If you keep up with recent trends, you have probably heard of Non-Fungible Tokens or NFTs. From celebrities signing autographs to digital artists finding new ways to sell their artwork, NFTs have become a popular way to distribute digital artifacts. Many times, these artifacts are auctioned off to the highest bidder and can reach exorbitant amounts. Recently, a digital artist known as Beeple auctioned an NFT for a staggering $69 million.
Instead of a traditional art or memorabilia collection, every non-fungible token is purely digital, which raises the question—how do NFTs work?
If You Want to Know More About NFTs, Read This. If Not, You Can Skip to The Good Part (Our Project).
The easiest way to think about a non-fungible token is as a certificate of authenticity. In the physical world, people have valuables such as artifacts and sports memorabilia authenticated to prove that they are genuine versions. For example, many people can own a print of the Mona Lisa, but there is only one authentic copy of the piece of art.
In the digital world, NFTs serve the same authentication purpose. Each token represents the owner’s possession of the original copy of digital artifacts. People can create many copies of the artifact down the line, but only one token is attached to the authentic artifact.
Once someone creates and purchases an NFT, the blockchain technology records the data via Smart Contracts. The blockchain creates a secure and permanent record of the contract and spreads it across multiple servers over multiple locations, which prevents the token from being lost if one of the servers goes down.
Engine Room’s NFT Blockchain Project
In our new blockchain NFT project, Engine Room partnered with AllCertified.AI to create a revolutionary new approach to signing digital autographs through NFTs and blockchain technology.
The AllCertified service will allow clients to digitally attach their signature to an authenticated “autograph sticker” and then sell that on an NFT auction site. This process will enable clients to virtually sign and distribute digital artifacts—all within the secure Ethereum Blockchain Network.
One key advantage to distributing digital signatures is the ability to collect “perpetuity royalties.” Traditionally, when someone autographs at events like Comic-Con or special athletic meet-and-greets, the signer only receives royalties from the initial signature. If the memorabilia is in a secondary market later, the person who signed it has no way to collect further royalties.
However, in the NFT market, the original creator of the token can collect royalties from the artifact on participating marketplaces, if it sells again down the line. This unique feature gives our potential clients the ability to not only earn money from the initial sale of their digital memorabilia but also allows them to collect royalties every time their signature sells in the future.
This project not only empowers AllCertified clients with the ability to create unique tokens, it also opens up the world of NFTs to collectors who want digital artifacts signed by clients. We desire to create a process that makes it easy for both clients and collectors to confidently buy and sell authenticated autograph stickers with confidence over various NFT marketplace and auction sites.
How Can I Learn More About This Project?
If you are a potential client for Engine Room’s upcoming NFT BlockChain collaboration with AllCertified.AI, here’s how you can find out more about the project:
- Visit AllCertified.AI to learn more about the brains behind the project and how the digital process works.
- Contact Us at Engine Room to talk to someone about the specific details.
Also, stay tuned to the Engine Room Room On Deck blog to learn more about what we have planned for this project. Our vision for the digital autograph NFT goes beyond selling digital signatures—with possibilities for use in the legal and banking sectors.