NFT has become increasingly important in the digital environment, including sectors such as art, fashion, metaverse, and play-to-earn (rewards games that are digital assets). This scenario would not be possible without the development of blockchain technologies, which are the basis of decentralized finance and the entire environment of cryptocurrencies like Bitcoin and Ethereum.

What is a blockchain?

Blockchain is a computational technology that allows you to maintain a decentralized record of digital operations. It’s something like a public record book, where you can record every move without the opportunity to change history.

Its creation is attributed to Satoshi Nakamoto, the person or group responsible for Bitcoin and the technology that supports it, the blockchain.

We are talking about a decentralized database, supported by a network of nodes that indicate connection points to the network. The information is structured in encrypted blocks that must be validated before entering the block chain. Some of its peculiarities are:

• Validated blocks follow a historical sequence.
• The network is not controlled by individuals or organizations, on the contrary, it is decentralized.
• Once added to the blockchain, the records cannot be changed.

The former becomes a structure that provides full transparency to operations, with complete independence. This has expanded blockchain applications, from funding to decentralized identity records, among many others.

Ethereum: The basis of NFT

From Blockchain arises Ethereum, an open source platform that allows the creation of smart-contracts or smart contracts, pieces of code created in a programming language, where specific instructions that would run Ethereum virtual machines would be indicated.

As we saw in a previous article, Ethereum is a platform based on non-fungible tokens (NFTs), unique and irreplaceable digital assets that operate in a blockchain, which gives them unique value.

This has allowed companies to make money from their digital operations, as well as open up a world of opportunities for artists, as NFTs can be works of digital art, sounds, text or any file backed by a digital certificate created in a blockchain.

NFT: unique and irreplaceable elements

An NFT can only be hosted on a network address, cannot be duplicated, and can only be transferred using a private key. Since transactions are registered in the blockchain, we can access the historical record and confirm the origin of the digital artwork on the market.

All we have to do is enter NFT’s public key into Etherscan, a free-to-use blockchain explorer that allows access to information such as wallet addresses, smart contracts, and blockchain transactions.

This allows us to navigate the blockchain and access valuable information, such as digital artwork or to verify the authenticity of any other NFT.

Technology with many applications

Blockchain is not limited to the world of cryptocurrency and NFT, it extends to the methodologies and protocols being implemented in different industries due to their efficiency and transparency.
As a database infrastructure, it offers significant advantages to both government and private organizations in validation, storage, and security services. Also, Blockchain as a Service (BAaS) allows companies in various sectors to take advantage of the benefits offered by this set of technologies.

Undoubtedly, the blockchain market is being reconfigured, and an understanding of its operation and applications is key to adapting to new trends and thus optimizing various processes.

The revolution

NFTs are revolutionizing the world of digital art and collectors. Digital artists are changing their lives thanks to huge sales of new public cryptography. And celebrities get together as they find a new opportunity to connect with fans. But digital art is just a way to use NFTs. They can actually be used to express ownership of any asset, such as a physical or digital equivalent of an object.

If Andy Warhol had been born in the late 90s, he would probably have created Campbell’s Soup as an NFT. It’s only a matter of time before Kanye puts a set of Yeezys into Ethereum. And one day you will be allowed to buy a vehicle with an NFT.

What is an NFT?

NFTs are tokens that we can use to indicate ownership of special objects. They allow us to tokenize things like art, collectors as well as real estate. They can have only one official owner at a time and Ethereum networks are guaranteed; that is, no one can change the property record or copy and paste a new NFT.

NFT means “non-fungible token”. “Not expendable” is an economic term that can be used to describe things like your furniture, song files, or computer. Tokens have not been exchanged for other items due to their special properties.