What is NFT? What does Non-Fungible Token mean?
NFTs, which have taken their place among the craziest trends of recent years, are digital certificates that transform digital artworks and collectibles into registrable and sellable assets. NFT, Non-Fungible Token words; It means Non-Tradeable Token.
In a nutshell, it transforms digital artworks and collections into both easy-to-trade and verified assets on the blockchain.
Crypto artworks, which can find buyers for millions of dollars, can find buyers at very high prices because they are one of a kind, turn into verifiable assets and can be easily reproduced indefinitely.
What does NFT stand for?
NFT consists of the initials of the English words Non-Fungible Token and means Non-Tradeable Token.
How is NFT done?
NFTs; Bitcoin, Ethereum etc. It uses Blockchain technology, which is the database used by cryptocurrencies. The most important feature that distinguishes NFTs from cryptocurrencies is that unlike cryptocurrencies, they cannot be exchanged or exchanged.
What Can Be NFT?
a video,
tweet,
digital artwork,
digital picture,
Web page,
digital data such as social media sharing, stories.
Do You Have The Copyright When You Buy NFT?
No, only the existence of this work is transferred to you. It is registered that the work is yours. Completely copyright free ownership. For example, even if you are a billionaire who bought Van Gogh's work, the copyright owner of the work is Gogh.
How can I do NFT? How is NFT Artwork Made and Sold?
To make and sell NFTs, you need a digital wallet.
You can create it by signing up on a platform like Binance.
Next, you need to register with an NFT marketplace like OpenSea.
After purchasing some Etherium on Binance and adding it to your wallet, you can start by connecting to OpenSea.
You can offer sales by adding your works to NFT marketplaces.
Immutable tokens are specially designed so that they can simply be separated from each other and verified. In general, digital assets created on Ethereum infrastructure are made in accordance with the standards of ERC-721 and ERC-1155 tokens.
What is the ERC-721 standard?
ERC-721 is a standard that describes how to create unique Tokens on the Ethereum Blockchain. Each Token created with ERC-721 is unique.
What is the Erc-1155 standard?
It is used for the video game industry. It was developed for use in in-game purchases.
What are the characteristics of non-exchangeable tokens?
Verifiable
Indivisible
Indestructible
How is NFT created?
NFT tokens can be easily created through many platforms. Anyone can create an NFT. To create an NFT you need to connect a digital wallet, some Ethereum and an NFT marketplace where you can upload your content and turn it into NFT crypto art.
Although the procedures for creating an NFT differ between platforms, you can create your product by following the steps below.
Upload your digital content to the relevant marketplace,
Then convert your content to NFT by following the on-screen commands,
Write an introductory text for your content,
Set a suggested price,
What are the digital assets offered for sale as NFT?
As a "digital certificate" of the authenticity of something, NFTs can be videos, GIFs, photos, audio and other digital files as well as works of art.
What should be considered when purchasing NFT?
It will be beneficial for you to pay attention to some issues while buying NFT. First you have to decide which marketplace to buy the NFTs from. In addition, you should determine which type of cryptocurrency you will shop with and what kind of digital wallet you will store the product you buy.
Some marketplaces charge a fee in the name of gasoline to provide the energy needed to complete the payment. You should also be prepared for some costs incurred in converting your money to Ethereum, the most used currency for NFTs.
How to Buy And Sell NFT?
It is possible to buy and sell NFTs through various platforms. Which platform you will shop on depends on what product you are going to buy or sell more. For example, if you are someone who wants to buy or sell a photo, you should go to the site where the best digital photos are sold.
It is necessary to have a wallet specific to the platform where the product you want to shop and to have crypto money in this wallet.
How is the price of NFTs determined? What is the reason for the high price of NFTs?
There are three main elements to measure the value of NFT; rarity, uses and tangibility. All this reveals the value of NFT.
The person who purchases an artifact as an NFT will receive a digital token that proves that the artifact is in its original form. Thus, the original work, which is unique and unmatched, now belongs forever to the person who bought it.
For example, The Girl with a Pearl Earring by Johannes Vermeer has millions of copies online and in print, but the original will always have a single owner. The same is true for digital artworks that have been converted to NFT.
The owner of the work can also get a share from the next sale.
Even if only one person owns the original NFT, if the artist owns the copyright of his work, he can also get a share of subsequent sales.
What are NFT marketplaces? What are the NFT web sites?
The most well-known NFT marketplaces are as follows:
OpenSea
Mintable
Nifty Gateway
Rarible
SuperRare
Foundation
VIV3
BakerySwap
Axie Marketplace
What is NFT Art?
These new digital assets, also known as crypto art; picture, photo, audio, video etc. It is the certification of various data by writing to the Blockchain in a digital environment.
Today, digital artworks created in electronic environment have gained importance along with concrete designs such as traditional painting paintings or sculpture art. These works, which are stored on computers or in the cloud, can be easily and endlessly reproduced, printed or shared on various platforms on the internet.
For example, following the sale of Beeple's digital artwork for $69.3 million, the work has been copied and reproduced millions of times.
How did NFT come about?
The first appearance of NFT is the game called CryptoKitties designed on the Ethereum Blockchain. In the digital trading game CryptoKitties played on Ethereum, virtual cat characters, all of which are different from each other, were created and auctioned for collectible purposes. This event was considered the beginning of the NFT system.
NFT Examples
Everydays: The First 5000 Days
Created by Mike Winkelmann, known as Beeple, the NFT named "Everydays: The First 5000 Days" was sold at Christie's auction house for $69.3 million, making it the most expensive NFT ever sold.
CryptoPunk
CryptoPunk, one of the NFTs of pixelated faces, which is among the CryptoPunks works, was sold for 11.8 million dollars.
Crossroad
Created by Mike Winkelmann, the Crossroads video artwork represents the election of former US president Donald Trump. This work sold for $6.6 million.
Grimes
The digital art collection of Elon Musk's girlfriend, musician and artist Grimes, which was put up for sale on the NFT platform Nifty Gateway, was sold for $ 6 million.
Ocean Front
One of Beeple's works, Ocean Front, sold for $6 million, and proceeds were donated to the Open Earth Foundation, which is involved in climate change combat work.
This Changes Everything
Sir Tim Berners-Lee, creator of the World Wide Web's source code, also entered the world of NFT, selling an artistic representation of the World Wide Web's original code at Sotheby's. The code, which was sold under the name "This Changes Everything", found buyers for $ 5.4 million.
Jack Dorsey
Twitter founder Jack Dorsey promoted his first Tweet as NFT, and it sold at auction for over $2.5 million.