of artwork tells us no information about who created it, when it was created, and whether or not it is a counterfeit made into an NFT. As a potential costumer, I would hesitate to spend large amount of money with all the uncertainty.
Now let us consider another scenario where this information is available and its authenticity is verifiable and traceable. Not only will that make potential customers feel more confident in the purchase, it enhances a NFTs value similar to how a signed baseball is valueless without a certificate of authenticity verifying it is real. This is where Capture NFT can make the difference.
Consider this REAL Capture NFT Prototype:
Again, on the outside this NFT tells us no information and as a potential buyer I still have the same reservations as the previous NFT example. If we look inside the photo, it is a different story. In What is a Capture? we introduced the idea of Capture being an information container containing relevant information as well as injecting the information utilizing Content Authenticity Initiative standards. The asset itself will carry the information and it remains even through sharing, copying, download and transfer.
Go ahead and download the image and upload onto Adobe’s CAI Verification Site. What you’ll see is the following:
If we download the first NFT example and upload onto the verification site we get the following:
What has been illustrated is how digital assets created with Capture App are verifiable even when the image leaves the Capture platform via online sharing or NFT tokenization. We believe this will be big in the NFT space because digital assets that go for large sums of money can be traceable and verifiable.
‘Capture’ information container capability and CAI injection is in the works and will be available soon so stay tuned!
A New Type of Digital Asset Marketplace
Creating a platform where only true photos exist is one of the primary visions for creating Capture App. By itself, Capture App is a tool for creating unique photos by preserving ownership and context. To further its vision of being a platform where only true photos exist, Capture App is looking to launch a digital asset marketplace within the app that allows users to monetize their Captures as digital assets. This feature will be called Capture Club. We hope that we make digital assets, particularly photos, can be made more accessible and empower creators to create painlessly. Stay tuned for more updates in the future!
Let us know what you think?
What are your thoughts on NFTs and Capture NFT? We would love to know your thoughts!
If you haven’t downloaded Capture App consider downloading on Android and iOS and letting us know what you think. We appreciate any and all feedback :) Happy Capturing!
Here at Numbers we are firm believers in open source projects and opening up innovation to everyone. If you are interested, Capture App project is open source and available for the public to view and contribute. Check it out!
