Thank you so much for doing this with us! Our readers want to know, what exactly are NFTs, and how do they impact our society?
Mateo Jakelic & Kristijan Damjanov: NFTs are a big part of the Web3 iteration, Web3 means the world wide web-based on the blockchain technology, which incorporates the concepts including decentralization and token-based economics. We could call it the new generation of the internet.
NFT means a nonfungible token, which is a digital asset where there is only one copy on the blockchain. They can be used to represent pieces of art, music, virtual worlds, basically anything introduced through the blockchain. As Web3 is being developed, NFTs are more and more adopted and incorporated into it. Many international companies have already made their NFT collection and are investing heavily in this market. It’s becoming clear – NFTs are here to stay, because of their endless possibilities.
So what is the connection between NFTs and cryptocurrency anyway?
Mateo Jakelic & Kristijan Damjanov: NFTs are based, stored, and built on blockchains that cryptocurrencies are made on (e. g. ETH, Algo, Tezos). The majority of the market represents Ethereum blockchain based NFTs. The only difference is that NFTs can represent anything a user desires.
Are NFTs the future of art and collectibles?
Mateo Jakelic & Kristijan Damjanov: Undoubtedly. “The Kiss” from Gustav Klimt has just been made into a collection of NFTs. NFTs are also very well secured, as collectors shall find it comfortable to simply store their NFTs in their wallets. What lacks is a social media platform, where this community could interact.
Here, our project “Allbum” offers numerous solutions. Interacting (e. g. comments, shares, likes) with NFTs and the proof of ownership – you will only be able to post an NFT on your feed if you own it in your wallet.
This is not the end, check out the rest of the blog here.