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NFT:

the tech that’s revolutionizing
digital commerce explained

By CROING

It seems distant and utopian to think that in the museums of the future, in addition to becoming virtual, users will analyze and 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 at CROING we tell you what it is all about.

An example was given on February 18 when the virtual collectors market marked the beginning of what will possibly revolutionize the artistic and digital commerce: the Nyan Cat meme was sold on the Internet with cryptocurrencies worth up to 580,000 dollars.

What are NFTs?

A non-fungible token is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can be used to represent easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items, and use blockchain technology to establish a verified and public proof of ownership.

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 asset or work and thus make it unique and special. Thus, its value skyrockets the more people want 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, works of art, images, videos, etc.) are based on the standards of the Ethereum (ETH) network and its blockchain. The ETH introduced smart contract functionality and thus gave rise to customizable decentralized applications (dApps). This allowed anyone to create their own App, overcoming the need for traditional software giants.

New opportunities for the digital world

Exploring and applying this technology can also be interesting for the future of digital marketing since 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 creatives it inspires. For example, a TikTok video can be sold for its level of originality and reach, but also for the number of videos that played the original version and added a little extra creativity.

As a creative and digital agency, made up of 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 immerse themselves in this new universe and experiment with it. launch digital collectibles, create exclusive experiences with tokenized access and engage more with your target audience.

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