NFT and digital art

Oskar

25 Jul 2021
NFT and digital art

Before NFT tokens, it was a big problem for artists to verify the originality of a work. NFTs are now an increasingly prominent theme in digital art. The non-exchangeable tokens create a number of new opportunities for both artists and investors. But basically why NFT and digital art are a great combination?

How NTF is helping the digital arts

An NTF is a token, which is a unit of data stored in a digital ledger, called a blockchain, that certifies that a digital asset is unique and unforgeable. This allows such a token to function as a kind of collector's item. NFT is a class of unique tokens that are created to be non-exchangeable, unlike tokens like Bitcoin or Ether - in their case, each token represents an identical value.

NTF allows artists a new way to monetize their work. For example, painters can tokenize their paintings and poets can tokenize their poems. Of course, tokenization is not always necessary to monetize digital art, but it will undoubtedly create innovative opportunities in this regard. First of all, NFT will bring new standards of certification of originality and uniqueness to the art industry. Moreover, it will significantly facilitate the trading of digital works while enhancing the security of transactions. In addition, some platforms dedicated to NFT art trading provide an opportunity for artists to earn from the resale of their work by a collector.

Before NFT tokens, a big problem for artists was certifying the originality of their digital work and protecting themselves from plagiarism. The blockchain-based digital record is resistant to copying, making it a certification of the originality of digital art.

When the world became interested in tokenizing digital art?

Unlike NFT, digital art has been with us for a long time - if only in the form of computer graphics that we interact with every day.  In recent times, blockchain has enabled its monetization in a new way - through tokenization. The world media took notice of the artistic NFT phenomenon when Christie's auction house sold a digital collage by Beeple titled "Everydays: The First 5000 Days" for $69 million. In addition, an Instagram poet sold one of her poems on Nifty Gateway, earning about $75,000.

Everydays: The First 5,000 Days

Traditional media have yet to capture the full potential of NTF and digital art, but an event like the sale of "Everydays: The First 5,000 Days" has rekindled public interest in tokenizing art.

Growth of NTF

The development of the NTF market is gaining momentum. More creators are interested in this way of monetizing their work. In addition, NFT as a new type of collectible goods also arouses growing interest among investors. 

The most popular NFT token standard is ERC-721, introduced back in 2018. However, it was in 2021 that the rise in popularity of non-exchangeable tokens took on new momentum. This coincided with the shift of many life experiences, including cultural ones, to the online space due to the COVID pandemic. Perhaps it is this trend that will drive the growth of the digital art tokenization market. Moreover, the young generation that is just entering adulthood is increasingly interested in innovative digital products. If one has dreamed of owning a digital artwork, it has now become much easier.

NFT development platforms

Creating simple NFTs, such as graphics, collectible cards or GIFs, is a relatively uncomplicated process, even for people without much knowledge of blockchain technology.Currently, the vast majority of NFTs are created on the Ethereum blockchain. More and more platforms dedicated to this purpose are appearing on the market:

  • OpenSea
  • Rarible
  • SuperRare
  • Foundation
  • Myth Market

Read more about creating NFT on our blog - Creating NFTs - everything you need to know

NFT and art - summary

The distribution of NFT tokens is not only another channel for monetizing one's work, but above all, it is a significant step towards the spread of digital art. In the last decade, art (including music) has changed dramatically thanks to computers and digitization. It is blockchain technology that is likely to bring the next revolution in this field.

Tagi

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What is Account Abstraction?

Karolina

10 Nov 2023
What is Account Abstraction?

Account abstraction is a new way of thinking about how users interact with blockchains. Instead of using traditional externally owned accounts (EOAs), account abstraction allows users to create and manage their accounts using smart contracts. This has a number of potential benefits, including improved security, enhanced privacy, and increased flexibility.

What is account abstraction?

Account abstraction is a concept that, at its core, aims to simplify the user's interaction with blockchain networks. It is a transformative approach that seeks to mask the technicalities of blockchain operations from end-users. It is making transactions as straightforward as sending an email. Account Abstr. allows users to interact with the blockchain without worrying about the underlying technical details.

How does account abstraction differ from the traditional model?

In the traditional account model, each user has an EOA. EOAs are controlled by private keys, which must be kept secret in order to protect the user's funds. Acc. abstraction allows users to create and manage their accounts using smart contracts.

Historical Context

The journey towards acc. abstraction began with the first generation of blockchain technologies, characterized by their "one-size-fits-all" approach to account management. Bitcoin, for instance, introduced the concept of accounts and transactions in a form that was accessible to tech-savvy individuals but remained perplexing to the layperson. Ethereum expanded on this by introducing smart contracts, which opened the door to programmable transactions but did not alter the fundamental account structure. The idea of acc. abstraction has been discussed in the Ethereum community for several years as a part of various Ethereum Improvement Proposals (EIPs), particularly as a feature to be potentially implemented in Ethereum 2.0. It is a direct response to the need for a more versatile and user-centric design that can cater to a broader audience and spur the widespread adoption of blockchain technology.

The Technicalities of Account Abstraction

Account abstraction is not merely a theoretical construct but a technical innovation with specific mechanisms underpinning its operation. In essence, it alters the way transactions are initiated and executed within a blockchain network.

How Account Abstraction Works

Under traditional blockchain models, initiating a transaction involves an externally owned account (EOA) signing a transaction with a private key. This transaction is then broadcast to the network for validation and inclusion in the blockchain. Account abstraction, however, replaces this process with a more flexible one. Here, every account is a smart contract, and transactions are messages sent through these contracts. These smart contracts can encode complex rules for transaction validation, beyond what EOAs can do, such as multi-signature requirements or conditional transactions based on certain triggers.

The technical crux of account abstraction lies in the smart contract’s ability to define its own conditions for transaction execution. This means that user accounts can have unique security protocols or automated operations without the user needing to understand the underlying smart contract code.

Hey! Are you interested in the latest technologies in the blockchain area? be sure to read the article 'Top Zero-Knowledge Proof Projects to watch in 2023'

The Benefits of Account Abstraction

The implications of account abstraction are profound, offering a range of benefits that can enhance the blockchain experience for users and developers alike.

Improved User Experience

One of the most significant advantages of account abstraction is the improvement it brings to user experience. By abstracting away the complexities of key management and transaction rules, it presents a more intuitive interface for users.

Enhanced Security Features

Account abstraction also allows for the implementation of advanced security measures. Since each account can define its own logic, users can tailor their security settings to their specific needs. For instance, one might set up an account that requires additional verification for transactions exceeding a certain value or restricts withdrawals to certain addresses.

Future Implications

The future implications of account abstraction are vast. As the technology matures, it could become a standard feature of blockchain networks, potentially making the current distinction between user accounts and smart contracts obsolete. This could lead to a new wave of blockchain applications that are both powerful and accessible, bringing us closer to the vision of blockchain technology as a seamless part of everyday life.

Challenges and Considerations

Technical Limitations

One of the primary technical challenges of Acc. abstraction lies in its integration with existing blockchain protocols. Current networks are optimized for the EOA model, and introducing a new account structure necessitates significant changes to the core protocol. This includes modifications to the way transactions are propagated in the network, how gas fees are calculated, and how the state of the blockchain is managed. Ensuring that these changes do not compromise the network's performance or security requires careful planning and extensive testing.

Compatibility with Current Systems

Another consideration is the compatibility of account abstr. with the vast ecosystem of existing blockchain applications and services. Wallets, exchanges, and other services have been built around the traditional account model. Transitioning to an acc. abstraction model will require these services to update their infrastructure, which may be a complex and resource-intensive process. Furthermore, there is a need for standardization across the industry to ensure that different implementations of account abstr. can work seamlessly together.

Conclusion

Acc. abstraction represents a significant leap forward in the quest for a more user-friendly blockchain experience. By streamlining the transaction process and offering enhanced security features, acc abstraction has the potential to make blockchain technology more accessible to a broader audience. However, the path to widespread adoption is not without its obstacles. Technical challenges and compatibility issues must be carefully navigated to integrate it into the existing blockchain landscape.

Key Takeaways

How to Add Gnosis Chain to MetaMask: A Simple Tutorial

Karolina

03 Nov 2023
How to Add Gnosis Chain to MetaMask: A Simple Tutorial

As the cryptocurrency ecosystem expands, there is an increasing need for various blockchains with distinct capabilities. Gnosis Chain enters the scene, offering a selection of unique characteristics. By integrating Gnosis Chain with MetaMask, users can access a more comprehensive array of decentralized services. We will walk you through the steps to add Gnosis Chain to your MetaMask wallet in this tutorial.

Prerequisites

Setting up MetaMask

Before exploring the integration of Gnosis Chain, it is crucial to have MetaMask installed and operational:

  • Download and Install: If you have not done so already, visit the official website to download and install the MetaMask browser extension.
  • Setup Account: After completing the installation, create your account and make sure to remember the provided seed phrase. This phrase serves as your primary means for account recovery, so keep it secure.
  • Secure Your Account: Protecting your MetaMask account is of utmost importance. Use a robust password and never disclose your seed phrase to anyone.

Gnosis Chain

It is always helpful to have a basic understanding before incorporating any new blockchain into your wallet:

  • Gnosis Chain Overview: Gnosis Chain, a rising star in the blockchain world, brings a range of decentralized solutions to the table, such as prediction markets and decentralized trading platforms.
  • Benefits & Features: Among Gnosis Chain's main selling points are its accelerated transaction speeds and potentially lower fees when compared to congested networks.

Tutorial: How to Add Gnosis Chain to MetaMask

In the top right-hand corner of your browser, you'll find the wallet. If pinned, click on the MetaMask fox icon; if not, click the three dots in the top-right corner. The following screen will appear:

An option to expand the wallet to a new browser page is available by clicking "Expand view:"

This action will launch MetaMask in a new tab:

By clicking on the ‘Ethereum mainnet’ in the top left corner, you can add another network. Click ‘Add Network’

Choose option ‘Add a network manually’

Then, input the information below:

Network Name: Gnosis Chain formerly xDai

RPC URL: https://rpc.gnosischain.com

ChainID: 100

Symbol: XDAI

Block Explorer URL: https://gnosisscan.io

After saving the settings, Gnosis Chain will be added to your network.

The Benefits of Adding Gnosis Chain to MetaMask

With multiple blockchains becoming more common, integrating Gnosis Chain with MetaMask offers numerous advantages:

Expanded Capabilities: Accessing Gnosis Chain through MetaMask opens up a collection of exclusive applications and features inherent to this particular blockchain, which may include unique dapps or cutting-edge financial products.

Diversification: The crypto domain is extensive and constantly growing. By incorporating various chains like Gnosis into MetaMask, you broaden your potential investment opportunities and decentralized application experiences, ensuring no opportunities are missed.

Speed & Cost-Effectiveness: Network congestion and high gas fees on established platforms like Ethereum can discourage many users. Gnosis Chain's architecture has the potential to provide relief through quicker transaction times and more affordable fees.

In summary, as the possibilities within the crypto sphere continue to evolve, tools like MetaMask grant users access to this expanding world. By adding chains like Gnosis, users can stay ahead in this decentralized revolution.

Conclusion

By bridging platforms like Gnosis Chain with accessible tools like MetaMask, individuals not only amplify their engagement with decentralized applications but also fortify their position in this expansive realm. The integration of Gnosis Chain to MetaMask epitomizes the evolution of the crypto landscape – a testament to its ever-growing diversity and potential. As we continue to delve deeper into the decentralized future, tools and integrations like these will undoubtedly play a pivotal role in shaping our digital experiences and opportunities. Whether you're seeking more efficient transactions, diverse dapp interactions, or simply a broader understanding of the crypto ecosystem, this guide's steps open doors to a new horizon. 

Tagi