NFTs: what are they?
From a technical point of view, NFTs are “digital certificates” based on blockchain technology designed to uniquely, irreplaceably, and non-replicably identify ownership of a digital asset. The acronym stands for Non-Fungible Token (non-fungible tokens), and they are one of the applications of decentralized finance: a set of services and processes that are automated thanks to the use of smart contracts and without the presence of intermediaries. It is, therefore, a new paradigm in the management of property rights.
Buying an NFT does not mean obtaining ownership of the work but rather the ability to demonstrate a right to that work through a smart contract that automatically executes a contract that is indelibly recorded on the blockchain.
(From Borsa Italiana)
When a party purchases an NFT, they acquire a non-fungible token that refers to a digital asset (such as artwork, a GIF, a song, etc.). However, defining the legal rights from a legal standpoint can be more complicated since there can be substantial differences between one NFT and another.
For example, in the case of NFTs that transfer ownership of a work, the ownership of a copy of the work is transferred and not the original, which could therefore be subject to other sales. The NFT representing Jack Dorsey’s first tweet, sold for nearly $3 million, does not guarantee the owner any rights over the tweet.
Our vision about the NFT world
To avoid misunderstandings arising from the nature of NFTs, rather than financial speculation tools, we prefer to consider NFTs as real marketing tools, aimed at building customer loyalty, creating attention towards a product or event, etc. Following this line of thought, the NFT by Vanilla Innovations project aims to create artworks, made by specialized graphic designers and animators, linked to the promotion and sale of a bottle of wine, a digital tasting, an experience in the vineyard at the organizing winery, or a guided tour of a territory to discover all its secrets.
how we create our NFTs
When it comes to promoting a product, such as a wine, once we have obtained the selected bottles from the winery, our artists will create specific 2D graphics for each label. Alternatively, we can have one of the most popular Italian pop artists decorate the bottle, and then scan it to generate a 2D or 3D graphic, animated or not, which will become an NFT and be put up for sale on our OpenSea page, which will also include the rest of the package of related services (wine shipment, virtual and real tasting, etc.).
After purchasing the NFT, we will work with the buyer to determine to whom and how to ship the wine bottles, how to access the online tasting, and when to participate in the actual tasting.
If an NFT is intended to promote an event or to commemorate an achievement with a POAP, the creation process changes and is handled by the head of the creative team, who works with designers and animators to create the image or 3D object.