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Digital art, Pure NFT and a bit of collecting

March 23, 2022

The technology of storing data in the blockchain in the form of NFT is already here, you can evaluate it and roughly imagine what opportunities are opening up.
I suggest that you dream: draw an image of a society where Pure NFT will be widely used in many areas of life, evaluate the pros and cons, and look at some opportunities more seriously.

Digital NFT ownership

The first thing that comes to mind when you hear about NFT is the storage of digital art objects. Any objects. From memes to whole music albums.
And here Pure NFT turns out to be very useful. Storing data directly in the blockchain means that it cannot be deleted, changed, or corrupted. And digital art is finally independent of third-party cloud services, approaching the standard of long-term storage.
How does it work? Unlike classic NFTs, the Pure standard reliably registers authorship and ownership of NFT. We get a transparent system: the author of a unique art object — the license agreement — the new owner of the object. Due to agreements and storage directly in the blockchain, the owner’s rights are completely real. That’s secure NFTs.
This is all clear at first glance. But what if we look a little deeper?

Storage aspects

What causes a sparkle in the eyes of collectors? Exclusives.
Something that exists in a single instance and is available only to them. But how can you be sure of the exclusivity of the content, if the data itself is stored on a server that can show the 404 page at any time, and the author can change the nickname and create another hundred thousand copies?
The first point is already clear. The data is immutable and stored directly in the blockchain. Important addition: there are encrypted NFTs. In this case, the art object becomes available only to its owner. It’s especially important for exclusives’ buyers. At the same time, the encrypted content may contain completely unique materials — sketches, drafts, even videos of the creation of an art object!
The provenance (NFT ownership history) is publicly available and also located on the blockchain, which allows a potential buyer to immediately understand whether the content offered is really exclusive, or it has already passed through the tenth hands. By the way, NFT fractional ownership is also available. For example, several people invest money to buy Pure NFT. In this case, a special account is created, and the owners’ rights are transferred to it. Read more in the following articles.

NFT security from the buyer’s perspective

It is clear about the uniqueness, we turn to the copying possibility, including by an unscrupulous author. Are NFTs safe from this point of view? What will protect the collector in this case?
A digital ID and proof of identity comes on the scene. I am almost sure that after passing the identification, the author of the art object will rather engage in further creativity than use the above schemes (not the most honest, in relation to users). Because it will no longer be about losing confidence in a well-known, but depersonalized account, but in him as a person. I believe that it will help to be a little more careful and thrifty.
If we add here the status system capabilities, we will get a very beautiful picture, when the author’s reputation can be tracked live, directly in the blockchain.
Here is the first released NFT, with the first, cute, but still slightly clumsy drawing.
Here is the first auction for the pop art style drawings released in a small batch of ten NFT.
And here is the "Honest author" status for respect for collectors and the absence of any claims.
We immediately see a good, developing NFT-art author and understand that, having bought the NFT he exhibited, it is unlikely that in a month we will get a market filled with copies of the purchased one.

Bonuses for the author

In addition, the author can set a separate commission from secondary sales of NFT issued by him.
Why is this important?
The author may sometimes sadly notice how the first NFT he created ends up at an auction, where it is already bought for a price many times higher than the original one.
Yes, it's a market, but is it fair? I think that in this case a small commission from such a transaction will be very useful to the author.
I will also raise a question that is closer to the crypto market than to NFT art objects. This is the ICO (Initial Coin Offering).
You may ask, why is this here? Very simple. Often the authors don’t have enough smallness in order to seriously do what they love and continue to please fans with new high-quality works.
And it seems that services like Patreon and Boosty are kinds of solution. But why not make it even more transparent?
I imagine it like this:
An author with an existing portfolio and a well-established reputation invites investors to participate in his new work creation. In return, investors will get unique NFTs, which may arouse interest among the author's fans.
At the same time, unique NFTs can contain really rare drafts, sources, and sketches. This is generally a very interesting point, and only feasible on a platform that supports data storage directly in the blockchain.
Why? Because such unique additions to the main digital art objects can be very much in demand after a serious time period, when conventional data storage services may already cease to exist, and distributed ones will not give any guarantee that the data is not copied.
Probably, it would be possible to write many more things. About the placement of music albums in the blockchain, about the possible creation of art performances based on NFT…
But these will only be special cases of what has already been described. Therefore, I think, it's time to put an end to it.
Next time, we will try to evaluate the Pure NFT possibilities in the field of digital distribution. Thank you for your attention, see you next time!
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