As part of this project, the platform plans to locate world famous art objects by verifying their authenticity in collaboration with several major museums and with the help of NFT technology, make them accessible to everyone.
Thanks to NFT, the rights of use of the art objects obtained will be certified in unique fragments and the participants in the platform will be able to buy famous masterpieces of world art in parts through tokens. Thus, anyone can own the rights to masterpieces by renowned artists decorating the walls of public art spaces.
What are NFTs?
An NFT, from the English Non Fungible Token, is defined as a non-fungible token, what does this mean? It means that these tokens cannot be replaced by another of the same quality and characteristics. A fungible good, on the other hand, is one that can be replaced by another of the same quality and characteristics, such as fiat money (US dollars, pesos, etc.) since a $ 100 bill has the same value as a $ 100 bill. On the contrary, a non-expendable good is one that cannot be replaced by another of equal quality or characteristics, such as works of art. If we offer the Louvre to exchange “La Gioconda” for a replica painted by someone anonymous and unknown, the latter will not have the same value or utility. In conclusion, a non-expendable good cannot be replaced by another, nor can there be another like it.
The same thing happens with the NFT’s as with “La Gioconda”. As they are non-expendable goods, the NFT’s are unique and two of the same cannot be generated. This is possible thanks to blockchain technology, since each NFT is generated and stored in one of the blocks of the network. If two identical NFTs wanted to be generated, although these could look the same, they would not have the same indicator, since each NFT has a unique indicator within the blockchain, which it cannot be modified or replicated.
Source From: Ambito
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