Virtual reality, along with blockchain technology and NFTs, are going to bring many benefits to unique works of art. The combination of these technologies can be a total game-changer for many. How can you benefit?
Most users have some knowledge about virtual reality, and blockchain. But what are NFTs?
NFTs Protecting the Works of Art
NFT stands for a „non-fungible token,“ typically based on Ethereum. NFT is, for example, an ERC-721 or ERC-1155 token; these tokens are a bit more developed than fungible, interchangeable ERC-20 tokens. Non-fungible tokens allow developers to tokenize ownership of any arbitrary data, drastically increasing the design space of what can be represented as a token on the Ethereum blockchain.
Fungible basically describes an asset that is identical to another asset. Thus, a gram of 24K gold is identical with another gram of 24K gold. One-dollar bill is interchangeable for any other one-dollar bill.
Non-fungible, on the other hand, basically describes an asset that is unique. Thus, each non-fungible token (NFT) is unique. An NFT could be compared to a unique medal with just one piece available. Thanks to their uniqueness, NFTs might rise in value over time. Since NFTs are extremely suitable for works of art, VICTORIA VR uses them for your own unique creations.
So, how can you benefit from the combination of NFTs, blockchain technology, and virtual reality with works of art? Let’s see the three main benefits:
- Available through VR: Your work of art will be available through realistic virtual reality to anybody, anywhere, instantly.
- Unique NFT: When somebody buys your piece of art as an NFT, they will own a unique token representing your unique creation.
- Recorded on blockchain: The ownership is recorded on the blockchain, an immutable public ledger.
Let’s see these benefits in more detail.
The Benefits of VICTORIA VR Virtual Reality With Works of Art
- Realistic graphics: The whole world of VICTORIA VR will be created using the best realistic graphics. Your works of art will be completely realistic, lifelike.
- The Big Market in VR: VICTORIA VR offers the largest virtual marketplace with NFTs (non-fungible tokens). Here you can easily sell paintings, cars, gold coins, collectibles and practically anything from the real world. Everything can be written on the blockchain, displayed in realistic graphics and then traded in virtual reality.
- Art gallery in VR: VICTORIA VR provides the largest virtual art gallery.
- Unrestricted sharing: You can distribute and trade your work among collectors and art lovers, which can raise its value in the process.
- Digital management and transferability: The digital nature of your assets makes sharing your work very easy and enables instantaneous and global transfer of asset ownership.
- No intermediaries: Intermediaries are not needed at all whereby you save your time, money and resources. You can offer your work of art directly to buyers providing transparent and immutable information.
- Transparency: Blockchain works as a transparent public ledger, making the transaction smooth and transparent.
- Immutability: Once somebody makes a transaction on a blockchain (e.g. buys your NFT) this transaction is immutable; nobody can change it or erase its history. This simplifies any auditing since it is easy to show that the data has not been changed in any way, reducing time and costs.
- 24/7/365: The blockchain knows nothing about working hours, thus your tokens and assets are always available. Such increased liquidity creates great opportunities for sellers and buyers.
- Cost savings: VR plus blockchain plus NFTs bring in cost savings in many stages of the process.
- Your own digital identity: Your business takes on its own unique digital identity, which means a tremendous advantage over your competitors.
- Rapid settlement: The transactions on the blockchain can be completed, verified and checked within minutes after sending.
- Anonymity: While each transaction is available on a public ledger, the process itself is anonymous if this is important to you.
Endless Novel Possibilities With Works of Art
Just a few years ago, some photographers still looked down on the emergence of digital photography. Today, most of them switched to digital only and would never look back. NFTs, blockchain, and virtual reality are similar. The combination of NFTs, blockchain technology, and virtual reality brings forth endless novel possibilities into the field of art. VICTORIA VR can help you draw tremendous benefits from these novel technologies right now.