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What are these tokens and how do they work?

in seo links on 14/06/2021

NFT – Non-fungible token, which translates as non-fungible or unique token. You can also say – indivisible. NFT is a specific record, a set of numbers that contains unique information based on the blockchain.

Blockchain is a continuous sequential chain of blocks built according to certain rules that contains information: in this case, all records of transactions. Unlike conventional databases, you cannot change or delete these records, you can only add new ones. Well, they are stored on numerous computers of independent users (this is where the miners went, who, as it were, create and contain these blocks). Even if one or more computers fail, the information will not be lost.

Now all NFT tokens work through the Ethereum cryptocurrency, a blockchain with Russian roots.

ryptokitties Astronaut In Triangle

At the code level, it is a common cryptocurrency, like the others, but indivisible. The concept of “smart contract”, also associated with NFT, is more suitable here. It means that a unit of cryptocurrency is completely and inseparably attached to one or another work of art, which can only be called crypto-art.

It is worth noting that other blockchains such as Bitcoin or Dogecoin can also implement their own versions of NFT. For example, cryptocurrency Tron (from the creator of BitTorrent) has already done this by introducing its NFT tokens, which are primarily targeted at Chinese users.

Are They Unique?

Boss Baby Astronaut In The Triangle

Each crypto art is associated with a unique string of numbers – a “unique token” of the cryptocurrency, or NFT, that can be traded on the Ethereum blockchain platform as proof of ownership. That is, the NFT, for example, as the signature of Leonardo da Vinci under the painting “Mona Lisa”, is evidence of the uniqueness and authenticity of the digital “masterpiece”.

NFT tokens can confirm the uniqueness of anything: art, music, your brain loaded and turned into AI, the rights to a tweet, and so on. But most of the current hype has to do with the use of technology to sell digital art.

Token Sale Examples

What started it all is CryptoKitties, home to thousands of digital kittens since 2017. The bottom line is that after passing a quick registration on it, and also quickly getting yourself a crypto wallet, you can buy yourself a couple of fluffy animals for the ETH cryptocurrency, “bring them together” and get a kitten. You can, in turn, sell it for the same “real” cryptocurrency on the market. You can also offer it for breeding and breeding.

As you can imagine, NFT tokens are needed to give you something that cannot be copied: the ownership of the work (although the artist can still retain copyright and reproduction rights, as is the case with physical works of art).

If we talk about collecting physical art: anyone can buy a replica of Munch’s The Scream (or just take a photo of the original in a museum). But only one person or museum can own the original.

Exactly the same story with digital items, thanks to the unique NFT tokens. The artist remains (this is all recorded in the blocks of the blockchain), but information also appears about the new owner who bought the painting, for example.

Can I create NFT tokens myself?

Tokens have a feature that you can enable to receive a percentage every time your NFT is sold again. For this, there are NFT token marketplaces: Nifty Gateway, MakersPlace, SuperRare, Rarible, Foundation App and Opensea store aggregator. These are all sites that specialize in the field of crypto art. They will provide the opportunity to place your lots.

R.I.P Chester Bennington

Here’s a step-by-step guide on how to create your own NFT tokens and sell them, save:

  1. Install the Chrome extension Metamask. It registers a digital cryptocurrency wallet that can be accessed directly from the browser.
  2. Open the NFT exchange website and select Create in the upper right corner, and Submit NFTs in the drop-down menu.
  3. Click Create a new collection and add a title, logo (recommended size: 350 × 350 pixels) and a short description.
  4. Now add files. A photo of your cat or dog, as well as some of your digital drawing will do. Please note that OpenSea supports JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, and GLTF formats. The maximum file size is 100 MB.
  5. Click Add New Item and accept the terms of the agreement. Add your image and indicate the number of copies you want to sell. That’s all. All that remains is to wait for the bid on your lot.

The last question is: why?

The main goal of this boom in NFT tokens and everything connected with them is to popularize the crypto environment, showing the average user that it can be simple. And of course, there is an opportunity to sell unique art that lies outside the plane of the traditional, so to speak.

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