NFT – NON FUNGIBLE TOKEN

Why the hype?

The reason that this is the most searched topic over internet :-

• It integrates the blockchain tech into the present system and provides the user with unique and highly secure assets, transaction or changes
• As all the world governments are on their way to announce and launch in market their own cryptocurrencies, blockchain is the technology that drives it. So, the cryptos apart we’ll focus on the NFT (Non Fungible Tokens).

Blockchain

It is simply a different method to carryout all the previous online transactions, works etc. As the previous one was only server to peer, the blockchain mainly is peer to all peers. To keep it simple it a way to store the data that is super secure and difficult to hack. As the definition goes the blockchain is decentralized digital ledger of transactions, it is distributed and duplicated along the entire web which comprises of computer systems. So for any transaction to be carried out or for any changes to be done the same has to be approved by all the entities of the computer system. This is the core of the high security standards i.e. once a hacker has to make any changes or make any transaction she will be required to hackall the computer in the system (meaning to hack all the computers at the same time) and the same will be required to be approved by those computers. The only problem associated with this tech is the massive volume of data that would be generated once the blockchain is universally adopted. This is leading to the new terms and tech like big data. The future in this field will be of the data analysts.

“NFTs re Digital Real Estate and it is going to be worth a lot more than Real Estate”

What is NFT ?

It simply stands for Non Fungible Token. Fungible means something that is replaceable or which can be exchanged for the same value by the virtue of being fungible.

Fungible things are not unique and sometimes are common. For example it we both have one bitcoin  (more likely in your case) and decide to exchange it, then we both will have the same value of bitcoin at the end. The same is not a case with Non Fungible Tokens, owing to the technology that they comprise of, they are unique and cannot be interchanged for the same value. Some of the unique qualities associated with NFTs are :-

(a)       These digital assets can be tangible or digital as well.

(b)       It is a certificate of authenticity and ownership that is stored by the use of blockchain technology and is distributed, hence verifiable for the ownership and authenticity.

(c)       These are not interchangeable i.e. one can’t be exchanged with any other.

(d)       it is a proof of validation of ownership.

How to create NFT ?

NFTs can be created by simple graphic designing tools. Any individual with simple artistic bent of mind can create an artwork which can simply be converted into NFT. An NFT can be in any format be it jpeg, png, mp3,gif or video etc.

How to manage NFT’s ?

Once an NFT has been created or uploaded on a platform then it can be either sold or bought there itself and its ownership changes. The file as such remains the same. Just as we know that there are marketplaces for all kinds of goods, likewise there are some marketplaces dedicatedly for NFTs as well. Some of the popular NFT dealing sites are WAZIR X, ENJIN, RARIABLE AND OPENSEA etc. Once we visit these sites, we can see whole lot of NFTs that have been created and uploaded by users. Users who create these NFTs are called as Minters and thereafter owners keep on getting updated. Now, here is when the blockchain technology comes into play, as the owners of particular NFT keep on changing, the sequence of the owners shown in the website keeps on chaining up. Its all transparent and visible to all.

Earning Profit.

NFTs can be sold by the minter at any price of his choice. The creator is simply required to put up an offer price (in crypto) and then there can be bidding. One any other person buys any NFT then a certain % goes to the creator as Royalty. No of times the owner wants royalty can be fixed by the user. The minter keeps on getting the royalty whenever there is a change in the ownership of the NFT.

This is the very reason that the coming times would be of Graphic designers, 3-D art developers, Digital Artists and VFX artists etc. The only requirement is of make-up mind get on to creating NFTs 

How to start with NFT ?

Step 1- Meta mask. It is a wallet that deals with crypto and can be used for dealing with NFTs. It can be downloaded in the current browser. Create an account and then some secret phrase would be revealed. Keep it handy in case of any forgot password scenes. The currency used is Ethereum as the technology is blockchain based. Once an account is created on Metamask.

Step 2 – Go to Wazir X or any other platform mentioned above. Initially we would be required to connect our Metamask wallet to the platform.

Step 3 – Upload your content (NFT). Here we can update the name and all other details.

Step 4 – Quote your price for the bidding.

Step 5 – Select your Blockchain technology. There are two major blockchain technologies that are used i.e.Etherium and Polygon. Type of blockchain simply decides the gas fee that one has to pay. Gas fee simply means the service fees.

Step 6 – List your NFT. With just simple steps the NFTs can be listed. It will include the signing of e agreement and selecting your bid timeline.

Conclusion

NFTs are the thing of the trend. Now is the trend of making and selling NFTs. One might think that why in the world would one buy such expensive digital artworks. The answer lies in the sentence that “Beauty lies in the eyes of the beholder”. Be it the running cat gif file that sold for more that a Million Dollars or the Fat Shit guy pic which was approximately equal in the selling price, it is just a matter of time before one realizes its true worth and makes a headstart to buy the artwork at the quoted price or higher one.