The Quantic Exchange section dedicated to NFTs is a new platform that allows artists and collectors to buy and sell works of art and more. In theory, anyone can create non-fungible tokens and experience the benefits of digital property rights, but Quantic has decided to do something different which we will be explained in this article.
What Is An NFT And How Does It Work?
NFTs are non-fungible tokens that have their own individuality. They represent a sort of unique and verifiable digital asset that guarantees their owners digital ownership of it.
NFTs are born from an image, a gif, a video, a piece of music or a tweet that is created by the author and converted using a hash code. The file that corresponds to the digital object becomes a real compressed string, consisting of only two characters, 0 and 1. This transformation is identified as hashing. Once the hash is obtained, it is stored on a blockchain with an associated timestamp. Within the NFT, the traces of subsequent hash operations are stored. Thanks to this mechanism it is possible to reconstruct information on the authenticity of Crypto Art and on the ownership of the work registered with NFT.
It is possible to buy NFTs mostly on the Ethereum blockchain, but many other blockchains are moving in this direction. Quantic himself expects to be able to launch an exclusive series of NFTs directly on its blockchain in the future.
NFT: the Trend of the Moment
It is now incontrovertible that the popularity of Not Fungible Tokens (NFT) and their adoption has increased exponentially in the last year; for the first time, artists known all over the world have begun to discuss it and even ordinary people have realized that they can exploit the unlimited potential of this new market in their favour.
NFT Marketplace was created to help artists produce and sell their artwork. Collectors, on the other hand, after purchasing them, can import their tokens from other exchanges and resell them at higher prices, generating a profit.
Before NFTs, artists could not easily prove the authenticity and ownership of a digital work; now both collectors and artists are able to do it with ease.
Why is the NFT Market Set to Grow?
If you are a musician, artist or content creator, an NFT allows you to sell your works in a limited digital format. An NFT is impossible to duplicate and is unique, unlike any other existing format. The goal of an NFT is to represent the property of the latter. In classical collecting an original painting is much more valuable than having an identical print of that painting. NFTs allow you to replicate the same concept, but in digital format.
Overall, NFTs are a way to create, purchase and share collectibles, ensuring their uniqueness and value.
Before that, right to an object and property have always been two difficult problems to solve in the digital world. How can you prove the originality of something if you can simply copy and paste the content easily? Until now, there weren’t many solutions for this sector.
NFTs, on the other hand, provide a way to make a digital property verifiable. We can see who the owner of a NFT is and its history of previous purchases. For the first time, artists can sell their works in a purely digital form and with a collectible element.
What Makes Quantic Exchange’s NFT Marketplace Different from Others?
There are already many marketplaces available that allow you to create NFTs. Despite this, however, no marketplace offers the concept created by Quantic Exchange. Within the marketplace, only the best works of art, selected by art critics who will be part of the Quantic team, will be available for purchase by users.
Quantic’s choice of not allowing everyone to sell their NFTs tends to reward the user of the platform.
In fact, the customer will not have to worry in any way (although he may be inexperienced) to buy an NFT of low or even worse zero value; on the contrary, it will already know from the outset that that specific NFT already has a very high intrinsic value and in a more or less extended amount of time, it can expect an increase in its value.
To sell, auction, or buy NFTs, it will be very easy to draw on the large amount of users that Quantic will have, in order to obtain the best price and valuations for all the works.
Looking at the Quantic program, it can be seen that the goal is to have a high number of active users in one year and this will prove to be a great advantage for the liquidity and visibility of the works of art on the platform.
