Expectations for Ukrainian NFT Tokens

by Olha Povaliaieva
Friday, February 18, 2022
Expectations for Ukrainian NFT Tokens

3 proofs of the existence and development of NFT in Ukraine

NFT token is a system that grants ownership of a particular object, expressed digitally. It can be text, image, audio or song, digital or physical artwork, games and game objects, various trading tools — in general, there are no restrictions. The token cannot be copied. There is a smart contract for this. It captures the identity of the object represented by the token. It is a smart contract that distinguishes one NFT token from another. All token information is stored in blockchain, which means the data cannot be erased or altered.

At the end of last year, the first Ukraine NFT-market place ArtBay was launched.  This platform allows to buy or sell paintings by artists, photographs, and other objects of art in the form of digital tokens. Only images can be bought in ArtBay now. But the developers plan to expand NFT token capabilities and fill the sections Music, Video. Ukrainian athletes and celebrities have already taken part in the project. Interestingly, along with the digital bots, the salespeople attach a physical object. This means that among both popular and ordinary Ukrainian people, this topic will continue.

Besides, such a system will be popular among Ukrainians. Since childhood, people liked to collect things. First, it’s stickers, then model cars, stamps. NFT allows collecting its unique collection of favorite items. This is a factor in token creation history. Initially, NFT tokens were used in games such as CryptoKitties. The player had to collect cards with different seals, which vary in value depending on color, breed, age, and other factors.

Another possibility for Ukrainian tokens is to use them to confirm important documents. But experts are talking about the realization of such an invest.com/investing-in-ukraine/business-opportunities/" rel="dofollow">idea until a few years later.

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