The COVID-19 pandemic has pushed digitalization and digitization across all industry sectors and blockchain is considered an innovative frontrunning technology with regards to applicability and usability in these challenging times. Blockchain technology has enabled access, through the process of tokenization, to assets that, until now, could not be traded quickly and easily. Tokenization is one of the cornerstones of Decentralized Finance (DeFi) and a native functionality of multiple blockchain architectures. The properties and features of a token unlocks a variety of economic possibilities, besides the main function of using it as fuel for the network itself. A basic definition of a token refers to a digital asset that is created, issued and managed on a Blockchain or Distributed Ledger Technology (DLT) infrastructure, and is designed to be highly secure with an instant transferability property. With the advancement of smart contracts, some built-in functionalities have been developed and programmed, which helped push the tokenization process to new heights. From real estate security tokens that represent fractionalized properties to platform specific tokens that incentivize the use of a particular application, tokens have emerged as a secure and digital alternative for users across the world to access, trade and store value. The Content Creators and Art industry is going through a paradigm shift with the introduction of Non-Fungible Tokens (NFTs), as the space is acquiring a large number of artists hoping to capitalize on the innovation and distribution power that blockchain technology is offering. What digitization first removed from art, blockchain is trying to bring it back, reshaping the art world with viable tools for provenance, authenticity and distribution. In this paper we will assess the innovative approach of NFTs in different sectors, with an in-depth analysis of their usability and impact. We will be focusing on the features of NFTs to ensure scarcity, traceability and proof of ownership, amongst the most essential properties needed to create, store and maintain the value of an asset.

1. NFT- Innovation Beyond the Craze
Abstract:
The COVID-19 pandemic has pushed digitalization and digitization across all
industry sectors and blockchain is considered an innovative frontrunning
technology with regards to applicability and usability in these challenging times.
Blockchain technology has enabled access, through the process of tokenization,
to assets that, until now, could not be traded quickly and easily. Tokenization is
one of the cornerstones of Decentralized Finance (DeFi) and a native
functionality of multiple blockchain architectures. The properties and features of a
token unlocks a variety of economic possibilities, besides the main function of
using it as fuel for the network itself. A basic definition of a token refers to a
digital asset that is created, issued and managed on a Blockchain or Distributed
Ledger Technology (DLT) infrastructure, and is designed to be highly secure with
an instant transferability property. With the advancement of smart contracts,
some built-in functionalities have been developed and programmed, which
helped push the tokenization process to new heights. From real estate security
tokens that represent fractionalized properties to platform specific tokens that
incentivize the use of a particular application, tokens have emerged as a secure
and digital alternative for users across the world to access, trade and store value.
The Content Creators and Art industry is going through a paradigm shift with the
introduction of Non-Fungible Tokens (NFTs), as the space is acquiring a large
number of artists hoping to capitalize on the innovation and distribution power
that blockchain technology is offering. What digitization first removed from art,
blockchain is trying to bring it back, reshaping the art world with viable tools for
provenance, authenticity and distribution. In this paper we will assess the
innovative approach of NFTs in different sectors, with an in-depth analysis of
their usability and impact. We will be focusing on the features of NFTs to ensure
scarcity, traceability and proof of ownership, amongst the most essential
properties needed to create, store and maintain the value of an asset.

2. ● Introduction:
When it comes to creating and selling NFTs, the process is really rather simple. It
works like this:
An individual (or company) selects a unique asset to sell as an NFT.
They add the object to a blockchain that supports NFTs through a process called
“minting,” which creates the NFT. The NFT now represents that item on the
blockchain, verifying proof of ownership in an immutable record.
The NFT can be kept as part of a private collection, or it can be bought, sold, and
traded using NFT marketplaces and auctions.
As you might imagine, the technical definition is a bit more convoluted. If you’re
interested in that kind of breakdown, our NFT dictionary gives you a
comprehensive overview of all the technology and infrastructure in the NFT
ecosystem. Publishers, producers, and auction houses often strong-arm creators
into contracts that don’t serve their interests. With NFTs, artists can mint and sell
their work independently, allowing them to retain the IP and creative control.
Artists can also earn royalties from all secondary sales of their work.
In this respect, NFTs have the potential to create fairer models by bypassing the
gatekeepers that currently control creative industries, and many individuals buy
NFTs because it’s a way of empowering and financially supporting the creators
that they love.

3. ● Digital Collectibles:
Non Fungible Tokens are becoming the epicenter of the next gold rush. Will there
be another bubble burst or not, we can just speculate. These digital collectibles
are creating a real hype and transforming the way we value things. But isn’t that
what any innovation does – change the way we behave? It doesn’t matter if you
believe in the whole concept of NFTs, it is impossible to stay indifferent about the
subject matter. If this is the first time you’re hearing about them, you will
undeniably have an opinion by the end. Now, the first impression during the
pandemic was that everything went dormant, that the global economy stood still
and that the whole world went under lockdown. A lot of industries did suffer a
setback but now we are starting to see that despite that, some trends
skyrocketed. Cryptocurrency and blockchain technology aren’t a novelty and it
seems that they are slowly but surely becoming mainstream, if not in the real
world, then in the virtual for certain, and we are hearing a lot more about
metaverse, virtual events and non-fungible tokens. NFTs are based on
blockchain technology, and they are unique digital assets. Anything from art,
audio and video files, text, in-game items, basically anything that could be
collected, and people love to collect all sorts of things.

4. ● Solutions:
The mind boggling question is – why pay when you can have it for free? People
spend enormous amounts of money on NFTs, and yet everyone else seems to
be able to enjoy them for free. The thing is that every NFT has a signature that
can be verified, and people who buy them get a digital certificate of ownership
and authenticity, or in other words- they gain the rights to the unique token. The
tokens are unique, and one of a kind. Blockchain technology allows for the
validity and ownership to be tracked so that it ensures that there can only be one
real owner. But one problem with this is that a non-fungible token can exist on
one blockchain, but that doesn’t limit the seller from offering it on another
blockchain. The other problem is that although you are the solemn owner, and
you have the undeniable proof to back it up, the storage isn’t 100% secure. This
is because although the blockchain does have a permanent record, it usually
uses storage solutions such as Google Cloud or Amazon Web Services, and if
the servers go down, or have some malfunction, your NFT can simply vanish.
And again, why spend all that money? Well to understand it in simpler terms, the
real Mona Lisa is priceless, but you can also get a copy at the gift shop for just a
few bucks. The difference is that there is only one real Mona Lisa, and a
countless number of copies. That’s why we attribute such a high value to fungible
things. Because of their scarcity, sometimes real, sometimes artificially created.
How we value things is shifting because of new technologies, so you can imagine
everyone’s surprise when 1 JPEG, a digital collage of Beeple.
Another argument to support the high value of NFTs is simply – why not? Why
not pay ridiculous amounts of money when you simply can. We see people
flexing with physical items all the time so why would this be any different, when
we are spending perhaps 50% or more of our time online. Why not show off in
the virtual world as well. It can be a status symbol, and part of your identity, a
social currency. But that is the catch, the community validates and attributes
value, and without it, without the community, NFTs would simply be worthless. As
the online communities grow and evolve, so does the craving for NFTs.
Non-Fungible Tokens are in the epicenter of the next gold rush.
● Innovation-Trends:
Non-Fungible Tokens are in the epicenter of the next gold rush
By Deana - 7 min read
Non-Fungible Tokens are in the epicenter of the next gold rush

5. Non Fungible Tokens are becoming the epicenter of the next gold rush. Will there
be another bubble burst or not, we can just speculate. These digital collectibles
are creating a real hype and transforming the way we value things. But isn’t that
what any innovation does – change the way we behave? It doesn’t matter if you
believe in the whole concept of NFTs, it is impossible to stay indifferent about the
subject matter. If this is the first time you’re hearing about them, you will
undeniably have an opinion by the end. Now, the first impression during the
pandemic was that everything went dormant, that the global economy stood still
and that the whole world went under lockdown. A lot of industries did suffer a
setback but now we are starting to see that despite that, some trends
skyrocketed. Cryptocurrency and blockchain technology aren’t a novelty and it
seems that they are slowly but surely becoming mainstream, if not in the real
world, then in the virtual for certain, and we are hearing a lot more about
metaverse, virtual events and non-fungible tokens. NFTs are based on
blockchain technology, and they are unique digital assets. Anything from art,
audio and video files, text, in-game items, basically anything that could be
collected, and people love to collect all sorts of things. Non-fungible tokens can
exist on one blockchain, but that doesn’t limit the seller from offering it on another
blockchain. The other problem is that although you are the solemn owner, and
you have the undeniable proof to back it up, the storage isn’t 100% secure. This
is because although the blockchain does have a permanent record, it usually
uses storage solutions such as Google Cloud or Amazon Web Services, and if
the servers go down, or have some malfunction, your NFT can simply vanish.
And again, why spend all that money? Well to understand it in simpler terms, the
real Mona Lisa is priceless, but you can also get a copy at the gift shop for just a
few bucks. The difference is that there is only one real Mona Lisa, and a
countless number of copies. That’s why we attribute such a high value to fungible
things. Because of their scarcity, sometimes real, sometimes artificially created.
How we value things is shifting because of new technologies, so you can imagine
everyone’s surprise when 1 JPEG, a digital collage of Beeple, got sold for a
staggering figure of $69.3 million USD! And Jack Dorsey’s 1st tweet went as high
as $3 million USD!

6. The boom in the gaming industry has also sparked interest for NFTs, and if we
combine that with the expansion of the metaverse we are talking big numbers.
According to Bloomberg’s Intelligence Report, the intertwined world of gaming
itself and metaverse expansion may elevate the growth of $800 billion USD by
2024. If we look at the NFT market alone, it exploded in 2020, reaching a market
value of around $338 million USD, as opposed to 2018. and $41million USD.
With NFTs in the game, plenty of new opportunities are opening up, both for
gaming characters themselves and their evolution, but also all kinds of
accessories and other in-game items. The fashion industry has already caught
on with the trend, creating their own NFTs.
The excitement about these digital tokens is amongst everyone, even the
celebrities such as Katy Perry, Jay-Z, and Shaq. Even organizations such as the
NBA and fashion powerhouse Louis Vuitton are in on it. It is certainly a great
opportunity for many artists to sell their art and become known now only in the art
world but worldwide and for them this trend might be just perfect.

7. Conclusion:
The virtual financial system and virtual economy are booming so we will be
seeing a lot of new technologies that will allow almost any transaction in the
virtual world to be the same as in the physical world. Slowly the lines between
digital and real are being blurred. Another step towards bringing these two worlds
closer is the 4K platform. The main idea is to allow for physical assets to be
brought onto the blockchain. Minting non-fungible tokens that represent physical
goods will create new opportunities. But the holder cannot possess both the
token and the physical good because upon redemption the NFT is destroyed.So
it looks like there will be plenty of new opportunities for mixing and matching
NFTs, physical goods, cash and cryptocurrency. And who knows what will be
next, since you can already buy real estate in the metaverse.