Enter the world of NFTs (Non fungible token)
WHAT IS NFT IN SIMPLE WORDS
To explain what an NFT is (a non-intechangeable token), we first analyze the words that make it up:
Fungible: This word denotes a property and makes something interchangeable. An example is a $1 note, as you can exchange each $1 note for another $1 note without changing the value.
Token: Cryptocurrency tokens are cryptocurrency assets that represent something other than monetary value. Examples include loyalty points, possession of something else... Think of it as shares, but instead of having ownership of the company, it could be ownership of anything else.
NFTs are basically digital ownerships tokens, that run on blockchains that support smart-contracts, such as Ethereum. Their non-fungibility is similar to real-world contracts, where you can’t trade one contract to another, because the “actual content” differs from each other. Same things for NFTs, where you can interchange them as their underlying “contract” changes with each one, hence their non-fungible nature.
Also in this article about NFT you will learn:
-Future of NFT -Where to buy NFT -How does NFT differ from cryptocurrency -How NFT Works -What NFT is used for -NFT History -How to make NFT in 15 minutes
NFT - What’s going to happen in the future?
In today’s rapidly evolving cryptocurrency industry, many concepts and applications are constantly evolving. Digital assets and their classifications develop in parallel with cryptographic and blockchain technologies. Irremovable tokens awaits future of real smart-contract applications. Because cryptocurrencies such as Bitcoin are used to transfer monetary value, NFT is used to transfer digital property. That’s why you can’t split the NFT the way you would split Bitcoins, for example, by sending 0.5 Bitcoin, because sending half of the contract or half of the ticket doesn’t make much sense.
You might ask, what is the use of NFT if these applications are already in use? Well, the key word is "decentralized smart contracts". There’s something in this word that makes you feel... safe, isn’t it? Here is a list of real apps:
-Work of art -Real estate -Media and entertainment -Game -Some DeFi protocols took advantage of NFT as early as the summer of 2020, allowing users to create NFT tokens. This led to a massive spike in prices during the summer.
Where can I buy NFT?
We have picked out the best market places for you!
Cryptomore is a young, rapidly evolving NFT platform on Solana. It is easy to create, buy and sell NFT here. CryptoMore has existed since 2022 and is not just an NFT trading platform, but also a platform where you can create secret boxes and Lotteries. At the same time, the developers of the platform announce even more opportunities for users in the future.
The most attractive on the CryptoMore site is that the site takes a small commission and does not require registration.
And also, if you’re lucky, you can buy the CryptoMore Stock itself and receive a passive income.
You can create, buy and sell NFT on OpenSea. OpenSea has existed since 2017 and is considered the first NFT trading platform. There you will find a large number of different NFT collections. You can purchase NFT on OpenSea if you connect to the platform an Ethereum wallet. In any purchase the artist is paid a commission of 2.5%.
Rarible is another NFT exchange that primarily targets NFT creators, that is, artists. However, there you can also choose, buy and sell NFT from the collections. Rarible is much younger than OpenSea and did not appear until early 2020. The market is very clear and largely focused on the NFT creation process. For each sale, both buyer and seller pay a 2.5 per cent fee.
Binance is the industry leader among crypto exchanges. The platform, founded in 2017, has become the absolute number one in crypto trade in recent years. Of course, then you can also buy and sell NFT on Binance. NFT bargain on their own Binance blockchain. The Binance coin is available as a payment method. However, the platform also accepts ether or USD.
Solsea trading platform, where users can create and trade NFT. One of the unique features of the market are its NFT-PRO. The market also has a «Rare Index» which calculates and displays the rank of rarity of specific NFT listed on the platform. The rank of a rarity is a number that represents the position of an NFT, how rare or less demanded it is in the collection to which it belongs.
How NFT differs from cryptocurrency
NFT is a non-interchangeable token. As a rule, it is created using the same type of development as a cryptocurrency, such as Bitcoin or Solana, but the similarities end there.
Real money and cryptocurrencies are interchangeable, that is, they can be exchanged for anything. They are also equal in value - one dollar is equal to one dollar; one bitcoin is always equal to another bitcoin. The interchangeability of cryptocurrency makes it a reliable means of conducting transactions in the blockchain.
NFT are always different. Each has a digital signature that makes it impossible to exchange NFT or get an equivalent (hence NFT is not interchangeable).
How does NFT work?
NFT exist in a blockchain, which you can think of as a public book that records transactions. You may be more familiar with the blockchain as the primary process that makes cryptocurrencies possible.
Most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency similar to bitcoin, but the ethereum blockchain also supports NFT. It is worth noting that other blockchain platforms can implement their own versions of NFT.
By the way, not only the ethereum is the most reliable and most suitable platform for you. It is worth considering other options, such as Solana. Solana is a public blockchain platform based on the SOL token. You can buy it on almost all popular exchanges.
NFT is created from digital objects representing both tangible and intangible objects, including:
Graphic art GIF Video Photos of "in the moment" Collectibles Virtual avatars and skins for video games Design stuff Music tweets
Twitter co-founder Jack Dorsey sold his first tweet as an NFT for over $2.9 million.
In fact, NFT are similar to physical collectible objects but they are digital. So instead of, for example, putting a real picture on the wall, the buyer gets a digital file.
Along with the image, property rights prevail. NFT can only have one owner, and their use of blockchain technology makes it easier to verify these same rights and transfer tokens between owners. The creator can also store certain information in the NFT metadata. For example, artists can sign their works and the same signature will be stored in a database.
What are NFTs used for?
Blockchain technology and NFTs provide a great opportunity for artists and content creators to monetize their work. For example, you no longer need to rely on galleries or auction sites to sell your art. Instead, the artist can sell it directly to the consumer as an NFT, which also allows him to make a lot more profit. In addition, authors of works can make royalties to receive a percentage of sales each time their work is transferred to a new owner. This is very beneficial as artists generally do not usually receive income after their artwork is first sold.
Art is not the only way to make money with NFTs. Brands like Charmin and Taco Bell have auctioned NFT themed artwork to raise funds for charity. Charmin called his offer "NFTP" and the Taco Bell NFT sold out in minutes, with the highest bids being 1.5 WETH, which equated to approximately $3,723.83.
Nyan Cat, a GIF of a cat created in 2011, sold in February for nearly $600,000. NBA Top Shot sales topped $500 million at the end of March. And one LeBron James NFT performance brought in over $200,000.
Although NFT has existed since 2014, the technology was created in 2017 based on Ethereum smart contracts.
The first image to be converted into an NFT token was a black-and-white 2007 stencil by Banksy called Morons (White). The blockchain company Injective Protocol bought the work, burned and created an NFT token, a virtual asset tied to the «digital image of the art object».
The first musician to turn his own album into a token was 3LAU. He sold the album in a limited edition and earned $11.6 million.
SInger Grimes, known as the mother of Elon Musk’s child, sold 400 NFT tokens, which were tied to four drawings created by her and her brother. In just 20 minutes, token sales earned Grimes $5.8 million.
In August 2021, the NFT market sold the NFT for $3.4 billion.
Overall, NFT is a way for creative people to monetize their skills and expand their audience. Not only images or music are sold as non-interchangeable tokens. Even a popular meme may have a new owner. The Nyan Cat Gif, on which the cat rides through space and leaves behind a rainbow plume, was sold at auction for $590,000.
How to make an NFT in 15 minutes
Anyone can create NFT, it’s not difficult
All it takes is
- digital wallet,
- pre-selected cryptocurrency (in our case this is Solana)
- connection to the NFT trading platform - CryptoMore, where the content is to be downloaded and turned into the NFT image
It’s not that complicated, right?
With CryptoMore you can easily create your own NFT
Just follow the steps
It’ll take no more than 15 minutes