Steemit Crypto Academy Contest / S2W4 - What are NFTs. by @kawsar
Steemit Engagement Challenge: Season-2, Week-4.
Today I will participate in Steemit Engagement Challenge Season-2 Week-4, and today I will Post in the Challenge "What are NFTs?" organized by @crypto-academy. NFT operates on blockchain technology. Today I will discuss several aspects of NFT on the occasion of this competition. How to Create NFT and whether NFT can be stolen. More on other such things. Thanks to the Steemit Enagement Challenge, I am able to write a lot of new content and get acquainted with users from different countries of the world, so I feel very good. So I am thankful and grateful for organizing the Engagement Challenge.
Using your own words to define non-fungible tokens: NFT, and to show the difference between fungible and non-fungible tokens.
What is NFT
The full meaning of NFT is Non-Fungible Token, NFT refers to a token that must be unique, meaning I created an art or design that will not match any other design. It cannot be duplicated or it must be unique from all other arts. One more feature of NFT is that it is not interchangeable with anyone else. Nowadays it has become very popular and very popular. If we give an example about NFT, it is very easy to understand what NFT is.
We know that NFT stands for Non-Fungible Token. So to understand Non-Fungible Token, you have to understand Fungible. Fungible is something that can be exchanged through any other product. For example, now I have a currency of 1000 rupees. But I can exchange 1000 rupees notes. For example, if someone gives me two notes worth 500 rupees, it becomes an exchange. That means Non-Fungible Token is the opposite of Fungible.
NFT's job is basically to convert digital files of any art. Creating ownership of that art, which will be digitally certified. Each NFT can be sold and bought. It is mainly powered by blockchain technology. In blockchain technology, everything will remain on record, that is, NFT was created, its identity is everything. And in blockchain technology, we know that no information can be changed. So if there is any transaction through NFT, its record will remain in the blockchain. NFT is sold or bought more than once, which means that someone else can buy it from the person who will make it and he can sell it again after a while if he wants. He will be able to sell it again later. The best part about NFT is that the more you sell, the more you can get a better quality amount.
Blockchain technology contains all the information so if someone copies an art, it can be easily identified. Who is the real creator of this art. Blockchain records are the first thing that art is made of, and copies are made of everything that has been created since then. It is very easy to see which art was created later. So no one here can easily copy any art if they want to.
We can easily tokenize my own art with the help of NFT and there are many people who have earned millions of dollars by tokenizing their own art. They sell various art through NFT with their own talents. We certainly know that the co-founder of Twitter sold his first tweet as NFT.
Difference between fungible and non-fungible tokens
At this stage we have fungible and non-fungible tokens. I will highlight the difference between the two.
| Fungible Tokens | Non-Fungible Tokens |
|---|---|
| Fungible Tokens is not completely unique. | Non-Fungible Token is completely unique. |
| Fungible Tokens are interchangeable. | Non-Fungible Tokens are not interchangeable. |
| Fungible tokens can be divisible. | Non-Fungible Tokens cannot be divisible. |
| Fungible tokens have their own blockchain. | Non-Fungible Tokens do not have their own blockchain. |
| Fungible token of ERC-20 standard. | Non Fungible Token of ERC-721 Standard. |
Are NFTs interchangeable? What are the differences between an NFT and other currencies? Is there an NFT marketplace? And how to invest in NFTs?
Are NFTs interchangeable?
NFT means Non-Fungible Token, and Non-Fungible Token is non-interchangeable. We already know that Non-Fungible Token is unique. Cannot duplicate from one to another. So it is not interchangeable. It can be bought and sold, but it is not possible to exchange one with another. The price of each is different.
What are the differences between an NFT and other currencies?
There are several differences between NFT and other currencies. So at this stage we will briefly discuss the differences between NFT and other currencies.
| NFT(Non-Fungible Token) | Other Currencies |
|---|---|
| Non-Fungible Tokens cannot be interchangeable. | Other Currencies can be interchangeable. |
| Non-Fungible Token is unique. | Other Currencies is not unique |
| The price of each token is different. | The price of each token is same value. |
Is there an NFT marketplace?
NFT is becoming more popular day by day and people are embracing it, so many marketplaces are growing. There are many marketplaces for selling or not NFT. At this stage we will briefly discuss some of the marketplaces of NFT. I will talk about some of the top marketplaces for NFT at this stage.
- Opensea
- Binance NFT marketplace
- Axie Market place
- Rarible
- NBA Top shot marketplace
- Larva Labs
- SuperRare
- Nifty Gateway
- Houbi NFT marketplace
- Foundation
Nowadays NFT can be bought or sold using these marketplaces. A creator can create NFT here and add it to this platform. There are also many other NFT marketplaces that share different types of NFT, created by different creators.
How to invest in NFTs?
This world is currently changing. We can do the same thing online that we used to do offline before. And because of being online, we can do the job very quickly, do business with people from all over the world, and keep in touch. As we have seen before, many arts have been sold at much higher prices in the world. But the presence of buyers and sellers was required to buy that art. Even if I wanted to, I could not easily go outside my country and buy an art.
But now due to NFT marketplaces I can easily buy digital art from our country and all this information will be recorded in the blockchain. So I think investing in NFT is much easier. And if you invest here, the chances of making a profit are much higher. Because after buying NFT at a lower price, it is possible to wait a while and sell it at a much higher price.
But before investing we must do a lot of research about the marketplace, about NFT, about eight and then I have to buy different NFTs from the marketplace and put them in my collection. When I have a lot of NFT in my collection, I can sell those NFTs as I wish. Of course I have to sell these NFTs at a higher price than I bought them. Then I can benefit.
Currently NFT has a lot of popularity. NFT can be bought at a lower price and sold at a much higher price. Which we have already seen. All information on buying and selling NFT is recorded in blockchain technology. So anyone who bought NFT, who sold everything has a record in blockchain technology so we can see anyone. And to my knowledge, there are marketplaces where NFT can be minted without paying for free. Here one can make NFT art, mint NFT and earn money through NFT.
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?
How to create a new NFT
To create a new NFT we must create an account in an NFT marketplace. So today I will show you how to create an account and add a new NFT to one of the most popular NFT Marketplace opensea.io
STEP-01: First we will enter the official website of opensea.io and here we will find a button called Create on the first page. I will click on that create button.
STEP-02: This time we need to connect a wallet with opensea.io. We will select one of our wallets, I have selected the metamask here.
STEP-03: At this stage a new window will open from Metamask Wallet we will click on the Next button here.
STEP-04: At this stage we will click on the Connect button.
STEP-05: At this point we will click on the sign button from the metamask wallet and click on the opensea accept button.
STEP-06: Such an interface will then open in front of us. We can add our own here as an art NFT very easily.
STEP-07: I've done a very simple writing art here and wanted to add it as NFT. So I uploaded it first and gave the title and brief description.
STEP-08: Scroll down a bit and we will get a button called Create. Click on this Create button.
STEP-09: I have created it here which is showing here.
is it possible to have an NFT stolen?
If I were to answer this question in one word, I would say that it is possible to steal, and we have seen NFT stolen before. In fact, I don't think it's very unusual for NFT to be stolen. Because we login to NFT marketplaces through our wallets. And if ever our wallet is hacked, our NFT in our NFT marketplace will be hacked as well. And in the case of NFT, there are cases of hacking.
why use a distributed file system like IPFS in this area?
The answer to the question why use a distributed file system like IPFS in the NFT area, I can say that IPFS (InterPlanetary File System) is a kind of file protection system that assures a user that his data, files or data is very secure. This means that information, files or data is stored here through blockchain technology. IPFS (InterPlanetary File System) uses many nodes to secure files in the system, which is not likely to cause much trouble here.
Because if there is ever a problem with one, it is possible to recover that file or information through another node. It is a much more reliable and much more secure method for a user. So this system is used in NFT areas. So that users can feel their NFT is much more secure.
How are NFTs used in art, video games and collectible card games? And how are NFTs revolutionizing property titles?
How are NFTs used in art, video games and collectible card games?
A digital artist can make money from here by monetizing art for digital art. At first he intends to sell his art by adding NFT to the marketplace and when he sells NFT he gets a good amount of commission from here. Not only digital art but also video games and collectible card games are covered by NFT.
Artists can now present their art as a digital resource and have plenty of opportunities to earn from it. Be it digital art or video songs or collective card games. You can earn money by monetizing each of these issues in the NFT marketplace. In the case of art, it must be unique, nothing can be duplicated.
How are NFTs revolutionizing property titles?
We know that NFT is managed through blockchain technology and every piece of information is recorded. As a result it is very easy to verify the ownership of every industry owner of NFT. Because we can easily see who is the original owner of each NFT and it cannot be easily copied by anyone. No middleman can broker here. Direct investors can buy NFT by looking at the original creator.
We have seen many times that if any product does well then many counterfeit products of that product come out. But because of this blockchain technology it has revolutionized and solved this problem. This is especially true in the case of NFT.
How are NFTs regulated? And what are the solutions to the limits of NFT development?
How are NFTs regulated?
We must know that there is currently no controller to control NFT. So in this case we must be aware. No legal protections have been made for investors here so far. However, this issue must be taken seriously in the future. Then I think the popularity of NFT will increase a lot. Because investors will be encouraged to invest here. If there is no controller here, it is very difficult to control NFT resources
solutions to the limits of NFT development?
In many cases we see that gas fees are much higher in many NFT marketplaces. And for this the creator of NFT cannot mint NFT. So I think this issue should be taken very seriously and in this case if it can be done that their gas fees will be much less or if it can be done for free then I think it will be much better.
If a method of verifying marketplaces can be created, it will be much more convenient for users to trust and investors will be encouraged to invest. Because investors will no longer have to worry about their assets being scammed. This means that investors and users will have no fear of losing assets. Then this sector will be much bigger, I think.
I think there are some rules that need to be made so that no one can pay extra for what an asset is worth. This issue should be given much more importance.
I also think that more wallets should be added to the marketplaces because the more wallets are added, the more benefits will be available to the users.
All Screenshot Taken From opensea.io and Metamask wallet.
@kawsar
I invite to participate this contest: , @olabillions, @shohana1 , @solexybaba, @chiabertrand
Woow you have said much about NFT sir, reading through your article seem you have all the knowledge about this very topic. I wish you all the best.
And so you end another week, another month of engagement challenge with a bockchain post. Well done! A very informative post.
I wish all the best for the contest🤞🏻
https://twitter.com/KawsarH67898725/status/1543609432160243713
You have described a lot about NFT and many crypto lovers will acknowledge more from your post for sure, Good luck with your contest entry. :)
Many thanks to you for your comments.
Yeah, there are no investors who would love to lose their asset carelessly to scammers so before a trade or transaction a the market should be verified to confirm that the market is legit.
Thanks for sharing
wishing you success
I agree that there has to be a method of verifying the NFT marketplaces. It is very necessary.
Saludos Steemian, @kawsar, Tu post ha sido recompensado por @alejos7ven del Cotina Team.
Si deseas apoyar a la comunidad considera delegar Steem Power a @cotina o Votar por nuestro Witness
Yes this is as result that nft represent different values or data all together. Unlike cryptocurrency representing a store for value nfts are not like that . 1 btc is still one btc but 1 crypto bull is not 1 crypto bull. Even though they are both crypto bulls they are not the same because all have thier unique identification.
Yes this will go among way at helping a lot of users.
Yes, unlike crypto where we have it track the transaction to know if the asesets really belong to you . In the nft space you just sit back and relax cause everyone knows that the nft is yours.
I believe artists have had a lot to be thankful about nfts for. One popular art that still leaves me in awe to date is Everydays: the First 5000 Days by Beeple. There was so much effort channeled into it, it's only reasonable that it sold for the price it did.
Nice publication, it was a nice read :)