NFT: what they are, why they were born, and what are the advantages

by Oema | Jan 19, 2022 | Virtual Reality, Virtual Worlds & Games | 0 comments

It is an acronym that stands for “Non-Fungible Token”. What does it mean? Compared to fungible goods, such as banknotes (which can be exchanged for other banknotes of the same value), non-fungible goods indicate that these goods are not replicable and replaceable, because they possess a specific individuality.

In recent months, there has been a lot of talk about Non-Fungible Token , more commonly called NFT. The news of millionaire purchases, coupled with public criticism and poor understanding of the true nature of NFTs, have created more than a few prejudices in people. A little bit of what happened with the birth of cryptocurrencies.

This article has the goal – challenging to achieve, we admit – to explain in a few lines what NFTs are and what their role is in our life, especially that of tomorrow.

Let’s start with the basics: what are NFTs?

It is an acronym that stands for “Non-Fungible Token.” What does it mean? Compared to fungible goods, such as banknotes (which can be exchanged for other banknotes of the same value), non-fungible goods indicate that they are not replicable and replaceable because they possess a specific individuality.

This individuality is given by a digital brand endowed with a certificate of authenticity and uniqueness. This certificate is issued thanks to blockchain technology. The NFTs are therefore associated with digital content. They guarantee the characteristics of uniqueness and authenticity, giving the owner a certificate of the genuineness of the digital product in question and owned by the NFT. Each NFT, thanks to the blockchain, is a unique piece, and therefore it is not fungible, i.e., not interchangeable. This is – in a nutshell – an NFT.

The numbers of NFTs

Currently, NFT sales have skyrocketed to $ 10.7 billion in the third quarter of 2021. This boom can also be attributed to COVID-19, which has prompted many people to experience digital differently: a second life. Furthermore, many artists, performers, and musicians – among the categories most affected by the pandemic – found themselves in the situation of reinventing themselves, finding in NFTs a way to earn from their work even remotely.

In fact, NFTs solve basic needs. First of all, giving value to what previously had none: digital art and the rights of creators on it. Secondly, the need for “recognition” (social, economic) of people also in digital spaces (and thanks to digital assets) is currently not satisfied.

To satisfy this need, dozens of metaverses have been created, where users can use and show off their NFTs. Facebook’s announcement of wanting to launch its own metaverse is a clear sign that the road to virtual worlds in which to use one’s NFTs is now open.

But what is a metaverse? The canonical definition is a three-dimensional space where individuals can move, share and interact through personalized avatars. In truth, there is no univocal definition. Still, it generically indicates a virtual place where you can hang out with other people, interact, invest and create your own character in the image and likeness of what you want to be.

The advantages of NFTs: why create and sell them?

NFTs are a godsend for brands and creators if you can say so. A whole new billionaire market born out of nothing in recent years: the earning possibilities are practically unlimited, and the costs for companies and individuals are minimal.

The application fields are equally infinite: everything can be sold as NFT, just create a digital copy of what you want to sell, and that’s it. You can tokenize individual products or digital works of art or create collections of thousands of objects.

Furthermore, NFTs incorporate all the classic advantages of the blockchain, namely decentralization, disintermediation, immutability of the register, traceability, and verifiability of its contents, movements, and transfers.

Another advantage is the possibility of earning from second, third, fourth, etc., sales. level: in a nutshell, you are paid back for your rights every time your NFT is resold to a third party. All thanks to the fact that every transfer of ownership is traceable on the blockchain on the blockchain. A continuous revenue stream, unlimited over time.

Too much power to intermediaries

However, a limitation of NFTs is that today it is necessary to interface with numerous intermediaries. In fact, a brand or creator wishing to create and sell their NFTs must necessarily contact two third parties: the blockchain, on which to mine their token, and a marketplace, where they can sell it.

While there is little to do with the blockchain, a solution to do without third-party marketplaces – which earn thanks to commissions – exists, and it is NFT-Commerce, our digital commerce platform dedicated only to NFTs. Through our system, we will allow you to create a direct connection between your site/app with the reference blockchain, either through a dedicated wallet or directly with a payment gateway via credit card.

Therefore, the user can directly buy your NFTs on your digital property, either through their own cryptocurrency or by paying by card. This system allows both to save third-party commissions, manage the shopping experience, and recover customer data.

Conclusions: why selling NFT makes you money

NFTs are the future – it is undeniable – because they respond to needs long been neglected by institutions and companies. Exploring this world can bring significant gains and offer a competitive advantage over competing companies.

It is crucial to consider the advantages and the challenges that new technology poses and not fall into the trap of superficiality when approaching NFTs. This is why it is essential to ask for support from those who already live and work in the world of blockchain. Because when a new market arises, relying on those who have already managed to create expertise is fundamental.

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The fashion of the future: between NFTs and the Metaverse

by Oema | Jan 18, 2022 | Virtual Reality, Virtual Worlds & Games | 0 comments

Would you ever buy an item of clothing that does not exist? 

And how much would you be willing to pay for it?

The virtual fashion industry (also called digital fashion) has already recorded sales of tens of millions of Euros, confusing our definition of what is real in fashion and what is not. 

According to Gucci, the brand of the moment is “only a matter of time” before significant fashion houses become part of the NFT (non-fungible tokens) world and other aspects of digital fashion. With fashion month ending in October, many brands have worked with NFTs to bring digital garments into their collections. 

This is because even fashion is preparing for the transition to the Metaverse.

The metaverse 

The concept of Metaverse is one of the most important trending topics in technology, especially since Facebook has adopted its vision in total, going so far as to change its name in meta.

By itself, the Metaverse is a broad term that generally refers to shared virtual environments. For example, people can access via the Internet and in which you are represented by your own 3d avatar.

We have interacted online by going to websites or through social media and apps to date. At the same time, the idea of ​​the Metaverse consists of more multidimensional interactions, where users can immerse themselves in digital content rather than just seeing it.

Inside, as presented by Mark Zuckerberg, people can meet, work and play. This is, in fact, possible thanks to headphones, glasses for augmented reality, apps for smartphones or other devices. However, there is no doubt that all these devices will consume more and more electricity, and there will be a need to efficiently manage resources.

Fashion in the metaverse

The potential online activities will be as varied as virtually attending a concert, taking an online trip, buying and trying on digital clothes. In addition, within the Metaverse, users will purchase virtual land and other digital assets presumably using cryptocurrencies.

Fashion will also be increasingly rooted in the Metaverse: Generation Z customers will spend more and more time playing online, socializing, and shopping.

Despite being virtual reality, people want their avatars to look their best. 

Thanks to NFTs, the metaverse experience will allow people to fully immerse themselves in the fashion industry even within a virtual world, having proper ownership of the fashion and luxury items they buy.

Since NFTs are traceable and unique, the problem of fake fashion items will be a thing of the past, with every digital item being verifiable on the blockchain.

Virtual reality will allow fashion brands access to a new revenue stream. Instead of only selling physical products, fashion brands will make money by selling their virtual items and clothes on a decentralized market. An additional advantage for brands is the possibility of reaching a larger pool of fashion enthusiasts, who will be able to participate without being in physical proximity to the brand.

What to expect from brands in the metaverse

In recent years, the fashion industry has focused on the intersection of the digital and physical market, expanding more and more into the latter, leading to two different approaches to digital fashion:

1. Physical and digital combined: that is the digital fashion that a person can wear using augmented or virtual reality
2. Fully digital: that is the digital fashion that is sold directly to an avatar

An example in this direction is the collaboration between Balenciaga and Fortnite, which has made it possible to purchase dresses (seen below) inspired by various Balenciaga designs within the game.

Collaborating with the gaming industry is not just a way to experience the creativity of your designers, as it represents a substantial economic opportunity, helping brands to move closer to generation Z. Most of these joint ventures, in fact, offer Buyers the chance to get their hands on a limited edition physical garment, like the one featured in the game.

The fusion of the video game and fashion industry offers unlimited opportunities for creativity, which will go beyond the physical limits of the fashion industry, being the avatars of any shape you wish.

In October, Dolce and Gabbana released a digital collection of nine NFT clothing items, calling it the “Genesis Collection.” Sold for approximately $ 5.7 million, the collection has become the most expensive digital collection to date.

On the other hand, some think of extending “digital fashion” even outside the Metaverse, focusing on two factors that are increasingly protagonists in fashion: sustainability and technology. For example, Jae Slooten, co-founder of the pioneering Dutch digital fashion brand “The Fabricant,” argues that real-world style will become increasingly technological and sustainable, with intelligent materials that act as a second skin and monitor our body. , consuming energy clean at the same time.

“I feel the future lies in materials that are intelligent and that can grow with us or even grow on us, “Slooten explained, adding that the physical world will allow people to exhibit “a more sober expression of who is.” 

Otherwise, according to Slooten, the expressive part will be translated into virtual reality. “And then, within the digital world, we can go completely crazy. We can wear a dress made of water or have lights everywhere and change your textile according to your mood “.

Last year, Slooten’s company Fabricant set a record when one of her virtual dresses sold at auction for $ 9,500.

“The new owner wore it on her Facebook and Instagram, “Slooten said.

In conclusion, in the Metaverse, a virtual world that mainly offers a visual experience, the role of fashion as a tool for personal and social expression can only play a central role. It remains only to wait for screen wear to become the new streetwear.

This article, written for you by internet-home, wants to inform people about the development potential of fashion in the Metaverse and in NFTs.

Source: Internet-casa