Developments

The future of non-fungible tokens and crypto Toys

Ethereum designing a market

The Ethereum blockchain can be used for a number of different use cases as the Blockchain technology behind it makes for a diverse set of ERC tokens. These kinds of value transmitting tokens are also known as non-fungible tokens (NFTs).

The power of these crypto collectables can transform almost any physically valued object into a scarce digital form which can then be traded with an Ethereum address.

This has lead the art industry to move ahead on the Blockchain technology and start with the creating of various art-forms such as CryptoKitties which has opened the door to more of these esoteric art-form innovations.

March of 2019 saw the launch of CryptoKaiju, which brought the launch of their second generation of crypto toys. The launch was a big success after it completed its Genesis round.

Proving that a painting such as the Mona Lisa is in fact the original piece, gives the French museum a lot of authority. The Museum has been doing this inefficient authentication of its paintings and artwork with the help of historians and art experts throughout the years.

crypto for children

The same can be said for great visual arts such as the Leonardo da Vinci’ prized works, which has lead some museums to spend millions on it.

The inefficiency of the method of authentication also saw small French museums in April of 2018 complain about the inauthenticity of 82 of its 140 paintings from Étienne Terrus.

According to Vanity Fairs back in 2012:

“In various correspondences with Kligman and her attorneys over the years, the official pollock-Krasner Authentication Board members asserted that the painting was plagued by incongruity and considered Kligman a self-interested party whose account of the works’s creation could not be adequately corroborated.”

These issues can also be found in the valuable world of sport collectibles like baseball cards and a variety of Jerseys. A buyer needs to be sure of a particular jersey or painting before purchasing, as metrics like time period is imperative to its actual value.

The Blockchain technology underpinning cryptocurrencies such as Bitcoin, Litecoin and Ethereum is moving into this market as one of the best solutions currently known.

Startups like Masterworks, CoArt and Maecenas have launched pieces of art that are fully rendered and have been tokenized for buyers and sellers in independent markets.

The Growth of Crypto Toys

Creative platforms such as CryptoKitties and CryptoKaiju have ceased the opportunity to use the Ethereum Blockchain for its artwork forms. Games like CryptoKitties have seen digital cats go for sales for over $140,000. Showing that this new form of digital artwork works tremendously.

Furthermore, Cryptokaiju has introduced some new type of digital cats, that can be identified on the Ethereum blockchain and held in a wallet such as MetaMask. The Nutrient Film Technique (NFT) can then be connected to a digital certificate like an Near Field Communication (NFC) tag on a physical toy and can then be accessed through a smartphone or other devices.

The process of creating a physical toy is very different from drawing or splattering paint on a canvas. Toys are normally first sketched and then modeled into 3D imagery, before being sent to factories (mostly in Asia) in order to produce a 3D printed prototype.

According to a member of a crypto-consultancy group called Carding:

“Character development is done by me, but with input from everyone. I begin with creating the batch on a spreadsheet and incorporating people we want to base Kaiju on. So there’s a lot of references to pop culture as well as science and cryptography including notable people in the crypto space which people love.”

The founder of CryptoKaiju also gave a mentions on the future development of NFT being adopted on the Blockchain Technology in the gaming industry. Along with non fungible tokens.

He mentioned that:

“It’s easy to see that it’s only a matter of time before bigger companies begin to use the technology.”

Using the Blockchain Technology in gaming will create scare in-game purchases. That can then be traded back into other cryptocurrencies or fiat-currencies for real-world purchases.

The application of Blockchain in gaming as been one of the most discussed topics in the cryptocurrency industry and is set to be a major disruptive force.

Carding later also mentioned that :

“Personally, i’d love to work with game companies and explore the idea of becoming the Amiibo of Ethereum allowing people to buy one of our figures, not only to sit on their desks as a collectible but as an item that unlocks playable characters or items in a game.”

The development of these upcoming projects will shape the future for how humans, programs, devices and machines interact with money and value.

As this movement towards financial freedom and decentralisation takes root, it sets the ground for how adults and children interact with monetary value in the coming years.

What are your thoughts on the development of artwork with the blockchain technology and toys? Feel free to leave a comment down below.

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coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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