How NFTs are present in our lives

Just a year ago, people raised eyebrows at the word "token." Today, NFTs are used to create digital art, games, and digital lands. Characters from famous collections are used as avatars, and famous brands are creating their own.collectionsto obtain additional profit and popularization, they are createdNFT projectsto raise funds to help Ukrainians affected by the war and much more.

Many people don't fully understand what all the fuss is about and whether tokens provide any benefit. Meanwhile, these digital objects are becoming firmly ingrained in our lives, regardless of what we think of them. Today, we'll talk about areas of life where tokens are already present. But let's still touch on the background a bit.

Image by Pete Linforth from Pixabay

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Remember that a fungible token is a unit of account created to balance the digital world, like a currency or security. Fungible means equivalent to some other asset with which it can be replaced. For example, if we take a 100 hryvnia banknote and exchange it for another one of the same kind, the essence remains the same. But we would hardly be able to replace a Monet painting with a Manet painting, despite the phonetic similarity of the artists' surnames. Both are valuable, but absolutely not interchangeable.

The idea of ​​creating tokens, both fungible and non-fungible, was made possible by technologyBlockchainAn example of a fungible token isBitcoin. 1 bitcoin = 1 bitcoin. One is a perfect substitute for the other.

A non-fungible token, on the other hand, is a completely unique asset with a digital certificate of conformity. Such certificates can be attached to anything—domainetc.

Certificates confirm the authenticity of digital content. This means it can be bought, sold, traded, or simply enjoyed. The owner, or more precisely, the digital wallet number, along with the transaction history, is entered into the blockchain and can be verified by any internet user.

Where are non-fungible tokens used?

NFTs and art

Perhaps the most rapidly developing area of ​​NFTs is the creation of art. With the creation of NFTs, many works of art, including famous paintings, have begun to be digitized.

Last September, the Hermitage sold five NFT paintings from its collection for over 32 million rubles. The most expensive, Leonardo da Vinci's "Madonna Litta," sold for over $150,000.

Historian and author of "The Last Leonardo" Ben Lewis has turned another Leonardo da Vinci painting, "Salvator Mundi," into an NFT, with the intention of selling it for $450 million, the price of the original.

On February 14, 2022, at the request of the Vienna Belvedere Museum, which houses Gustav Klimt's painting "The Kiss," a digital copy was made and divided into 10,000 parts—NFT tokens measuring 1.8 x 1.8 cm—for sale at a price of 1,850 euros or 0.65 ETH per part.

Even the Louvre has considered creating tokens from famous paintings. However, so far, they've simply digitized about half a million paintings and posted them on a website with an interactive map for free viewing by users.

Thanks to NFTs, many contemporary artists have found a new creative outlet. The transition from physical galleries to virtual ones can be challenging, but it offers a promising opportunity to establish a name in a new, rapidly developing industry.

What is the advantage of NFT?

Of course, by purchasing a token, you can't guarantee that no one else on the network will copy your work. And many people, when learning about NFTs, wonder why they should buy the right to own digital art if it can be copied online for free? The point is that if a token becomes known, discussed, and copied, its value increases.

It's like with famous paintings. You can try to paint it. And you're not alone. The more people... Its cultural value, and therefore its monetary value, grows with discussion and copying. But we all know or believe that the original Mona Lisa is kept in the Louvre. And the blockchain is a kind of Louvre, where the original tokens are stored and where their authenticity can be confirmed.

We, accustomed to watching films on pirated sites and copying anything we want from the Internet for free, still find it difficult to accept the value of owning an item online.

But perhaps our grandchildren will see digital content as real as we see physical objects.

In the meantime, let's continue talking about the areas in which NFTs are used.

NFT domains

This view is different from what we are used todomainssomething that is entirely and completely owned by its owner. Its address is stored on the blockchain and is backed by a certificate. From the well-known drop domainsThey are different in that they cannot be purchased on sales servicesremote domains, but you can only get it from the owner.

NFTs and tickets 

Over time, NFTs are becoming increasingly practical. They can be used to prove ownership of assets, such as tickets. There are companies using NFTs to sell tickets.

NFTs and music

Musicians have also found a way to use NFTs. Royal NFTs have been developed for musical works—certificates of authenticity that indicate ownership not of the audio file, but of the song itself, or more precisely, a portion of it. By owning a certificate for a portion of a song, any fan can receive a percentage of the artist's royalties.

NFT and

. Let's take NFT works as an example.

This photo was taken on the Simon Kenton Bridge in Kentucky. Before the bridge's construction and even before the abolition of slavery in the United States, slaves would cross this section of the river in search of freedom. The author ascended the bridge at 4 a.m. to avoid being seen by passing drivers under the cover of the morning fog.

NFTs, video, and film

The film industry is also actively engaging in NFT projects. Midnite Movie Club, for example, creates Hollywood-style films and offers its community of NFT holders access to filmmaking and training.

Video games and NFTs

Video games are a great place for innovation in the NFT space. We wrote about them in more detail in ourmaterial. 

Virtual lands and NFTs

You may have heard of metaverses. Ownership of them can also be transferred using NFTs. The token will serve as proof of ownership of the land.

Virtual fashion and NFTs

Presenting yourself in the virtual world can be just as important today as in the real world. Consider how carefully we select and process [something]. You can buy any virtual clothing item for virtual or game realities, as well as buy virtual clothing for real ones.

Sports and NFTs

NFTs have also made their way into sports, and they're proving to be a great way to engage with fans. Earlier this year, the FUTERA UNITED project was created, becoming the first of its kind. NFT owners can vote on club logo designs, colors, and player uniforms, and receive bonuses for virtually attending matches.

There are also mobile apps that reward cryptocurrency for walking or running. To earn this type of income, you need to purchase digital NFT sneakers.