NFT’s are unique blockchain-based tokens that can work along with almost anything, including tangible assets. NFTs have been growing in popularity in recent years due to this potential to “token” anything and provide a way to transfer ownership of digital assets to owners. NFT can be defined as a certificate of authenticity. Most NFTs are based on the Ethereum blockchain technology, but other blockchains like NEO and Tron support NFTs. Many emerging platforms, including Citrus and Xaya, have offered online markets and gamers a safe place to deliver and sell digital goods. Citrus token-like digital assets are connected to a unique NFT stored in the blockchain. Anyone can go online and verify who owns a particular NFT — that is, a piece of digital art. NFTs acquired through the Citrus platform can be kept in a company wallet or transferred to the owner’s personal wallet. As Avanik Vekariya, the founder of Citrus Tech, always says, “Have secret keys, be creative.” It doesn’t matter that digital art can’t be put on the wall; many speculations argue that collecting digital art should not be different from collecting unusual in-game cards.
HOW DO NFT’S WORK?
When you buy NFT, usually using cryptocurrency, you are buying a different token and a work of art linked to that symbol. The transaction is registered on the blockchain and provides an authentic and transparent record of that purchase and proof of ownership. What do you do with NFT? You can display the accompanying digital art on your computer or TV, or digital frame. (In one auction, Beeple sent digital frames to collectors.) You can resell them again. Could not others simply populate a photo or reprint it on the Internet and claim to have a copy? Yes, but the blockchain will still show that you are the actual owner. Transferring NFT ownership requires a blockchain transaction that can only authorize the private key of the NFT owner, such as sending Bitcoin or any cryptocurrency. The most common metaphor would be to reprint a popular image unless the original image owner has consistent proof of ownership in the blockchain.
NFT’S – THE ZEUS OF CRYPTO NETWORKS:
In traditional art, a collector who buys a piece usually only gets the right to display the piece. Unless the artist explicitly agrees, the copyright rests with the artist. The collector has no right to make copies and distribute those copies – making, for example, taking photographs of a piece and making a cardboard or creating rewritten copies and selling those cards to print. It would seem that the same would apply to NFTs – in particular, an artist could create as many copies as digital art demands without contract restrictions. The value of a particular purchase would be that no other copy could have a separate token attached to it. However, given the recent entry into the market, benefits and property rights can be strengthened or enforced in such digital art remains visible.
NFT’s are also great for identity management. Consider the case of physical passports that need to be made at every entrance and exit. By converting individual passports into NFTs, each with its own unique identification features, it is possible to reverse the entry and exit procedures of the authorities. To extend this application case, NFTs can also be used for copyright management within the digital environment.
THE FUTURE OF THE NFT REVOLUTION:
The most exciting opportunity for NFTs lies in the creation of new markets and types of investments. Consider a piece of land divided into several sections, each containing various features and types of structures. One of the sections may be close to the sea, and the other is a recreational area and, another, a residential area. Depending on its characteristics, each location is different, has a different price, and is represented by NFT. Real estate, complex and administrative, can be facilitated by entering the appropriate metadata for each unique NFT.
Citrus, the gaming platform with Binance blockchain tokens, has already adopted such an idea. As NFTs become more complex and integrated within the financial infrastructure, it is possible to apply the same concept of pieces of land with tokens, varying in value and location, in the physical world.
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