Blockchain is maturing at a rapid rate. It is because 81 of 100 major companies worldwide use blockchain solutions. Out of these, 65 companies have an efficient blockchain system and the rest are in the research phase.
Smart contracts are computer protocols based on blockchain technology that define rules and penalties of an agreement in the same way as a traditional legal contract. The innovative use of these tools lies in the automation of the process of executing an agreement, which does not require third parties involved to control the security of the system.
A blockchain is a database – i.e. a set/group of ordered data – distributed and shared across a network of computers (called, in bloackchain jargon, ‘nodes’).
NFTs create a digital certificate based on Blockchain (a computer ledger divided into blocks) designed for the collection of users’ digital objects, including games, music, art and many others. With the acquisition of this certificate, digital artworks acquire a unique and rare identity (like non-digital artworks).
In one of our previous articles, we saw how NFTs – non-fungible tokens – have easily achieved vast global popularity in recent years. Suffice it to say that the market capitalisation of available NFTs has reached approximately USD 841.56 million (if you want to learn more, read our Crypto & NFTs Report).
The NFT are the equivalent of a certificate of ownership on digital content of any kind. The main characteristic of these elements is their uniqueness: they cannot be replaced by anything else.