What do NFTs actually represent? New fad for cryptotraders or technology with real utility?
Focus on these "non-fungible tokens" that will revolutionize the art world, but not only...
NFTs (Non Fungible Token), what are they?
NFT is the abbreviation of the English term “Non Fungible Token” .
A token, or "token" is a digital asset issued by a blockchain.
But above all, what is a blockchain?
Blockchain is a technology that keeps track of a set of transactions in a decentralized, secure and transparent way. A sort of collaborative directory. When you add a line in this directory, you generate money: it's cryptocurrency, like bitcoin or ethereum, the equivalent of a classic coin or note.
Whether it was created in 2001 or yesterday, it follows the current price value. The part is therefore interchangeable. On this same principle of blockchain, it is possible to create parts that are not interchangeable, "non-fungible tokens", "non-fungible tokens", therefore NFTs.
NFTs are different from other cryptocurrencies in that they cannot be replicated.
If you exchange one note for another, or one euro for another, you still have the same asset.
While an NFT cannot be exchanged for the same NFT because it is unique.
Thus, buying an NFT is like owning a tamper-proof and unique digital title. A means of justifying the possession of a good and its authenticity, in other words, it certifies that the creation is indeed the original and not a copy. A way also to avoid piracy of digital works at a time when artists post their creations on social networks like Instagram, easy to access for all.
Let's take a more telling example.
If you buy a work of art, or a piece of jewelry, you will receive a certificate attesting to the authenticity of the work. It's the same principle with NFTs, if you buy a digital work from an artist like Banksy, the NFT will certify that the work is indeed the original and that it belongs to you.
What does an NFT look like?
Since the launch of NFT in 2014, a large community of creators has developed, a new way for artists to make themselves known and to live from their art.
NFTs can take any form, a work, a marriage contract, equipment for video game characters, the possibilities are endless.
The record for the highest-selling work goes to the artist Beeple with "Everydays: the first 5000 days", which sold for $69.3 million at auction at Christie's.
Twitter CEO Jack Dorsey meanwhile sold his very first tweet for exactly $2.9 million to Sina Estavi, the CEO of blockchain firm Bridge Oracle.
NFTs are not just limited to speculation on digital artworks.
Indeed, in March 2021, it was a couple of employees of the company COINBASE (a secure online platform specializing in the purchase, sale, and storage of cryptocurrencies) who sealed their union through the blockchain. .
Rebecca Rose and Peter Kacherginsky have created an NFT in the form of merging rings to represent their love, and a smart contract based on the Ethereum Blockchain to digitally validate their union.
The two rings in the form of NFT and their marriage contract will therefore remain eternally recorded on the unalterable and public register of the Ethereum network, and visible in the wallets of the newlyweds.
Generally speaking, any physical or virtual object can become an NFT, be it art, music or a contract.
Since digital works are potentially duplicable, transforming them into NFT makes it possible to certify them as being the original works. This is therefore done through the blockchain.
The interest of NFTs in the Collision project
Why did you use NFTs?
The entirety of the Collision project is based on the enhancement of pieces of lunar, Martian and iron meteorite.
So we faced a problem:
How can the authenticity and exact provenance of meteorites be guaranteed?
First, we worked with a professional in the search and identification of meteorites, Luc Labenne, who provides meteorite identification certificates via the Meteorical Society.
We had to find a way to issue a certificate attesting to the various information related to the origin of the stone and the bracelet via the Spacefox identity.
And that's where the idea of NFTs came to us.
Indeed, the blockchain assures the buyer of the availability of his certificate at any time, bringing together the various information related to the Collision bracelets, and not only of the original meteorite.
How to get your NFT certificate?
Thus, for the purchase of an IRON, MOON, or MARS bracelet, you will be provided with a QR code. This QR code will redirect you to the MAIAR app to access your NFT hosted on the ELROND blockchain.
You will find there:
- The certificate of authenticity for the stone and the Collision bracelet issued by Luc Labenne and Spacefox
- An NFT Collision, digital alter ego of the bracelet.
The MAIAR application takes on the role of user interface allowing you to consult the document, and to make sure that your Spacefox bracelet as well as the piece of extraterrestrial meteorite is indeed authentic.
Why did you choose the MAIAR application and the ELROND blockchain?
Maiar is a simple and intuitive payment application that offers a more secure, private and inexpensive alternative based on the Elrond blockchain, in other words an Exchange. A decentralized, non-custodial digital wallet that allows you to exchange and store money securely on your mobile phone.
Maiar protects your assets and data using state-of-the-art encryption and verification techniques to ensure they are stored securely. If your phone is lost or stolen, your private key can be used securely to recover your funds.
It is the first app to use the cryptographic hash of your phone number to generate your cryptocurrency wallet. Moreover, it does not store any funds, and has no access to any private key, only the user has control over his money.
To use the Maiar app, you just need a phone number and nothing else.
You will be guided from A to Z through the process of creating your account, with its clean graphical interface making it easy to retrieve the NFT. You do not need any special knowledge of NFTs and cryptocurrency to use the application.
Elrond, on the other hand, is a blockchain allowing fast and secure digital payments. Elrond Gold (eGLD) is the native currency of the Elrond blockchain.
The cryptocurrencies currently available on the Maiar application:
Binance Coin (BNB)
The MAIAR application and its ELROND blockchain aim to become a reference in the field of cryptocurrency by developing an intuitive application accessible to all.
They are working on the development of a blockchain capable of competing with the technical operation of a system like visa by offering the possibility of ensuring 60,000 transactions per second. Visa, them, make an average of 5000 transactions per second in normal times and the bitcoin blockchain between 3 and 6.