Despite widespread talk about them, few understand how they work. NFTs are digital property contracts that have revolutionized the concept of creativity and rewritten the rules of art for artists. Here at Brots, we want to take you by the hand and explain what non-fungible tokens are all about. How do they work? And, most importantly, what is the real story behind a crypto-trend that is sweeping the world of music?
Let's review fourteen years after the first transaction.
NFT and blockchain: what are digital property contracts?
Non-fungible tokens are certificates which stipulate authenticity in a Blockchain environment. The «blockchain» technology is the undisputed ruler of the crypto-economic universe, but it is successfully employed in a wide variety of fields: from finance to computer security, passing by music education, gaming and the art of buying and selling products and services.
The operation is simple and intuitive: in the NFT process, the uniqueness of a digital artwork is guaranteed by updating a digital register, called Blockchain.
Furthermore, the information that it holds cannot be modified, and it is accessible to all members of the crypto-community, which increases its security and transparency. In the digital space, artists and collectors can exchange unique, exclusive, and entertaining content knowing that every NFT they buy or sell is unalterable precisely because of its place in a distributed digital ledger.
The generation of a non-fungible token is divided into three steps: creation, storage on the Blockchain, and sale. As a result, the purchaser of an NFT does not buy the work itself, but the right to exercise that right.
Practically speaking, non-fungible tokens allow you to open a 2.0 art gallery you can visit whenever you want, from the comfort of your couch. Get limited edition artwork from your favorite creators and turn your smartphone screen into a digital canvas to fill with the music (and more) you love the most!
Here's (a brief) history of NFTs: the trend that revolutionized the art world
In 2017 the company Dapper Labs, which specializes in games and digital entertainment, launches the first super-exclusive collection of digital kittens. CryptoKitties is an interactive proposal that allows users to trade, breed, and collect 2.0 kitties. The project has caught the attention of cryptocurrency enthusiasts and piqued their interest.
However, it wasn't until 2018 that Erik Calderon discovered one of the greatest NFT projects of all time: CryptoPunks. Two Canadian developers wrote code that generated 10 thousand unique and exclusive avatars, each with a different colour hairstyles, and accessories. The pixelated, Internet-retro style wins Calderon's heart, who buys a few rare NFTs for a few dollars and then sells them for a large amount. CryptoPunks' non-fungible tokens (among others) have been gaining more and more visibility in the Blockchain environment, becoming limited edition works of art.
In the booming 2.0 art market, NFTs have broke all records. Exclusive, fun, and irreplaceable, non-fungible tokens have become undisputed stars of music, sports, video games, and the Metaverse. Due to their exclusivity, they are so desirable in the eyes of the public and artists who want to embrace the new Web 3.0 revolution.
We at Brots are no different: we have decided to push the boundaries of traditional music distribution in order to create innovative experiences. Our minds are buzzing with ideas and we would like to share even more immersive and fun entertainment tools in the future with musicians and fans.
With creative 2.0 strokes, NFT revolution is set to transform art and music.
How about you? Would you like to be part of the community?