NFTs are certificates of ownership and material authenticity that relate to digital works. These are tools that owe their success to the characteristics inherent in the nature of their operation. Literally, the acronym stands for non-fungible token and, in practice, these mechanisms are used to register the domain acquired through the purchase contract , regularly stipulated between the seller and the buyer. Lastly, the latter does not buy so much the object of the transaction, but rather the possibility of demonstrating the presence of a direct connection with the purchased security.
The NFT keeps track of the transactions that take place within it, so as to be able to offer a service through which to trace what has been sold, to know the respective buyers and intermediaries, without time limits. In conclusion, the value of this mechanism is contained in its dual purpose, capable of providing both proof of authenticity and ownership of the security subject to transaction.
By virtue of their ability to be used in a flexible way, NFTs can be associated with different types of resources, however one of the main applications is that linked to digital works of art. These premises are fundamental to understand the type of impact and the artistic value that this type of works can contain. In fact, the recognition of the authenticity of these works takes place through a certification with the blockchain platform like Blockster, thus creating characteristic both commercial and artistic value.
What is Crypto Art: Meaning and Definition
The term Crypto Art is used to define both the type of art that uses cryptocurrencies as its main theme and the art of cryptography itself. The work is presented as a digital type of content , which is loaded on a platform used as an exchange tool , capable of allowing the carrying out of a sale operation , which in turn is recorded on the blockchain . The latter acts as a tracker of all transactions that have occurred and keeps track of all entries that are regularly entered through the cryptographic transaction resolution mechanism.
In this way, a system is created whereby the final information cannot be subject to subsequent modification , as it is not physically located in a place that can identify it, but is abstractly contained simultaneously on all the devices of the users who have access. to the platform, thus remaining difficult to find.
Once the concept of crypto art and digital work connected to it has been clarified, it is possible to move on to the analysis of the practical functioning of the exchange mechanism introduced. Since these works are digital instruments, in order for a transaction to take place, it is necessary to proceed with a conversion. Only through the completion of this operation of conversion of cryptographic works into non-fungible tokens , the NFTs, it is possible to proceed to validate the sale . In this way, the works being exchanged will be virtual objects that cannot be divided in any way, and that are in a strict legal relationship with the work they represent, as a sort of digital imprint.
How NFTs Work in Relation to Digital Art
As already mentioned, the conversion of crypto art into NFT allows the sale, thanks to which the buyer is able to obtain everything that was previously connected to the transaction. Usually the object of exchange is the digital property of a given work and not directly the physical version of the same, if it exists. But in any case, the choice is at the discretion of the seller , who can decide whether to connect the physical version of the good to the NFT or not . The main feature of this mechanism is precisely the possibility of using the NFT as incontrovertible proof of the transaction between buyer and seller.
Thanks to their versatility, NFTs are used for the exchange of various resources, but in the case of digital works it is good to specify that the operation undergoes adaptations. First of all, there is a change in the figure of the artist , who in these cases is not only the main promoter of his work but must also be equipped with the financial skills and technological knowledge necessary to manage the cryptography of art in the NFT.
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