What is NFT? Everything About Non-Fungible Tokens
To answer What is NFT question, read the definition below:
The word “NFT” stands for “Non-Fungible Tokens“; This means that they have a unique value. In other words, each NFT token has a special feature that distinguishes them from each other.
Assets such as digital arts, physical arts, soccer players, video game characters, and so on are among the assets that can be valued and sold in the form of NFT tokens.
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Table of Contents
What is NFT?
Fungible assets
Assets in the economy are defined as Fungible, one unit of which is not less valuable or more valuable than each other. For example, the dollar currency: each $ 1 banknote has no value difference compared to another $ 1 banknote and is completely Fungible.
Non-Fungible Assets
Assets such as historical paintings are Non-Fungible assets. The reason for naming it Non-Fungible is the unique value of these assets.
Non-Fungible Tokens
As you read, the concept of NFT tokens is clear to you. For example, a person buys a painting of the Mona Lisa and auctions its value for exchanges in the form of NFT tokens! Or the value of the Barcelona football team can be bought and sold in the form of NFT tokens, and if the team performs well, the value of the token will experience an upward trend!
Technical review of NFT
NFT Token Programming Standard
In the Ethereum network is the ERC-721 programming standard! Also there are other blockchains such as FLOW to develop NFT tokens!
Initially, with the advent of NFT tokens, only ERC-721 tokens were available on the Ethereum network. NFT tokens are currently implemented in various blockchains.
Ownership of NFT tokens
Ownership of non-exchangeable tokens (NFT) is registered in Blockchain. The owner of the private key is the owner of the non-Fungible tokens!
Blockchain technology is simply a digital notebook for recording information. The information recorded in the blockchain network is shared among all computers connected to the network, so no one can hack or manipulate the network information.
What are NFT usages?
Digital assets
Buying and selling and registering ownership of all types of digital assets, such as Internet domains, is possible with the help of NFT tokens.
Physical assets
Buying and selling and registering ownership of all kinds of physical assets such as houses, cars is possible with the help of NFT tokens.
Digital art
NFT tokens are available for valuing digital artwork, eliminating intermediaries, digital art exchanges, and protecting against digital art theft.
The video game industry
Blockchain-based games are in development, and gamers can sell their video game assets at NFT exchanges.
How to Invest in NFT?
The industry of NFT tokens and NFT exchanges is expanding rapidly, and now (2021) after the DeFi industry, NFT projects are receiving one of the largest waves of capital raising among cryptocurrencies. Here are some ways to invest in the Non-Fungible assets industry, stay tuned.
Invest in NFT tokens
Many valuable assets such as paintings by famous painters, etc. are exchanged in the form of NFT tokens in NFT exchanges.
Invest in NFT exchanges
As the entire NFT industry grows, so do NFT exchange tokens.
Invest in NFT projects
Projects that provide solutions to the NFT industry’s problems are also offered for investment.
The end words
At Adaas Capital, we hope that by reading this article you will find the answer to the question “What is NFT?” You can help us improve by sharing the article “What is an NFT Token?” Published in Adaas Investment Magazine, and help optimize this article by submitting your comments.
References
FAQ
What is an NFT token? Is it some kind of cryptocurrency?
NFT tokens are a non-fungible cryptocurrency. non-fungible means unique values.
Where can I buy NFT tokens?
– Nifty gateway
– OpenSea
– Rarible
– SuperRare
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