Get 500,000 videos on TikTok. dollars. What does NFT token technology allow us to do? – Jagiellonia Club

NFT has many advantages. The biggest thing is that the acquisition of a token is due to its unique nature, rarity and indivisibility. Today non-functional mark mainly used in graphics and gaming. NFTs developed in this field are characterized by using their uniqueness by creating collection items. However, the possibilities of this technology are not limited to this. In fact, we are limited only by our imagination.

I bought a virtual Lewandowski for 60 million euros

Despite the undoubted advantages and benefits, NFT technology is still new, especially in Poland. Many collectors or gamers can’t even get NFT tokens in cryptocurrency. Therefore, it is necessary to popularize this technology. Otherwise, nothing will change and NFTs will be used only by specialized agencies.

For now, this situation may seem favorable, as it creates interest in lawmakers and other regulators. However, over time, more and more auction houses and real estate sellers in Poland will enjoy the endless uniqueness of NFT.

What are NFT tokens? This is a one-time cryptographic element based on blockchain architecture. It is very easy to distinguish each of these items by their characteristics. One sign will never be the same as another. They cannot be exchanged as cryptocurrencies. A bitcoin is always just bitcoin. However, one NFT badge will never be the same as another. Each label is protected by a separate copyright law, regardless of the work to which the NFT is assigned. Each of them is one-time and is connected to the track. Non-exchangeable tokens are similar to serial numbers, which is the signature of the creator of the work. Tokens can be surrounded by a physical element, but are mostly digital storage.

The first NFT could have been achieved in 2012, but the biggest development has taken place in the last few months. Currently, tokens are used to sell art (mostly paintings), music, games and even football teams. We acquire many virtual property rights for the works. In February 2021, Juventus Turin sold trading cards with three levels of uniqueness category through NFT token technology. Maybe in a few months we will be able to take pictures of our players. The price of the best of them will probably not differ from the amount that clubs have to pay to win a certain player.

One of the biggest deals and without a doubt out loud operating with NFT in the background so far, A sale of Mike Winkelmann’s work of art by Christie’s for about $ 70 million. Overall, the 2019 token market was about $ 62.8 million, but last year NFT tripled. Thus, in 2021 we can estimate its value at $ 251 million.

The memes were bought for hundreds of thousands of dollars

You can sell everything today. It turns out that they can even be memes. One of them, Zoe Roth, sold her picture in front of a smoking house for about $ 500,000. The photos were taken through cryptocurrency – 180 Ethereum. The main thing is that the copyright still belongs to Rotha. However, the photo itself was presented as an NFT logo. This is not the only case. In February, the Nyan Cat meme was auctioned for $ 560,000, and the Bad Luck Brian photo was auctioned for $ 36,000.

As we have seen, there are a variety of goods put up for auction, both tangible and intangible. A good example is the story of Nathan Apodac, who decided to sell a video of his production posted on the TikTok platform. The success of the campaign and the required price made him famous. The tender started at $ 500,000. However, selling video from TikTok is not the end of the opportunities offered by NFT. Currently, even a tweet can be purchased in the form of a token. Twitter founder Jack Dorsey sells his first tweet on Twitter.

Therefore, we are facing a global change in which Polish accents also come to the fore. Marcin Pióro, the creator of brands such as Cinkciarz.pl and Conotoxia, is also trying to sell his first tweet as NFT. As you can see, the use of this technology has virtually no restrictions. The only threats to the spread of this algorithm are increasing management fees and exclusivity. After all, NFT has unlimited use features such as tickets, character skins and in-game items.

Where and why is it so expensive?

Everything is possible thanks to the use of blockchain technology, where individual tokens are stored. They can be managed only with the use of a key, ie a specific password. Today, the easiest way to become an NFT owner is to get a token directly. Another option is to buy cryptocurrency associated with tokens. Another way is to create non-convertible tokens yourself or convert the song to NFT. Of all the methods, the most difficult to implement seems to be an attempt to create a program that will work based on or using the following. non-functional icons.

Several major internet exchanges such as Open Sea, Rarible and crypto.com are already in operation, We can buy different things in the form of NFT: from internet domains to trading cards. There are also many new and inspiring projects around this technology like ALICE or Sand. The latter is an online game project based on blockchain technology. Each user can create digital buildings and other NFT creations and then trade them using Ethereum cryptocurrency. However, it is worth noting that tokens can also be associated with other cryptocurrencies such as MANA or Enjin.

By the end of 2020, the value of all tokens sold reached $ 338 million. Trade is gaining ground and will grow in popularity as more people turn to NFT de facto certificate of authenticity. The continued development of the blockchain architecture and the declining interest in cryptocurrencies also contribute to the benefits of the phenomenon.

NFT will conquer other industries

Computer game studios are also beginning to feel the potential and demand in this area. PunkPirates Community intends to introduce NFT in the production of the latest combat piano called Paintball VR. Tokens are used and used in games to sell unique weapons, exchange them, and sell characters. The premiere of the Polish studio is scheduled for the third quarter of 2021. This is not the only production that uses tokens. NFT will also be used in the game Zorro: Chronicles Published by BTC Studios SA from Warsaw, where they can be used in two versions.

The first allows you to change the item to another game created by the studio. The second option gives special opportunities to the hero of the game. The question is, will this instant speculation and interest pass as soon as it begins? Is this perhaps a real breakthrough in technology that will bring completely new opportunities to the world economy? At present, it is difficult to answer these questions. However, there is no doubt that in the coming years we will witness the further development of tokens and the growing impact on subsequent sectors and industries.

The football world is a good example of this. In addition to Juventus Turin, Legia Warsaw is one of the first clubs to start selling tokens. Warsaw club tokens can be auctioned by an intermediary on binance.com from July 22. Digital assets represent “military” players. They were currently Arthur Boruc, Mateusz Wieteska, André Martins, Filip Mladenović, Rafael Lopes and Thomas Pekhart. The token representing Arthur Boruj was sold for 1.1 ETH, equivalent to 13,198.45 PLN. In addition to the unique code, the winner of the auction received 5 checks for shirts and VIP tickets.

NFT itself was broadcast by the club to celebrate the Polish championship in the 2020/2021 season. Autodrome Jastrząb, one of the most popular tracks in Poland, can also boast of its NFT logo. Number non-functional mark The advantages of having a limited and limited Toru Jastrząb logo include elite membership in the #TeamJastrzab club, participation in indoor events and a fairly unique, personal space in the audience.

However, while it is not surprising that NFT can be used to buy works of art or the places mentioned in the stadium, there are some surprising offers. A good example is the story of an NFT buyer from Martha Rentel. Martha Rentel is an influential twenty-six-year-old and the star of the Polish TikTok. He has 657,000 Instagram accounts. followers. Rentel, the buyer, has auctioned an NFT token with a starting price of more than 250,000. dollars He will be able to meet a Polish woman or go to dinner. In this way, Rentel sold his “digital love”. Part of the proceeds from the sale will be donated to charity. As you can see, NFT can take many forms: from graphics to clothing to love.

Maybe NFT is the answer to a faster pace of life. Each of us wants access to art (no matter what) and tokens allow us to get a unique copy of the work that can only be for us. So why spend $ 500,000 on a meme? Disaster girl with an NFT tab, if we can download the same image from the Internet, but without the tab? Perhaps the answer lies in the desire for originality and exclusivity, which NFT guarantees as the only copy of the work.

For now, the legal status of tokens is a problem. Not the person who bought NFT in Poland de lege yay the owner of the song. Currently, there is no legal regulation that can allow the sale of virtual goods, in particular, giving another copyright. Tokens can be considered proof of sale or an identity card. However, the desire to participate in or be a part of a particular business effectively encourages the acquisition of NFT. After all, everyone wants to have something unusual, one in a million, and tokens give just such an opportunity.

The publication was not funded by a grant from any ministry in any of the competitions. Created by Donors of the Jagellon Club. We are grateful for the opportunity to act.

That is why we share this work openly. This work (excluding art) is licensed under a license Creative Commons Attribution 4.0 International. We recommend that you reprint and use it. However, please add a link to our website.

Leave a Comment