The Vatican Takes Off on NFTs and Virtual Reality

Last week, the Vatican announced some surprising news

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

What is a non-fungible token or NFT?

A non-fungible token or a non-fungible token is an indivisible crypto asset, considered as a certificate of authenticity or proof of ownership on the blockchain. To be created on the blockchain, a smart contract or smart contract is used, which is a series of lines of code that represent the properties of an NFT. Unlike cryptocurrencies such as Bitcoin or Ether, NFT is an indivisible asset. Where cryptocurrencies can be split, NFTs remain whole. It does however fall under the category of crypto assets, because it is entirely possible to assign a value to it according to its rarity, its characteristics, the person or company that produced it or the profits it can generate. There are different types of NFTs, which can be in the form of video, image or audio. Although the majority of NFTs are used in an art or video game environment, and can be used in all sectors of the industry, in finance such as cinema, documentation studies or education, the use cases are nearly endless. Its nature allows for integration into THE metaverse, i.e. into a set of virtual worlds developed on one or more block chains and in an interoperable manner. In other words, you can move your virtual objects from one network to another. In the context of a video game, we can consider that we transfer our character from blockchain A to blockchain B, to give him access to a virtual world where there are other characters from different games. With relatively limited use in art or video games, NFTs could be used in the near future as true evidence of the credibility of certifications, or a vaccine permit. In this case, it will not be possible to generate a fake certificate, because the blockchain will detect fraud immediately.

Vatican Virtual Reality Art Exhibition Project

Humanity 2.0 is a non-profit organization that seeks to overcome barriers to the social, economic and cultural development of humanity using media and technology. As for Sensorium, it is a company that specializes in developing virtual worlds. According to the official statement, the partnership aims to “develop the first-ever virtual reality exhibition at NFT that hosts Vatican art, academic content and initiatives.” This virtual art gallery aims to be as accessible as possible. It is planned that you will be able to go there with a virtual reality headset to be fully immersed, but also with a computer, and even via a smartphone app. This VR art gallery is scheduled inside the Sensorium Metaverse, titled Galaxy. The latter should be launched within the year.

NFTs: an opportunity for museums

Museums are increasingly interested in Web 3.0 and NFTs. Indeed, technologies in this field can provide digital preservation of a large number of works of art and facilitate access to culture for the largest number. 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 of 800 pieces made by 250 famous artists.

-> Learn More About NFTs: What is the NFT Token? – Complete Guide 2022 – francecrypto.fr

This section was written with the help of Laval Virtual and France Crypto to decrypt these new terms

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