The Collins Dictionary has already declared NFT as the word of the year, and for good reason. After all, NFTs have remained one of the top buzzwords to have taken the market by storm and continue to soar in popularity. NFTs have been around since 2014, but their reach has especially widened in early 2021, and they are now approaching a foundational aspect of the digital economy.
Interestingly, NFT has also turned out to be new grounds of innovation in the form of multiple ventures and initiatives who are banking on the technology to transform its conventional applications. The Proof of Beauty NFT is one such example, allowing people to create memorability based on the hash attributes of NFTs, thus allowing users to collect history in the form of unique, non-interchangeable tokens.
The experimental web3/ NFT/ token studio Proof of Beauty generates tokens from transaction hashes, and then converts these hashes into an abstract piece of artwork. Therefore, a unique work of art on the Proof of Beauty network represents a specific transaction on the blockchain, as generated by the computer program. To put it simply, your receipt becomes an artwork on the blockchain – an NFT that is unique and non-interchangeable.
To understand this working concept, however, we must delve a little deeper into the world of NFTs, blockchain transactions and hashes. So, here we go.
How do NFTs work?
NFTs are immutable tokens, or “digital assets” created using the blockchain infrastructure, and most of them are a part of the Ethereum blockchain. These tokens have metadata processed through a cryptographic hash function, which can be understood as an algorithm that “takes an arbitrary amount of data input and produces a fixed-size output of enciphered text called a hash value or just “hash”.
The person purchasing the NFT is not the “real owner” of the asset represented by the NFT, say an artwork. They simply own a record and “hash code” signifying ownership of the unique token associated with the asset. In short, NFTs are completely digital certificates of authenticity. They could be anything that exists in the digital realm, including tweets, with Twitter founder Jack Dorsey’s first tweet having been sold as an NFT worth $2.9 million.
With the ever-expanding reach and application of NFTs, their evolution is sure to take unprecedented turns soon. For users who often find themselves doubting NFTs as an investment, the Proof of Beauty NFT and its unique concept offer an exciting avenue.
Proof of Beauty NFTs – What We Know So Far
The experimental Proof of Beauty studio expands on the conventional meaning and application of NFTs known so far, converting them into memorabilia of events. NFT collectors can mint history in the form of NFTs, by minting blockchain transactions known as hash. Based on the hash attributes, they can create the memorabilia of their choice.
The transaction algorithm or hash will take all the various attributes into account, including sender, token, value, gas fees, and so on, and based on these specific attributes it will generate a unique composition of shapes, colors and patterns. The details within the hash, therefore, are the guiding principles to create NFTs as a unique piece of art. This is what the Proof of Beauty NFT is all about.
Interestingly, the studio has come up with a trilogy of collections – “a series of experiments with NFT contracts powered by the search of novelty”, and these are named the $HASH Saga, $London and Publico.
$HASH Saga, The First Transaction and Historians DAO
the $HASH Saga is the first in the Proof of Beauty Trilogy, with novel, unique, and innovative ideas come right from the ecosystem. Take the NFT called “First Transaction” for instance, bought by Lazlo Kovacs on February 25, 2020, for 50 ETH – the most expensive HASH minted and sold. It was based on the exciting event of the Birth of Ethereum, which took place on August 7, 2015, and is termed the “Big Bang of the ETH ecosystem” in the crypto world.
Interestingly, there is a dedicated decentralized autonomous organization dealing with archival of blockchain history, known as the Historians DAO. Responsible for supporting the HASH v3 expansion, the Historians DAO investigates and authenticates the title and descriptions given to transactional HASHes, while promoting the HASH ecosystem through authorized verdicts regarding minted NFTs and maintaining Proof of Beauty credibility.
These verdicts are in the form of short opinions either validating or disputing the title and description allotted to the minted HASH. Any verdict stated will have to be backed by at least 3 upvotes for completion and the owner of the HASH then moves the verdict on-chain; all deliberations until this stage takes place off-chain.
The $London Gift Project
In a recent social project called the $London Gift, targeted at remembering the blockchain history, the idea was to incentivize people to mint at low gas price. As a reward, users get the exact price needed to mint on of the 8888 generative art mementos, called London Gift. It was to commemorate this project that the LondonDAO was created, celebrating the future of generative art, and offering London Gift token holders with exclusive voting power.
The Proof of Beauty NFT stands for its novelty, embarking on a new cultural phenomenon. With time, the Proof of Beauty NFT is going to become more and more appreciated and will gradually earn a place of repute in the Metaverse as well, as the supply is always going to be limited. With such a unique place value, the Proof of Beauty NFT has a successful vision and roadmap with constant upscaling of DAO brands.
Publico, NFT Creators and Collectors
The first series to be released as part of the Proof of Beauty trilogy was Publico Open Piano in the form a live stream. Capped at 64 NFTs, this collection too comes with a limited supply, and it is the owner of Token ID:0 (‘Token Zero’) who dictates what the NFT metadata points must do. The Token Zero owner is also called the “first piano player” and earned the power of steering the direction of the entire collection, expressing his thoughts, and enjoying a non-static NFT.
With a floor price of 1.75 ETH and 13.6 ETH volume traded so far, the Open Piano Collection on Opensea was followed up by a second series called the “Colored Loot”. Comprising color pallets like $London Gift layouts and inspired by the blooming “loot” projects, each pallet comprises a 1:1 NFT. Publico has seen multiple series launches so far, including “Fatal Flaw”, “Entropic Metadata”, “Unownable”, “Bridge to River Gwei”, “Transfer to Win”, “Cold War”, and “Pandora’s Box”.
Truly Redefining the Scope of NFTs: Proof of Beauty
The success of Proof of Beauty NFT lies in the enormous value attached with its unique minting process, besides the exclusivity of transactions, among other factors. For one, Proof of Beauty derives power from the uniqueness of its projects and the demands of the audiences. Therefore, the most sought-after topics and trends on Proof of Beauty NFT are the ones that have garnered the most attention from the community.