NFT in the yachting industry. What’s going on?
Everything you need to know about how NFT’s are being introduced into yachting.
In the last years, you have probably heard about something called NFT (Non-Fungible Token) as it has been quite of a trend in the news and social media. Influencers who are paying huge amounts of money for the ownership of some “nonsense pictures”, others who have bought a part of a piece of art as a shared ownership… sounds kind of familiar, right?
Explaining what a NFT is, it’s not a simple task, but we will attempt to do so. To understand the meaning of NFT, is important to know that in our law system, there are two types of goods. The fungible ones and the non-fungible ones. The first ones can be exchanged having a value that depends on their number, size, or weight. In case of the non-fungible goods, there are goods that can’t be replaced.
Non-Fungible Tokens are some digital assets that basically contain identifying information in the form of smart contracts that makes them unique. They can’t be neither modified nor exchanged for a different one containing the same value, as there aren’t two equivalent NFT. These new non fungible goods work through blockchain technology, which is also used for cryptocurrencies. This technology operates through a decentralized computer network, with blocks or nodes that are linked and secured using cryptography. Each block is linked to the previous one, as well as a transaction with the date and some data. Its design makes them resistant to data modification. They came with a digital certificate of authenticity, a record of the starting value, a list of all the transactions that were made with them, and, also, the information about who their author is.
At the moment, they are usually attached to some artworks or digital illustrations. They have no tangible or physical value as their price is the one that people want to give them, and now, in their popularity peak, there are people paying huge amounts of money for them.
We could consider NFT’s as an emotional purchase, as nobody really needs them, but not everyone can have them, so they provide their owners with some kind of a social status, in the same way that superyachts do.
So, how does NFT’s affect to the yachting industry?
There are different opportunities for people who wants to get NFTs into the yachting industry, both in the metaverse or as physical assets.
From acquiring unique experiences which are accessible through augmented reality to the exact coordinates of unique superyacht routes, NFTs have strongly entered the yachting world.
Some companies come out with the idea of using NFT as a way of tokenizing the superyachts through smart contracts so they can become a shared ownership. Some others are thinking in offering navigational routes by the use of augmented reality, where owners could moor their superyachts in virtual berths located in the metaverse.
To be able to enjoy this last option, of course, it will be necessary to own a superyacht inside the metaverse. The thing is that some shipyards partnering with big tech companies have already started working on the idea of delivering NFT with the acquisition of superyachts along with accepting payments in Ethereum cryptocurrency, even if their value has dropped drastically in the last days. In this way, the traditional building process of a vessel will be complemented with the smart contract technology, and with each payment that the owner does, an NFT will be given with unique digital content in addition to data about the design and construction of the physical superyacht.
This would allow the customers to build and customize the same yacht in the metaverse by using augmented reality. In this way, the owner of a physical yacht, could be the holder of a virtual yacht having the benefits of pertaining to a high social class inside the metaverse.
The truth is that the future of the NFTs is uncertain, especially after the recent decline in the value of cryptocurrencies, and only time will be able to confirm all the news that they will bring to the superyacht industry.
Meanwhile, you can count with the services of
Evolution Yacht Agents for your physical superyacht
anchored in Spanish Waters by contacting
hola@evolutionagents.com.
Evolution Yacht Agents is the leading-edge team of professionals dedicated to providing assured and quality support and services to yachts in Spanish waters.
A full range of superyacht specialized services includes: charter license & legal advice, TPA (Vat exemption), customs & logistics operations, provisions & interior supplies, deck & engineering supplies and crew & VIP services.
