What is NFT? And what does art have to do with it?
NFTs are non-fungible tokens. This is their main feature. Thus, if we imagine $10 NFT, then this is a specific unique $10. And we are talking not only about the number of the bill, but clearly about a specific bill with all its creases and signs of wear. Here, of course, adjusted for the fact that the material $10 can be touched, and the NFT $10 exists in the form of a code.
In general, everything is logical if you look at analogues in the material world. For example, in 2019, an exhibition of the artist Munch, who painted the famous picture “Scream”, was held in Moscow.
And for some reason the whole of Moscow was bursting to look at the picture. Although there are a lot of pictures on the Internet, and the poster is easy to buy in a specialized store with home delivery. But for some reason everyone wanted to see the original. And it is important to note that only the original is dearly valued. You cannot print a picture on a printer or ask an artist friend to copy a canvas and get 119 million 922 thousand 500 dollars for it, for which the original painting was sold at Sotheby’s auction in New York in 2012.
So why, if you can sell tangible originals, can’t you do the same with intangible artifacts? At the same time, exactly the same principle applies here. Everyone can take as many screenshots of Dorsey’s first tweet as they like. But these will all be copies.
If you say that this is some kind of insanity and lines of code with a picture on the monitor have no value, then you will be both right and wrong. In fact, most artifacts of art or previous eras should not be expensive. For example, Napoleon’s saber, kept in the State Historical Museum, should not be expensive today - steel and silver with gilding. Damascus steel, of course, is in price, but such things can be bought freely or ordered. The value of Napoleon’s saber is that it belonged to Napoleon. And for some reason, in the eyes of society, this makes it possible to estimate the saber at 6.5 million dollars.
So formally, the value of NFT is that people have decided to believe that they are valuable. If it seems to you that the world is absorbing madness, then it is not so. We are slowly (or rapidly) moving towards full digitalization of everything around us. However, basic things (such as the desire to possess) remain unchanged. It is logical that new values require new approaches.
Users who use, mint and trade NFT on the Ethereum network face the challenges of high transaction costs and limited bandwidth. Users in the NFT market who are limited by the high transaction costs of the Ethereum network get the opportunity to create, transfer, deposit and withdraw NFTs in the ZKBox Layer2 solution. Since blockchain technology and cryptographic collectibles are so actively penetrating our lives, NFT with Ethereum Layer 2 will become the foundation of the future.
The main goal of ZKSwap’s NFT Layer 2 is to solve the problems of transaction speed and scaling faced by major cryptocurrency networks and other decentralized applications. The secondary Layer2 framework is an additional blockchain that works in tandem with the main network, allowing you to save space. In the ”secondary layers", transactions can be aggregated before they are distributed over the Ethereum network, while saving on commission fees inclusive.
Summing up, we can say that Layer 2 solutions certainly have a huge impact on the development of the entire Ethereum ecosystem, but ZKSwap developers will definitely need a lot of time to develop various kinds of solutions. The NTF industry will remain in trend, continuing its aggressively parabolic growth, so the need for new technical solutions will arise constantly.