NFTs have become increasingly relevant in the digital environment, covering sectors such as art, fashion, the metaverse and play-to-earn (games in which the rewards are digital assets). This scenario would not be possible without the development of blockchain technologies , which form the basis of the entire environment of decentralized finance and cryptocurrencies such as Bitcoin and Ethereum.
What is the blockchain?
Blockchain -or chain of blocks- is a computer technology that allows a decentralized record of digital operations . NFT Development Company It is something like a public record book in which each movement is recorded, with no possibility of altering the history.
Its creation is attributed to Satoshi Nakamoto , a person or group responsible for Bitcoin and the technology that supports it, that is, blockchain.
We are talking about a decentralized database, supported by a network of nodes that represent connection points to the network. The information is structured in encrypted blocks that must be validated before being included in the chain of blocks.
Some of its peculiarities are:
The validated blocks follow a historical sequence :
The network is not controlled by individuals or institutions, on the contrary, it is decentralized
Once added to the blockchain, the records cannot be modified.
The foregoing translates into a structure that grants full transparency to operations, with full independence. This has expanded the applications of the blockchain, which range from finance to decentralized identity registries, among many others.
Ethereum: the basis of NFTs
Ethereum emerges from the blockchain , an open source platform that allows the creation of smart contracts or intelligent contracts, pieces of code created in a programming language where specific instructions would be expressed that would be executed by the Ethereum virtual machine.
As we saw in a previous article, Ethereum is the platform on which non-fungible tokens (NFTs) are supported , unique and irreplaceable digital assets that operate on the blockchain, giving them a unique value.
This has allowed companies to monetize their digital operations, as well as opening a world of opportunities for artists, since NFTs can be digital works of art, sounds, texts.
NFT: unique and irreplaceable items
An NFT can only be hosted at one network address, cannot be duplicated, and can only be transferred using a private key. Since transactions are recorded on the blockchain, we can access the historical record and confirm the provenance of digital artworks on the marketplace.
NFT Development services To do this, we just have to enter the NFT’s public key into Etherscan , a free-to-use blockchain explorer that allows access to information such as wallet addresses, smart contracts, and block transactions.
In this way, we can navigate the chain of blocks and access valuable information to verify, for example, the authenticity of digital works of art or any other NFT.
A technology with various applications
Blockchain is not limited to the world of cryptocurrencies and NFTs, but extends to methodologies and protocols that are being implemented in different industries, due to their efficiency and transparency.
As a database infrastructure, it offers great advantages in validation, storage and security services to both government and private entities. Similarly, thanks to Blockchain as a Service ( BAaS ), companies from various sectors can take advantage of the benefits provided by this set of technologies.
Undoubtedly, the chain of blocks is reconfiguring the market, and understanding its operation and applications is key to adapting to new trends and, with this, optimizing various processes.