Digital Art, NFTs, and More

Tokenization, one of the essential building stones of the blockchain ecosystem, enables the creation of new business models in many existing sectors. Tokens and tokenization have the potential to make a big difference in many industries, from art to logistics, from real estate to insurance. By diversifying investment vehicles, tokenization allows investors to expand their portfolios by adding new assets.

On the other hand, NFTs have a different and unique place among all tokens. The range of financial products and services expands, and the works of artists meet with collectors and users through many NFT platforms thanks to the accessibility, transparency, and cost-reduction features of the blockchain. NFTs and other digital assets can be exchanged through digital wallets on NFT platforms. 

In early 2021, the news that an artist named Mike Winkelmann ("Beeple") sold his digital artwork called “Everydays: First 5000 Days” for 69 million dollars dropped on the world agenda like a bombshell. Almost two years have passed since this sale. In the meantime, many digital artists have sold their artworks by converting them to NFT. Examples such as tweets, gifs, basketball shots, Bored Ape Yacht Club, and many more followed this sale. NFTs have acquired a significant share also in the gaming marketplace. Many NFT platforms and marketplaces have been established targeting different sectors. Meanwhile, Facebook changed its name to Meta towards the end of 2021, and the notion of the metaverse came into our lives. NFTs gained a solid seat in the metaverse because, in the metaverse, the ownership of lands, avatars, and items of the avatars has been determined using NFTs. 

“Arkhemist” is a reliable and easy-to-use blockchain-based platform where a digital structure is created, crypto money can be earned from digital assets, people are kept safe through their digital identities, and real identities are used for digital identities developed. Users can convert their text, photo, and video content to NFTs and present these to collectors and interested parties through this platform. Arkhemist as a portal that will enable the creation, trading, and use of new-generation digital assets as a financial instrument, can be expressed as a marketplace that provides the flow of digital assets.

NFTs Use Cases

Digital content can be reproduced, copied, and distributed in an electronic environment unlimitedly. For this reason, it is difficult to determine the originality and uniqueness of digital content. NFTs provide uniqueness detection in digital content. For example, you can download a copy of the digital artwork created by Mike Winkelmann to your computer, set it as a background on your mobile phone, or print it out and hang it on a wall in your home. However, the original, first and unique version of this artwork is in a man/woman's digital wallet in Singapore.

Undoubtedly, NFTs bring a new dimension to digital art collecting. However, it should not be considered as the use cases of NFTs are limited to digital art or collectibles only. It is also possible to convert real-world assets, such as a house, into an NFT.

Using NFTs as collateral instruments can also have many advantages. For example, illiquid and high-value assets can also be tokenized and opened to investment in NFTs in parts. The most important feature that distinguishes the new generation digital asset marketplace Arkhemist from the others is a crypto-money lending system. Users can buy crypto money by collateralizing their NFTs on Arkhemist. They can then easily get their NFT back by paying back the crypto money they lend. Arkhemist offers users the opportunity to make high profits on crypto money and other digital assets; as a platform that allows a very innovative perspective on digital asset investment.

Another trend in the world is to store and transfer e-commerce documents (such as bills of lading) on the blockchain. NFTs have a critical role also in this field and have become a part of international trade.

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What makes NFT different from the other tokens?

Globally, there is no unanimity or uniformity on how tokens are categorized. However, tokens are generally subject to a triple distinction as "utility tokens”, “payment tokens” or “security tokens” according to their economic functions.

Another specification that can be used as a criterion to categorize tokens is "fungibility". The feature that distinguishes NFTs from the other tokens is "non-fungibility” which is hidden in the word NFT. This feature can be defined as non-interchangeability and being one-of-a-kind. Some call NFTs also "noninterchangeable tokens".

Contrary to the fungible tokens, NFTs have a unique token identity ("tokenID"). For example, 1 Bitcoin is always equal to 1 Bitcoin. Also, Bitcoin can be divided into smaller pieces (satoshi). However, an NFT cannot be the same as or equal to another NFT. It is impossible that NFTs to be divided. There can only be one NFT with one token ID. NFTs have an essential role in proving the ownership of assets.

NFTs should be evaluated in terms of their next-generation investment potential as a technology that allows people to make direct, less costly, and reliable transactions in the fields such as finance, health, insurance, and digital identity. The fact that the legal approach and definitions are not yet clear and uniform has led to the emergence of some requirements in the digital asset world. To eliminate the problems caused by uncertainty, the “Arkhemist” as a platform for NFT and other digital assets, offers users a safe, secure, and functional space.