NFT and crypto art have become a loud trend recently, and they are most often discussed in connection with the cost of lots – which is sometimes shocking. In fact, how much are you willing to pay for a digital picture or a small video that will formally be yours, but will remain in the public domain? Many are willing to give tens of thousands of dollars.
NFT as a technology has been around for several years, but its real boom happened when digital objects, including digital art, began to be sold with its help. In April, we witnessed how digital artist Park sold his NFT work “The Fungible Collection” in collaboration with Sotheby’s auction house on the popular NFT Nifty Gateway marketplace. The total cost of the collection was $16.8 million. The work “Cubes” (“cubes”) collected 14 million US dollars, which were spent by 3080 unique buyers for 23,598 cubes.
One of the “Cubes” objects of the Pack.
What do they pay for when buying NFT and what are the problems?
This is a very good question. Explaining the cost and value of NFT art, they often draw an analogy with the “Mona Lisa”: this is also a very replicated piece of art, but the more valuable the original becomes. The more noise there is around– the higher the cost of the painting.
But it seems that such logic has a flaw: firstly, “Mona Lisa” as a painting is unique and exists in a single copy. Crypto art can be sold dozens and hundreds of times – in this regard, it rather resembles a limited collection of some sneakers, only you can’t put them on and touch them – but you can resell them.
Secondly, no matter how many copies were created from the Mona Lisa, the physical original has value. It has Da Vinci’s original brushstrokes, a kind of “presence” of the artist, carried through the centuries. In the case of a digital painting, this presence is not present or it is not felt. In knocking with NFT, it is incredibly important to verify the authenticity of the digital art object and the author’s affiliation.
A couple of months ago, a service was released to check the reliability of NFT. I have tested it, and at the time of writing it works clumsily. For example, for many tokens normally implemented according to the 721 standard, it cannot determine the metadata URI at all, although the tokenURI() function in the contract of these tokens works properly. I think ZKSwap could use their Layer2 to make a literally perfect token authentication system using zero-knowledge proof technology. At the same time, the user will not need to disclose unnecessary information that he would not like to display in the public field. To prove authenticity, only a small fragment of a file (several kilobytes) can be used, a copy of which will be stored in the chain and used as the source key for comparison. This will reduce the load on the blockchain and reduce the size of files in the chain.
I think the technologies that ZKS can offer to the NFT market are quite enough to radically change the situation and become a real leader in this direction. I wish you success and believe in the good)
My Wallet: 0x77b15faE431C80eff12BC9a92D2612e5fcC005Fa