NFT tokens, or why postmodernism needs blockchain.

🔥 An American blockchain company bought a copy of Banksy’s work from an art gallery for $95,000 and burned it live.

After that, the piece of art was digitized and turned into a unique virtual asset — an NFT token.

🖼 The painting itself no longer matters: it was burned, and how much the digital version (token) will cost will be known after the auction, which is scheduled to end on March 9.

Bidders will be able to place bets exclusively in cryptocurrency. And something tells us that an item that exists not in the real world, but in the metaverse, will sell much more expensive than its physical format bought.

🪙 Within an open blockchain, all tokens are equal to each other and are interchangeable. This means that one token can be replaced with another in the same way as one hundred-ruble bill can be replaced with another in the same denomination.

The Non-Fungible Token (NFT) technology works differently: each such token is unique, so it cannot be forged, split, or subtly replaced. This is ideal for securing your rights to any unique object, whether it is a work of art in a single copy, an object in a computer game or real estate.

NFT technology was created in 2017 on the basis of Ethereum smart contracts, but soon this format of tokens can be created on the DecimalChain blockchain.

👩🏼 It is not surprising that the first representatives of art tried out the technology, thereby turning NFT into an indispensable attribute of postmodernism.🎨 The NFT technology itself produces new meanings, becoming to some extent art, because the value and price is no longer the picture itself, a bit or a tweet of a famous person, but the fact of owning it. And this fact is protected by cryptography, lies on your wallet and can be sold for much more money than bought, even just because it is unusual.

📈Soon, NFT will naturally go beyond the limits of art, especially when the creation of such a token will be available to anyone without programming skills and additional software and applications, in a few clicks, with the help of a simple and understandable DecimalChain ecosystem.

💻We are also preparing a marketplace where you will be able to buy and sell your NFT tokens. You`ll get more information about this in the next post.

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DecimalChain

Decimal helps communities to issue and manage blockchain assets.