What are the opportunities presented by NFTs?
Digital transformation is currently changing the entire art market. Virtual exhibitions and art fairs are inspiring. Digital art is appealing to an ever-growing fan base. Cryptocurrencies and NFTs are generating a lot of interest. Young target groups with no affinity for art are taking a deeper look at the art scene for the first time through digital access.
New platforms such as OpenSea, Superrare are bringing in new potent classes of buyers who are beginning to collect and also trade art. Traditional buyers are exploring the emerging landscape, which is also beginning to make inroads on the traditional circuit.
The NFTs (Non-Fungible Tokens) can be purchased as a store of value in purely digital form including the smart contracts and then also traded. Various hybrid offers, combinations of NFTs with original artworks or art prints, complete the avant-garde offering.
How do NFTs work?
In contrast to money, which is arbitrarily exchangeable (each €50 bill is worth the same and can also be exchanged for 5x€10 bills), the NFT (non-exchangeable token), is a kind of ownership certificate (proof of ownership) of a real or digital item of value. These are calculated and stored in a blockchain using hash values. NFTs in the Kurst thus ensure fast, secure, non-manipulable and transparent processing of digital sales.
NFTs are composed of 2 parts:
- Digital Artwork
- Smart Contract
Date of creation, artist, transaction history, specific additional clauses (resale right... )
A Non-Fungible Token (NFT) is a "cryptographically unique, indivisible, irreplaceable, and verifiable token that represents a specific object, whether digital or physical, in a blockchain."
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What is the Metaverse?
Metaverse is a kind of three-dimensional parallel world on the Internet, where users from all over the world can spend time together. With an avatar, a virtual version of yourself, you're right in the middle of the action. That means playing games, going shopping or attending concerts and parties. Almost like in the real world.
The Metaverse is immersive: With the help of virtual reality glasses and associated controllers, users immerse themselves in the digital environment and can move around in it. The Internet of the future, also called Web 3.0, will be 3D. Users will no longer just sit in front of a screen, they will become part of the virtual world themselves.
The Web 3.0 is based on the blockchain. This is a continuously expandable list of data records that is divided into individual blocks. Information is not stored centrally on a server, but in several different places.