NFT guide in 3 minutes
What is NFT?
These are non-fungible tokens that are presented in the form of digital objects such as music, texts, game items, domains, videos, films, TV series, 3D models, arts, illustrations, paintings, stock images, cards, sports video moments and luxury goods.
A non-fungible thing that is unique due to its characteristics and cannot be formally replaced with exactly the same one. To put it very simply, it is a specific token that is represented digitally by any of the objects and fixed at the level of smart contracts with unique characteristics that differ from others.
NFT technology allows you to turn all physical or virtual objects into NFT-objects with unique characteristics, thereby leaving records in the blockchain, and since all information in the blockchain is stored on millions or even billions of computers, it cannot be counterfeited or stolen.
One of the earliest uses of blockchain was cryptocurrencies, the very first is Bitcoin. All information is stored on a huge number of computers, checked, updated, so intermediaries are not needed. Your money in cryptocurrency is not just numbers but tokens that you own, if we are talking about a cold wallet, not a cryptocurrency exchange. But there is a big downside to all this if you have lost access to your secret phrase = you have lost your money.
In the past, most blockchain services and applications used interchangeable tokens: Bitcoin, Litecoin, Ethereum and others. It quickly became clear that all assets were equal and fungible. But if we transfer this information to the blockchain and give smart contracts the ability to make transactions with NFTs, it would be good. This is how they appeared.
What can you do with NFT?
- Exchange
- Transfer
- Buy
- Sell
- Collect
NFT Token Standards
- ERC-721
- ERC-998
- ERC-857
- ERC-1151
- ERC-1155
NFT can be on various networks such as Ethereum, Binance Smart Chain, Neo, Tron, Flow, Cosmo, etc.
Where is NFT used?
- Pictures: paintings, arts, illustrations, memes, photos, stock photos
- Music: Podcasts, songs, radio
- Content: Texts, blogs, guides, instructions
- Video: films, TV shows, gifs, streams, serials, various moments from the video
- Addresses: IP, domains, wallet addresses
- Luxury goods, collectables. Various figurines, expensive watches, luxury limited-edition accessories fall into this category.
Where can you buy NFT?
Marketplaces, aggregators:
- OpenSea
- Rarible
- Zora
- MintBase
- AtomicMarket
- Foundation
How do I create an NFT?
Quite simply, you can go to any marketplace where you can create an NFT, upload an image, video or whatever you want, then pay a commission and set unique characteristics, then get your NFTs, and then do whatever you want with it.
How to determine the value of an NFT?
The answer is rather complicated and there is no correct answer, everything is individual, depending on various factors.
How to make money on NFT?
- Presales, that is, for example, some company or cryptocurrency produces a limited series of NFT items and you get into the list of the first to buy, but there are still others who could not do this, so you can sell them at a markup.
- Participation in the distribution. If you manage to pick up the free NFT, then perhaps in the future it will cost some money.
- Creation of your own NFTs and their subsequent sale somewhere.
- Purchase and subsequent resale. Everything is clear here.
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