You are used to the usual formula that has been repeated practically since the world was created. You have a physical object with unique and unrepeatable qualities that you can keep anywhere. For example: a painting.
It is at home, which implies the risk of deterioration or of suffering a theft. If you decide to sell it at auction, you give the physical work in exchange for money, but what if we told you that there are more alternatives? You can move your artwork to the digital world, manage these steps from anywhere and save time, money and worries.
This is possible thanks to the NFT (Non Fungible Token) system. It is not only applicable to the example of artworks, but to any object in the real or digital world along with its own characteristics and ownership.
Join us and find out how it works, what it is used for and what its advantages are!
It’s very likely that in recent years you have come across terms such as cryptocurrency, decentralisation, DeF, dApps, smart contract and many other topics related to blockchain technology.
The aim of this section is to explain a concept related to these terms: the NFT system. A non-fungible token is a cryptographic token that has the ability to be unique and unrepeatable. It cannot be divided, but it can be used to represent real-world or digital objects while holding all of them on a blockchain through a smart contract.
This definition gives us a clue that NFTs are used to represent unique objects that cannot be divided without being destroyed. Following the example of the painting, it fulfils the key characteristics of a non-fungible token: it is collectible, indivisible, unique and unrepeatable.
"The NFT market grew by more than 299% in 2020 for more than $250 million as a total transaction".
What is it about NFTs that makes them so appealing to the public?
We tell you how it works in a few simple steps:
The operation of non-fungible tokens depends on smart contracts (programming we do within the blockchain to tell the network to store transaction information automatically). The blockchain stores all the information immutably and transparently, so that we can access it whenever we need it. The programmer of a smart contract for an NFT token can create a programme with the requirements he/she wants: digital identity, permissions to access a service, etc.
The blockchain and smart contracts can store metadata that proves authenticity, identifies the author and all transactions made since the tokenization of a digital content (who created it, who tokenized it, when it was sold and for what amount of money). By tokenizing digital content, a certificate of ownership and authenticity is created that guarantees that the content is unique and that the ownership rights are held by the person who acquired it.
Although there are some minor differences in the characteristics of Ethereum NFTs and other blockchain platforms, such as EOS, the operation is practically the same. These are minor adjustments made to make the smart contracts adapt to the infrastructure on which they run, such as the programming language or the resources available on the network.
However, before creating your own NFTs, it is necessary to be clear about the differences with fungible tokens.
Fungible tokens VS non-fungible tokens
On the one hand, fungible tokens allow the exchange of goods or services and stores of value, facilitate collective decision-making and are divisible. For example: any cryptocurrency. On the other hand, non-fungible tokens allow real-world objects with unique qualities to be represented on a blockchain by means of a smart contract and are not divisible. For example: a song.
Did you know that more and more users are exploring the potential of these opportunities?
Smart contract, decentralization, blockchain... What do I get out of it? Don't worry, here are the advantages of NFT tokens:
Like everything else in life, with NFT systems we also need to see to believe. That's why we have compiled some real-life use cases where the limits are only set by the imagination:
The examples do not end there. There are infinite uses and applications of non-fungible tokens that will be talked about in the future.
Did you know that Cresio holders have privileges when it comes to acquiring exclusive NFT? We have unique pieces for XCRE holders that are distributed through a lottery among all of them, on the one hand, and through the bidding on our Marketplace, on the other hand. Finally, the tokens that are used to pay for the Charter are burnt.
Pay attention to the following summary table. We tell you about the features of Cresio NFT Cards in detail.
NFT GOLD CARD |
NFT SILVER CARD |
NFT BRONZE CARD |
NFT STAKE CARD |
Supply of 5 units |
Supply of 10 units |
Supply of 10 units |
Supply of 200 units. Each card is unique and numbered |
Free access to the platform (Premium) |
50% discount on lifetime platform access fee |
15% discount on lifetime access fee to the platform |
Cards for the first 200 users to complete 12 months of stake |
Avatar for CopyTrader tool in multiexchange |
Avatar for CopyTrader tool in multiexchange |
Avatar for CopyTrader tool on multiexchange |
Avatar for CopyTrader tool on multiexchange |
Starting bid price 12K $XCRE. Token burning |
Starting bid price 6K $XCRE. Token burning |
Starting bid price 3K $XCRE. Token burning |
Condition of staking a minimum of 3K $XCRE |
Activation Price 60 $XCRE |
Activation Price 30 $XCRE |
Activation Price 15 $XCRE |
Activation Price 30 $XCRE |
Do you know why NFTs are on everyone's lips? Contact us and solve your doubts about the most revolutionary technology of the moment.