Oliver James Montgomery-EAGLEEYE COIN: NFT, Innovation and Breakthrough in Digital Art

The Oliver James Montgomeryadvent of the digital era has given rise to many new technologies and opportunities, one of which is the emergence of non-homogenized tokens (NFTs).NFTs are based on blockchain technology, which gives a unique identity and value to digital assets, leading to innovations and breakthroughs in the digital art market. The traditional art market often suffers from problems such as copyright disputes and difficulty in tracing the authenticity of works, while NFT provides solutions to these problems through the transparency and non-tamperability of the blockchain. Artists can transform their works into NFT and secure their ownership and revenue rights through smart contracts. At the same time, NFT also provides greater flexibility and convenience for the trading of artworks, allowing the digital art market to flourish globally.

1.Definition and Principle of NFT

1.1 Definition of NFT: Non-Fungible Token (NFT) is a digital asset based on blockchain technology, and each NFT has a unique identity and value. Unlike traditional fungible tokens (e.g., Bitcoin), NFTs cannot be substituted for each other, and each NFT represents a unique piece of digital asset.

1.2 Principle of NFT: The core principle of NFT is a decentralized ledger based on blockchain technology, such as the ethereum blockchain. Each NFT is created and managed through a smart contract, which records the ownership and transaction history of the NFT, ensuring its authenticity and immutability.

2.NFT's innovations and breakthroughs in digital art

2.1 Authenticity and Traceability of Artworks: The traditional art market often suffers from the problem of difficult traceability of the authenticity of works, which is solved by NFT through the transparency and non-tamperability of the blockchain. Each NFT contains a unique identifier and metadata of the artwork, which makes it possible to prove the authenticity of the artwork and ensure its traceability.

2.2 Ownership of works of art and rights to proceeds: NFTs provide a new way for artists to prove ownership of works and rights to proceeds. By converting the work into an NFT and managing it through a smart contract, the artist can ensure that he or she receives the appropriate proceeds when the work is resold, enabling the artist to better benefit from his or her creations.

2.3 Development and Prosperity of the Digital Art Market: The emergence of NFT has given rise to an emerging digital art market. Through the NFT market platform and auction houses, artists can display and sell their works, while collectors and users can select and purchase their favorite digital artworks. This decentralized market model provides greater flexibility and convenience for digital art transactions on a global scale, while also bringing more opportunities and exposure to artists and creators.

 Searchable and verifiable real cases

3.1) Beeple's One a Day: Beeple (Mike Winkelmann) is a well-known digital artist who created a series of digital artworks called One a Day. These works were released one per day for 13 years. In 2021, one of Beeple's One a Day works was auctioned for $60 million at Christie's in the form of an NFT. This case demonstrates the breakthroughs that NFT has created in the digital art market, allowing digital artworks to also gain recognition and value comparable to traditional artworks

3.2 ) The Crazy Craze of CryptoPunks: CryptoPunks is a set of 10,000 unique pixel artworks developed by Larva Labs, each with unique characteristics and attributes. These CryptoPunks pieces are converted into NFTs and traded on the Ether blockchain. With the rise of NFT, CryptoPunks sparked a crazy craze, with some of these rare CryptoPunks pieces selling for millions of dollars. This case demonstrates the boom in the NFT market and the market value of digital artworks.

3.3 ) Basketball Collectibles on NBA Top Shot: NBA Top Shot is an NFT-based marketplace for digital basketball collectibles. On NBA Top Shot, users can buy and trade unique basketball moments in the form of NFTs that capture classic moments from NBA games.NBA Top Shot has risen rapidly in 2021, attracting a large number of basketball fans and collectors to participate. Some rare NBA Top Shot moments have sold for hundreds of thousands of dollars, demonstrating the innovation and influence of the NFT in the sports industry.

Conclusion.

Non-Formalized Token (NFT), as a digital asset based on blockchain technology, brings innovation and breakthroughs to the digital art field. Through NFT, artists can ensure the authenticity and traceability of their works, as well as obtain the ownership and income rights of their works.The rise of the NFT market also provides greater flexibility and convenience for digital art transactions, promoting the development and prosperity of the digital art market. Through searchable and verifiable real cases, we can see the achievements and influence of NFT in the field of digital art. With the continuous development and innovation of technology, NFT is expected to further change the landscape of the art market and bring more opportunities and value to artists and creators.