CryptoArts, a new favorite in the digital age
Recently, a NFT painting of digital artist Beeple was sold for $69.34 million, setting a record price for cryptoart. Earlier, Dorsey, the CEO of twitter, transferred his first tweet as a NFT, with the price of about $2.9 million. The birth of these high-priced works of art has pushed the cryptoart into the artistic field，which has been changing people’s traditional cognition and empirical judgement of art. So what is NFT? Is NFT valuable?
NFT (non-homogeneous token) is also a kind of cryptocurrency asset, which relying on the blockchain network behind it. The holding information of these assets can be recorded in the blockchain. Different from bitcoin and Ethereum, each NFT is unique, so it is not for exchange, like basic commodity purchase or other basic transactions money. However, because of that NFT assets can’t be copied, works of art or collections can be transferred on the blockchain network as the unique cryptocurrency asset. For example, if you successfully register as a password artist on the NFT trading platform, your uploaded works of art can also become a NFT asset. The process of becoming a NFT can be regarded as “coinage”, and then by aggregating into blocks to become the unique token asset on the blockchain.
All along, the biggest attribute of art is uniqueness and irreplaceable, which coincides with the essence of NFT. In the traditional art market, artworks are repeatedly sold at high prices, which is unmatched by any other industry. At present, cryptoart is the most powerful growth area in the digital collection market.
Perfect combination of encryption technology and artistic value
Although NFT assets are unique and irreplaceable, and can exist in different forms and contents, their essence is still token. Token itself has no intrinsic value. Only when it is placed on the value system of the real world, can it be endowed with specific meanings.
When we buy a NFT, it actually means that we buy a “digital certificate” representing the ownership and authenticity, that is, we get a unique password generated by blockchain technology. For example, if you buy a painting in the art field, what others see is only a copy of the digital picture, while the buyer has the only original copy of the whole network. This work has been authenticated by blockchain technology, and has a digital signature that cannot be copied, so that buyers can confirm the uniqueness of their collection. The underlying logic is the consensus mechanism based on the network computing power of blockchain. For the cryptoart, this network flow based consensus is important. Through effective mechanisms to improve consensus, let more people know about the works, and by exposure and auction, or artists’ appearance on public media, can achieve “value-capture”, thus increasing the collection value and transaction price of works.
In this process, encryption and privacy protection technology play a key role. For a cryptoart, the owner should have both the ownership and the right to use. Currently, we only protects the ownership, but fails to protect the right to use. If the owner of a work puts a cryptoart on display in the gallery, the owner can get a share of the income from the exhibition, and only with the authorization of the owner, can the art work be fully displayed. Only in this way can the right to use of cryptoart be more effectively protected, which is what PlatOn’s privacy computing has been working for.
The privacy token contract of PlatOn can achieve the purpose of hiding identity through zero knowledge proof algorithm. Zero knowledge proof is to make the verifier believe that one has some knowledge or ability without providing any useful information to others, so as to protect the cryptoart. In addition, digital assets need to be taxed in the future, which also involves the trade of ownership. Token’s Rosetta privacy AI framework improves the efficiency of MPC (multi-party secure computing) and provides strong support for digital asset trading.
Platon’s Alaya scheme, Protecting the cryptoart
As a global blockchain leader, PlatOn, with its rich experience in the field of privacy protection, can help the digital identification and asset digitization of traditional works of art and even real estate, and help traditional assets become indelible and unchangeable . PlatOn launched the meta network Alaya scheme on October 24 last year. The scheme is based on distributed storage system, with globally distributed nodes, and is linked in the form of NFT. It supports the subsequent change of ownership of digital assets through cooperative transfer, so as to protect cryptoart and built a new digital civilization.
In addition, in the main network release of PlatOn is launched in last month, NFT transfer is also used for voting on the chain, and NFT badges in the main network community will be sent to all voting participants. It can be seen that PlatOn’s exploration on NFT privacy protection has been in the field including the cryptoart, community souvenirs, voting and so on, which will light the dawn of new digital civilization.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bengaluru Bytes journalist was involved in the writing and production of this article.