Since the inception of blockchain technology, a new type of virtual asset has emerged, known as a non-fungible token (NFT).
No matter how you look at it, the world of non-fungible tokens is growing. From gaming to collectibles, NFTs are used in various ways to create unique digital experiences. In this post, we’ll look at some of the most exciting concepts in the NFT sphere and explore their potential to change how we interact with digital content. Stay tuned and buckle up – it will be a wild ride!
What is NFT?
NFT is a type of cryptocurrency representing a unique digital asset. However, Cryptos like Bitcoin or Ethereum can be separated into small units. NFTs are indivisible, each unique. That makes them perfect for representing items like digital art, collectibles, and in-game items.
Blockchain is the place where Non-fungible tokens are stored. It is a decentralized database that records all transactions, making them resistant to counterfeiting and fraud, and ensures that they can’t be duplicated or altered.
There is a profound meaning behind Non-fungible tokens. Once there was a boy who found a magic lamp. Inside the lamp, there was a genie who granted him three wishes. The boy used his first wish to ask for a never-ending money supply. The second wish was for a beautiful palace. And for his third and final wish, the boy asked the genie to make him the most important person in the world.
The genie granted the boy’s wishes, and he became rich and powerful overnight. However, the boy quickly became bored with his money and possessions. He had everything he could ever want, but he was still not happy. One day, he came across a poor beggar on the street. The beggar was begging for food, and the boy took pity on him. He gave the beggar all his money and watched as the beggar ate his fill.
The boy realized that possessions and power mean nothing if you don’t have someone to share them with. That’s when he understood the true meaning of non-fungible tokens. They represent something far more valuable than money or possessions – they represent relationships. With it, you can build communities and connect with people from all over the world.
Just kidding. NFTs don’t have that deep of meaning. But they are still pretty cool and useful;)
How do NFTs work?
They are stored on a blockchain, a decentralized database that records all transactions. That makes them resistant to counterfeiting and fraud and ensures that they can’t be duplicated or altered.
When you purchase an NFT, you’re buying a cryptographic key that gives you access to the asset. This key is stored on the blockchain and can be considered a digital fingerprint. The asset is usually stored off-chain, which means it’s not stored on the blockchain. Instead, it’s stored on a central server or in the cloud.
The benefits of this system are that it’s very secure and efficient. However, it also means that if the central server goes down, you could lose content access to your NFTs. That’s why it’s essential to store it in a wallet that supports off-chain storage.
Why are NFTs Important?
Non Fungible Tokens are essential because they have the potential to change the way we interact with digital content. For example, imagine if you could buy a piece of digital art and own it forever. Or if you could collect in-game items and trade them with other players. They make these possibilities a reality.
In addition, they are also vital because they’re immutable and secure. That means Non-fungible Tokens can’t be counterfeited or altered, which is a big problem with traditional forms of digital content.
Finally, Non Fungible Tokens are also crucial because they’re transparent. Every transaction is recorded on the blockchain, so you can always see who owns an NFT and how much it’s worth. This unprecedented transparency could revolutionize how we buy and sell digital content.
NFT Screenshots And the Controversy About Them
NFTs have been in the news since 2021, and much of the controversy has centered around screenshots. A screenshot is a digital image of what is currently being displayed on a computer screen.
In February 2021, an artist named Beeple sold a piece of digital art for $69 million, making it the most expensive digital art ever sold. The work is a collage of 5,000 images, which the artist started capturing in 2007.
Some people have criticized the sale, saying that it’s not art and that anyone could have taken the screenshot. Others have defended the deal, saying the value lies in Beeple’s vision and creativity.
The controversy highlights that it can be used to sell all sorts of digital content, including things that are typically considered worthless. It has led some people to worry that the NFT market is a bubble that will eventually burst.
What To do If Someone Screenshots Your NFT?
The value of Non Fungible Tokens lies in the art and their utility. Different NFTs offer different functionalities, and the importance of each NFT is derived from its use case. For example, let’s take the scenario from BH Agent NFT. Recently someone bought 1 of the BH agent NFT at 110 Egld, which is more than $5k in current value. But why buy if you can screenshot it or download and put it on your phone?
It’s because the value of NFT is not just on the artistry but its utilities. The original owner can always get all the perks from BH agent NFTs like continuous crypto airdrops, free educational courses, 0% fee in the marketplace, etc. In contrast, the person who screenshots it won’t get anything. The originality can be proved through blockchain, and the value is kept in the NFT.
Also, even if it has no utilities but is pure artistry, the original owner still has all the right to it. For example, taking a screenshot of Monalisa’s painting will not make you the owner of the painting. It’s the same with all the Non Fungible Tokens.
Here are some ideas for what you could do with Non Fungible Tokens:
- Trade digital art: Art is one of the most popular applications for Non Fungible Tokens. You can sell your digital art as an NFT and get paid in cryptocurrency if you’re an artist.
- Collect in-game items: You could collect in-game items and trade them with other players. That would add a new level of excitement and competition to gaming.
- Create a virtual world: You could create a virtual world and sell access to it as an NFT. That would give you complete control over your world and who can enter it.
- Sell digital music: You could trade digital music as an NFT. It would allow you to get paid directly for your music without going through a third-party platform.
- Memes: Memes are not only a part of cryptos but also NFTs. If you have some iconic meme that went viral, you might be able to sell it for thousands of dollars.
These are just a few ideas for what you could do with them. The possibilities are endless, and it’s up to you to develop the next great idea.
Top NFT Marketplace
Here are some of the top marketplaces for Non Fungible Tokens:
OpenSea is the world’s largest NFT marketplace. It’s a decentralized marketplace that allows you to buy, sell, and trade Non Fungible Tokens. Anyone can signup to open sea for free through available wallet providers. Some of them are Metamask, Coinbase wallet, Wallet Connect, Phantom, Trust wallet, etc.
OpenSea supports more than 150 cryptos, making it one of the best marketplace to trade NFT. Some top NFTs on OpenSea is The Possessed, Bored Ape Yacht Club, and MutantApeYachtClub.
Rarible is another popular marketplace for NFT. You can find a wide variety of NFTs on this platform. It has a very user-friendly interface, making it easy to use. You can signup for the platform the same way as OpenSea by connecting to your wallet.
Some top Non-Fungible Tokens on OpenSea are The Possessed, Bored Ape Yacht Club, and Otherdeed for Otherside.
Xoxno is a leading NFT marketplace on the Elrond network with thousands of collections ready to be traded. You can trade NFTs in Xoxno for an extremely low price. The transactions are fast and secure.
Some of the top Non-Fungible Tokens on Xoxno are BH Agents, Elrond Apes, Elrond Warriorz, and Web3Pirates.
NFTs are a new and exciting way to buy, sell, and trade digital assets. They have the potential to revolutionize the way we interact with the digital world. If you’re looking for a new way to invest in digital assets, Non-Fungible Tokens are worth considering.