Non-fungible tokens continue to grow in popularity. On the art side, interesting new collections are being released each day. Creators are digitizing the world as we know it by the minute, exploring and finding new things to code and mint to protect and secure our assets. It’s no longer just crypto aficionados buying into the craze either, celebrities and businesses around the world are joining in, purchasing, collecting, and flaunting this exciting digital trend.
It’s not just a trend, however, it is the future. But before we get into that, what in the world is an NFT anyway and why are they becoming so popular?
An NFT is a digital asset that is representative of different real-world objects such as art, music, gaming items, and videos, just to name a few. They are created and encoded with similar software to cryptocurrency and have unique identifying codes, making them one of a kind. Whereas money and cryptocurrency are fungible, these assets are non-fungible.
What does that even mean though? Well, fungible assets can be traded or exchanged for one another since they are of equal value. One dollar is equal to one dollar, a Euro is the same as a Euro, one Bitcoin can trade for another Bitcoin, and so on. They are equal. NFTs on the other hand, are all different from each other.
Every NFT has a digital signature that represents that asset and that asset only, you cannot simply swap it out for a different one as they do not have the same values. This is the case even with NFTs that are in the same collection. For example, one Crypto Punk can not be traded off for another, they are each unique with special coding to prove so.
Though everyone can view NFTs online, there can only be one true owner. Built-in authentication proves ownership, giving the collectors “digital bragging rights.” What’s more than that, value is stored safely because of that built-in authentication. Large quantities of money can be safely stored and preserved through these art pieces, digital worlds, gaming items, and so on. The owner or creator can also store specific information inside the NFT’s metadata.
The world continues to become more and more digitized as technology develops. International accessibility is made easier through web-based programs, businesses, meetings, stores, and so on. If the natural progression of technological development wasn’t enough to heighten the importance of the digital world, the recent pandemic has pushed it even more so. So much of the world is reliant on the internet which points to the immense potential for NFTs. Artwork, collectibles, online games… This is just the start!
So where does Quoth fit into all of this? Aside from giving users the chance to easily search for different NFTs, Quoth’s platform will help to verify the source of all information and records of each NFT. The platform will help to ensure that anything being passed as an NFT is not a fraud nor a copy of another. The platform will also help to take NFTs and bridge them across different blockchains so they do not exist solely on one. This bridging ability will protect frauds who look to mint a copy of an NFT on a different chain. With the features of minting, verification, authentication, and bridging, Quoth will take security and preservation of metadata to a new level.