The Significance of Digital Collections in the Development of Blockchain, Smart Contracts, and Virtual Reality

03/08/2023 01:21 • Crypto & Markets • 65 views

According to the report, Feng Qiya, deputy to the National People’s Congress and chairman of Shanghai Xinxiang Investment Holding Co., Ltd., said in an exclusive interview with the reporter of Shanghai Securities News that “digital collections have broad development space, and also drive the rapid development of smart contracts, blockchain, virtual reality and other technologies.”

Feng Qiya, deputy to the National People’s Congress, set up an access mechanism and establish a digital collection supervision system

Analysis based on this information:

The message entails the insights of Feng Qiya, a deputy to the National People’s Congress and chairman of Shanghai Xinxiang Investment Holding Co., Ltd, regarding the broad development space of digital collections. He emphasized that digital collections are not only valuable in its practicality but also its contribution to the growth of technologies like smart contracts, blockchain, and virtual reality.

Digital collections, also known as non-fungible tokens (NFTs), refer to unique digital assets representing ownership of a particular piece of media, such as art or music, secured by blockchain technology. NFTs have been gaining popularity in the past year, with high-profile sales making headlines across the world. But, beyond its recent trend status, the development of digital collections has a profound impact on the technology industry.

One of the most significant contributions of digital collections is its promotion of blockchain technology. Blockchain, a decentralized and secured digital ledger that records transactions in a transparent and tamper-proof manner, is the underlying mechanism that makes NFTs possible. The creation and exchange of digital collections require a secure and unalterable record-keeping system, and that is what blockchain provides. Therefore, as the interest in digital collections continues to grow, so does the attention given to blockchain technology.

Similarly, the use of digital collections has also driven the growth of smart contracts. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into computer code. Digital collections eliminate the need for intermediaries in the buying and selling process, making smart contracts more accessible and efficient. Digital collections enable artists and other creators to receive payment directly and automatically when their work is resold to a new owner, which smart contracts make possible.

Lastly, the development of digital collections supports the growth of virtual reality technology. Digital collections offer the possibility of providing virtual experiences, such as museums or galleries, where users can interact with unique digital assets. Artists and collectors can present their pieces in innovative ways, such as through virtual reality museums or showrooms. As such, digital collections could be a significant driver of the growth of virtual reality technology.

In conclusion, the development of digital collections not only offers practical value in the creation and exchange of unique digital assets, but it is also a considerable driver of the growth of blockchain, smart contracts, and virtual reality technology. As technology continues to evolve, the significance of digital collections in the tech industry will continue to grow as well.

Reference:
Feng, Q. (2021, April 14). Feng Qiya: Digital collections have broad development space and drive the rapid development of smart contracts, blockchain, virtual reality and other technologies [Chinese]. Shanghai Securities News. https://finance.sina.com.cn/roll/2021-04-14/doc-ikmyaawc9369327.shtml

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