The Vatican announced some surprising news last week
A non-fungible token or Non-fungible token is an indivisible cryptoactive, it is considered a certificate of authenticity or proof of ownership on a blockchain.
What is a non-fungible token or NFT?
A non-fungible token or Non-fungible token is an indivisible cryptoactive, it is considered a certificate of authenticity or proof of ownership on a blockchain. To be created on a blockchain, a smart contract or intelligent contract is used, which is a series of lines of code that represent the properties of NFT. Unlike a cryptocurrency like Bitcoin or Ether, an NFT is an indivisible asset. Where cryptocurrencies can be broken down, NFTs remain intact. Nevertheless, they fall into the category of cryptocurrencies because it is quite possible to assign them a value according to their rarity, their characteristics, the person or company that produced them, or the profits they earn. There are different types of NFTs, which can be in the form of video, image or sound. Although the majority of NFTs are used in artistic environments or for video games, they can be used in all industrial sectors, in finance such as cinema, notary studies or education, there are almost endless uses. Its nature makes it possible to integrate it in THE metaverse, that is, in a set of virtual worlds developed on one or more blockchains and in an interoperable way. In other words, you can transfer your virtual objects from one network to another. In the case of a video game, we could consider transferring our character from a blockchain A to a blockchain B, to give him access to a virtual world where there would be other characters from different games. With a relatively limited use in art or video games, NFTs in the near future could be used as a real proof of authenticity for diplomas or for a vaccine passport. In this case, it would no longer be possible to create a fake certificate because blockchain would immediately detect the scam.
A virtual reality art gallery project for the Vatican
Humanity 2.0 is a non-profit organization that seeks to overcome barriers to humanity’s socio-economic and cultural development using media and technology. In terms of Sensorium, it is a company that specializes in developing virtual worlds. According to the official statement, this binding aims to “develop the NFT’s first ever virtual reality gallery, hosting the Vatican’s art, content and academic initiatives.” This virtual art gallery aims to be as accessible as possible. It is planned to be able to go there with a virtual reality headset to be in total immersion, but also with a computer, and even via a smartphone application. This VR art gallery is scheduled to be released in Sensorium’s metaverse, titled Galaxy. The latter was to be launched during the year.
NFTs: an option for museums
Museums are increasingly interested in web 3.0 and NFTs. In fact, the technologies in this field can offer digital preservation of a large number of works of art and will facilitate access to culture for the largest number. Did you know that the Vatican is home to one of the most visited art museums in the world? Every year, nearly 6 million visitors come to discover its collection consisting of 800 pieces made by 250 well-known artists.
-> Learn more about NFTs: What is an NFT token? – Complete guide 2022 – francecrypto.fr
This section was written with the help of Laval Virtual and France Crypto to decode these new terms