NFT: The Technology that Will Revolutionize Digital Commerce.

Innovation, Recommended, Social Media | 0 comments

It seems distant and utopian to think that in the museums of the future, besides becoming virtual, users will analyze and will want to collect 3D works, videos or memes instead of paintings by Picasso, Van Gogh, among other great artists. However, this is already happening and CROING will give you a preview of what it’s all about.

An example of this, occurred last February 18th when the virtual collectors’ market marked the beginning of what will possibly revolutionize the artistic commerce, both physical and digital: The Nyan Cat meme was sold on the Internet with cryptocurrencies worth up to $580,000.

Will NFTs replace banknotes in the future?

What are NFTs?

NFTs stands for Non Fungible Tokens, meaning they are the digital version of stamps, art or any other tangible or intangible product to which a number of users ascribe a certain value for being unique, extravagant and indivisible.

NFTs work through Blockchain, an innovative technology that allows the transmission of data privately and without intermediaries. Creators use this technology to certify the authenticity of their digital work, and thus make it unique and special. This way, its value skyrockets as more people wish to acquire it. This has become a great opportunity for digital artists, designers and creators of content and viral pieces.

Most of these “tokens” (which can be coins, stamps, artwork, images, videos etc) are based on the standards of the Ethereum ETH network and its blockchain. ETH introduced smart contract functionality and gave rise to customizable decentralized applications (dApps). This allowed anyone to create their own dApp, overcoming the need for traditional software giants.

New Opportunities for the Digital World

Exploring and applying this new technology may also be interesting for the future of digital marketing as the value of a digital asset is measured not only by the number of copies it sells, but also by the number of memes and new creativity it inspires. For example, a TikTok video can be sold by its level of originality and reach, but also by the number of videos that played the original version and added a creative plus.

As a creative and digital agency, formed by digital natives and trend analysts, we believe that as NFTs attract the attention of more and more markets and big players, it is expected that brands will also dive into this new universe and experiment with launching digital collectibles, creating exclusive experiences with tokenized access and interacting more with their target audience.

By Carolina Didulski, Content & Communication manager at CROING.

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