Blockchain technology and NFTS have created new opportunities and models for transacting online. The idea of ownership is evolving as quickly as the technology itself and many of us are not content to consume blindly without a stake in what we are purchasing. It sounds more complicated than it is- and maybe too good to be true- but read on if you want to learn how all this is possible.
// NFTS, BLOCKCHAIN AND
CRYPTOCURRENCY EXPLAINED //
WHY FINE JEWELRY, FASHION, AND ART IS A PERFECT MARRIAGE
WHAT EXACTLY IS AN NFT?
WHAT ARE SOME OF THE BENEFITS OF AN NFT?
In some cases, an artist or rights holder may elect to have a smart contract generate a limited number of NFTs for the same work, similar to how an artist might release a limited edition of physical work. A buyer of an NFT, looking at the NFT code, would see the number of NFTs that could be generated as part of a limited edition.
HISTORY OF OWNERSHIP
WHAT IS A BLOCKCHAIN?
IS BLOCKCHAIN SECURE?
Blockchain technology achieves decentralized security and trust in several ways. To begin with, new blocks are always stored linearly and chronologically. They are always added to the “end” of the blockchain. After a block has been added to the end of the blockchain, it is extremely difficult to go back and alter the contents of the block unless a majority of the network has reached a consensus to do so. That’s because each block contains its own hash, along with the hash of the block before it, as well as the previously mentioned time stamp. Hash codes are created by a mathematical function that turns digital information into a string of numbers and letters. If that information is edited in any way, then the hash code changes as well.
HOW ARE NFTS DIFFERENT FROM CRYPTOCURRENCY?
HOW DO I CLAIM MY NFT?
When you purchase a physical item from HW3, it comes with a digital asset that you will also own. You will receive a confirmation email at time of purchase with instructions on how to claim it. If you do not have a crypto wallet, we can help set one up and/or store your art in our NOVEL virtual vault so that you can access it at any time.
Digital art can be displayed in many ways including via QR code and/or special NFT display screens. If you decide to sell your digital art you will need a crypto wallet. Crypto wallets allow you to sell or purchase digital art on various NFT marketplaces (virtual galleries) with crypto currency.