The Vatican launches NFTs and virtual reality

The Vatican announced some shocking news last week

A non-fungible token or Non-fungible token is an indivisible crypto-asset, it is considered a certificate of authenticity or proof of ownership of the blockchain.

What is a non-fungible token or NFT?

A non-fungible token or Non-fungible token is an indivisible crypto-asset, it is considered a certificate of authenticity or proof of ownership of the blockchain. To create a blockchain, a smart-contract or intelligent contract is used, which is a series of lines of code that represent the characteristics of the NFT. Unlike cryptocurrency like Bitcoin or Ether, NFT is an indivisible asset. Where cryptocurrencies can be split, NFTs remain intact. However, they fall into the category of crypto-assets, as it is possible to assign an amount to them according to their frequency, their characteristics, the person or company that makes them or the income they generate. There are different types of NFTs, which can be in the form of video, image or sound. Even if most NFTs are used in an artistic setting or for video games, they can be used in all sectors of industry, in finance such as cinema, notarial studies, or education, use cases are virtually there is no end. Its nature allows it to be integrated into THE metaverse, i.e. into a set of virtual worlds developed in one or more blockchains and in an interoperable manner. In other words, you can transfer your virtual objects from one network to another. In the context of a video game, we can consider that we move our character from a blockchain A to a blockchain B, in order to give him access to a virtual world where there are other characters from different- other games. With relatively limited use in art or video games, NFTs could soon be used as a real proof of the reliability of diplomas, or for a vaccination pass. In this case, it is no longer possible to create a fake certificate, because the blockchain will immediately detect the fraud.

A virtual reality art gallery project for the Vatican

Humanity 2.0 is a non-profit organization that seeks to overcome barriers to human socio-economic and cultural development using media and technology. As for Sensorium, it is a company that specializes in the development of virtual worlds. According to the official statement, this tie-up aims to “develop the NFT’s first-ever virtual reality gallery that hosts Vatican art, interior 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 for full immersion, but also on a computer, and even through a smartphone application. This VR art gallery is set to be released within Sensorium’s metaverse, titled Galaxy. The latter should be launched in the year.

NFTs: an opportunity for museums

Museums are more interested in web 3.0 and NFTs. In fact, technologies in this field can provide digital preservation of many works of art and facilitate access to culture for the most part. Did you know that the Vatican is home to one of the most visited art museums in the world? Each year, nearly 6 million visitors come to discover its collection which consists of 800 pieces created by 250 renowned 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

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