Bita, the first Iranian non-fungible token issuance platform, was unveiled on Jan. 31 by Kuknos at the Museum of Communications.
Addressing the Bita unveiling ceremony, Kuknos Chairman Valiollah Fatemi outlined the company's goals by saying, "Kuknos has been pursuing the goal of gaining experience in the field of digital technologies, especially blockchain, for the past three years. Kuknos has been able to experiment with a variety of blockchain applications over the years."
Bita is a platform for digital certification in the form of NFT for artistic and non-artistic works, the news portal of Way2pay.ir reported.
Fatemi noted that NFTs have become very popular and Kuknos has emerged as the first provider of token issuance in Iran.
“Iran's performance in the field of technology has always been slower than other countries and access to the latest technologies has been like a dream for many active businesses. For this reason, I'm really proud to be in the blockchain today, especially NFT. The concept of NFT is not yet complete and is expanding,” he said.
"Artists are now more focused on tokenizing their assets than the players of other fields. We hope that Bita can help provide artists a safe platform."
According to the Kuknos chief, the more Bita’s international access increases, the more the platform’s ecosystem grows and the true value of assets is determined more accurately.
“While works of no artistic value are sold for millions of dollars, the most exquisite works by Iranian artists are traded at low prices in galleries. By increasing the assets’ international access, we introduce the value of our assets to the world and shape the digital economy’s ecosystem," he added.
Stressing that shaping a digital economy is one of the main programs of the country, he said the current restrictions must be overcome with the help of technology.
“The Bita system is supported by the parliament,” Mohammad Reza Dashti Ardakani, the head of Majlis Tourism and Cultural Heritage Fraction, said during the inauguration ceremony.
Some of the platform’s features and advantages outlined in the ceremony are as follows: delivery of works of art (possibility of delivering works to warehouses approved by the system to sell the work at auctions), actual backing (authentic digital signature of the certifiers on the digital certificate of the work), a digital certificate of artwork (issuance of NFTs as an inviolable certificate), beta auction (NFT sale of works along with the original work in the Bita auction market) and security (Bita tokens meet all NFT standards).
What's an NFT?
NFTs are tokens that we can use to represent ownership of unique items. They let us tokenize things like art, collectibles and even real estate. They can only have one official owner at a time and they're secured by the ethereum blockchain, no one can modify the record of ownership or copy/paste a new NFT into existence.
NFT stands for non-fungible token. Non-fungible is an economic term that describes things like your furniture, a song file, or your computer. These things are not interchangeable for other items because they have unique properties, the news portal of ethereum reported.
Fungible items, on the other hand, can be exchanged because their value defines them rather than their unique properties. For example, ETH or dollars are fungible because 1 ETH/1 USD is exchangeable for another 1 ETH/1 USD.
NFTs are currently taking the digital art and collectibles world by storm. Digital artists are seeing their lives change, thanks to huge sales to a new crypto-audience. And celebrities are joining in as they spot a new opportunity to connect with fans. But digital art is only one way to use NFTs. They can be used to represent ownership of any unique asset, like a deed for an item in the digital or physical realm.
If Andy Warhol had been born in the late 90s, he probably would have minted Campbell's Soup as an NFT. And one day, owning your car might be proved with an NFT.
NFTs and ethereum solve some of the problems that exist in the internet today. As everything becomes more digital, there's a need to replicate the properties of physical items like scarcity, uniqueness and proof of ownership. Not to mention that digital items often only work in the context of their product.
For example, you can't resell an iTunes mp3 you've purchased, or you can't exchange one company's loyalty points for another platform's credit even if there's a market for it.
