Hello everyone my name is Oshoke and in this post, I will be taking you through an article of NFTs

What are nft and the difference between fungible and nft

A common misconception in the crypto space is that Non-Fungible Token is only limited to just art products, I believe it because art was the mommy’s dominant face of the nonfungible tokens. NFT stands for Non-Fungible Token (NFT) is a digital asset that is 100% unique and irreplicable and is monitored/built on a blockchain that can be sold, bought, or exchanged for assets or currency of any sort, these NFTs are displayed on the by various artist and buyers place bids and the one with the highest bid get to own the asset after the limited time sale period is up, these NFTs can be anything ranging from music, pictures art work etc
These NFTs have a special marketplace from which interested users can make purchases, some of these marketplace include, Nifty gateway, Opensea , Raible etc

DIFFERENCE BETWEEN FUNGIBLE AND NON-FUNGIBLE TOKEN

• UNIQUENESS

The fungible tokens are not unique items and can be easily exchanged for other assets while the non-fungible tokens are a unique asset that can not be exchanged

• DIVISIBILITY

A conventional currency like the Euros and USDT are regarded to as fungible tokens and can be divided to get smaller portions of each for instance a 10 USDT can be split to get 5$ each while a fungible token can not be divided it comes as a whole and can not be divided up

• STORE

Nonfungible tokens like the NFT art stores things like Art, music or pictures etc while the fungible tokens like the USDT only store the value it is worth

• BLOCKCHAIN

Most fungible tokens are often built in their own blockchains and are often standalone which can be used as a native token in a blockchain while the Nonfungible tokens are assets built on other blockchains using a particular token standard example is Ethereum-based nft created using the Erc-721 standards

Are NFTs interchangeable? What are the differences between an NFT and other currencies? Is there an NFT marketplace? And how to invest in NFTs?

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NFTs are unique and each one is assigned an individual hash that carries an inbuilt digital signature, whoever owns this digital signature on the particular piece of NFT hence these NFTs can not be interchangeable. Below are some major differences between NFT and other currencies

NFTs	Currencies
FTs usually represents different things ranging from music, art, pictures, tweet, etc	Other currencies only represent value
Each NFT is non-divisible	Other currencies like the BTC can be reduced to a smaller value
NFT values are determined but their buyers	Currencies have their value depending on demand, economy or scarcity in the market
Each NFT is designed on other blockchains	Other currencies have their own blockchain

Is there an NFT marketplace

And how to invest in NFTs?

Well they are multiple ways to invest in NFT but the most prominent one simply involves buying and selling of NFTs from the market place, The best and easiest way to invest in NFTs would be to go into the NFT market and sought for undervalued NFTs which you believe would be worth a lot more in the near future, Buy them keep them for a while or resell immediately but at a price you believe it is worth it. The investment could easily just involve buying and reselling or buying and keeping of NFTs

How to create a new NFT and is it possible to have an NFT stolen? And why use a distributed file system like IPFS in this area?

Here are a few steps on how to create an NFT

• STEP 1

After designing your NFT ( it could be Art, picture, audio etc) decide the Market place you wanna mint (create) it. For the pur[ose of this course I will be using rarible connect your wallet and select the create button on your profile and select the blockchain you wanna mint on( preferably Etheruem)

• STEP 2

You will be asked to select between single or multiple NFTs depending on the number of NFTs you wanna create, I will be selecting single. Other options will be presented, fill according to your NFTs type and sale type

• STEP 3

After all necessary information have been filled about the NFTs,click create and you will be charged a gas fee which is the cost of creating the NFT in the blockchain, after which your NFT will be created easily

Screenshot sources

is it possible to have an NFT stolen

How are NFTs used in art, video games and collectible card games? And how are NFTs revolutionizing property titles?

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For this section, I will be specifically addressing how NFTs are used in video games, collectibles card games, and arts.
Blockchain gaming is no longer a new concept we can trace the first popular blockchain games back to 2017 when blockchain kitties were introduced, these games are also referred to as Play-to-earn where assets acquired in-game like the blockchain cuties for instance when an item is acquired during an adventure in the game of a cutie is bred in-game this cutie or item is assigned a unique hash which is owned solely by the account owner, now the user can choose to sell his cuties for cryptocurrency or exchange it for other cuties as can be done with the traditional NFT. The concept is similar to the art aspect each artwork is assigned a unique has and this would only be owned by the artist after minting which can be sold for cryptocurrency same logic applies to collectible card games

And how are NFTs revolutionizing property titles?

The Metaverse has taken the NFT property ownership to the next level, purchasing a property in the decentraland can cost as much as 70$ per square meter, this can be likened to the normal land or property ownership we have, each land has a certificate which can be minted as an NFT.

How are NFTs regulated? And what are the solutions to the limits of NFT development?

Most platforms are now employing AI technology to ensure artist creating new NFTs are not creating similar to an original piece, while this is being implemented another policy of “Know Your Customers” (KYC) are being implemented by some other NFT platforms to ensure that one user does not mint same NFT in multiple instances and sell over and over again. These are so far the only regulatory actions that have been implemented on NFTs because it is a blockchain feat it can not be regulated per say

And what are the solutions to the limits of NFT development?

• One of the issues faced in the early days was the minting of NFT that could be done via HTTPS after which the artist can rug pull and end up selling a fake or changing the originality to a fake hence buyers end up cheated, the IPFS introduction aided in the seeing to it that each art file is embedded with a CID hence it's not possible to mint an NFT and deliver something else cause one file can only have one CID embedded
• Another solution was the introduction of the KYC to some NFT markets as of recent some artists are stealing designs from their old works or from others and reselling them as a new or their own ideas, with the introduction of KYC each artist work is ensured to be unique and is checked across the whole market for similarities before it is minted by the platform

CONCLUSION

The NFT has been a big step up for the cryptocurrency world, we have seen lots of people embrace cryptocurrency due to NFT, and big-time celebrities are embracing this new concept and are taking advantage of the blockchain to even better their jobs.