What is NFT

non-fungible token ( NFT for short) as it is popularly known in English , is a unit of data stored on a digital ledger called a blockchain that certifies that a digital asset is unique and therefore not interchangeable . NFTs can be associated with reproducible digital files such as photos, videos, and audio. However, access to any copy of the original file is not limited to the purchaser of the NFT. While copies of these digital items are available for anyone to acquire, NFTs are tracked on blockchains to provide the owner with proof of ownership separate from copyright .

In 2021, interest in NFT usage has increased. Blockchains like #Ethereum , #Flow , and #Tezos have their own standards for supporting NFTs, but each works to ensure that the digital item represented is authentically unique. NFTs are now being used to commoditize digital assets in art, music, sports, and other popular entertainment. Most NFTs are part of the Ethereum blockchain; However, other blockchains may implement their own versions of NFTs.

he market cap of NFT tripled in 2020, surpassing $250 million. The rise of NFT transactions has led to increased environmental criticism. The computationally intensive processes associated with proof-of-work blockchains, the type primarily used for NFTs, require high energy inputs that increase global warming. The carbon emissions produced by the energy required to maintain these blockchains have forced some in the NFT market to rethink their carbon footprint .

What Makes NFTs Valuable?

The fact that all NFTs contain unique information and are easily accessible reveals the advantages of owning a product digitally compared to a physical product with collectible value. It prevents the production and reproduction of counterfeit products and ensures that all information about the originality of the digital asset is obtained, including its previous owner and manufacturer.

Unlike cryptoassets, NFTs are not interchangeable. The fact that each is unique ensures that each has distinct characteristics and prevents two entities from being equivalent. You can think of NFTs as a ticket to a football game. Since each ticket will contain a different stadium and date, teams to be watched, seat location and personal information of the person who purchased the ticket, and will provide the owner with a unique stadium view, all tickets are actually unique and therefore it is not possible to exchange the tickets equally.

NFTs also enable artists to produce. By delivering its works to all over the world, it has enabled the production of digital works to become widespread and made it possible to bring buyers and producers together more easily by avoiding intermediary institutions. In addition, if the purchased work changes hands, the artist's rights are protected with copyright details, ensuring that the producer has a share in subsequent changes. For example, actor William Shatner processed digital cards consisting of his own photographs and sold these digital photographs. If these cards change hands, it gets a share as the manufacturer.

Some of the other features of NFTs are; All of them have a specific area - the content purchased for one game cannot be used in a different game - the products cannot be duplicated or fragmented, there is no such thing as deletion or modification since they are processed on the blockchain and with smart contracts, and the originality of each product is transparently proven. is that it is controllable.

How to make NFT

NFT creation can be done on an NFT marketplace or crypto exchange that supports NFT minting. To create an NFT from scratch, follow these steps:

• Determine what you want to create

NFTs are often tied to a piece of digital art. This could be an image (like a photo), an audio production (like a song), or even a short video (like an animated GIF). The goal is to create a unique piece of digital media that can be sold, just like selling a painting in an art gallery. NFTs provide value to the maker by being something unique that cannot be found anywhere else. Be aware that creating an NFT from photos, video, and audio that you don't own may have legal ramifications.

• Choose a blockchain

There are several blockchains where you can store your NFTs. The blockchain keeps a permanent record of your NFT. Here are a few blockchains to choose from

#Ethereum:

• The most popular NFT blockchain is Ethereum , which hosts a collection of thousands of NFTs . Ethereum NFTs are created using the ERC-721 standard, which stores the NFT's metadata on the Ethereum blockchain. This standard defines the interface containing metadata, security details, owner details required to exchange and sell tokens. Most NFT marketplaces support the creation of Ethereum NFTs, but high transaction fees may be encountered when transferring NFTs to the Ethereum blockchain.

#Solana:

• After Ethereum comes Solona . It is a faster, lower-cost alternative to Ethereum. Transaction fee on Solana; At less than $0.01, the number of supported apps for NFTs is growing. Solona uses PoS (Proof of State) and PoH (Proof of History) consensus mechanisms and has much faster transaction speeds than Ethereum.

#Flow

• Another PoS blockchain designed for NFTs and decentralized gaming applications, and is home to the popular NBA Top Shot NFT collection. Many other sports franchises have set up marketplaces on the Flow blockchain, making it a popular place for sports-focused NFT creation.

• NFT wallet setup

Once you choose blockchain, you will need a digital wallet that supports that blockchain to store your NFT. To create a wallet, you must download the crypto wallet app, create a username and password, and store your private keys and recovery key offline for backup purposes. There are several popular wallet apps that support multiple blockchains

MetaMask

• MetaMask is popular crypto wallet that supports both the Ethereum and Solana blockchain, as well as a wide range of cryptocurrencies. It can be installed on the phone and computer (as a browser extension/plug-in).

Coinbase Wallet

• Coinbase offers digital wallets that support ERC-721 NFT tokens as well as Solana NFT collectibles. Like MetaMask, there is a mobile application available for download to the phone, and it can also be used on the computer.

Ledger Live

• If you want to store your NFT in a secure hardware wallet, Ledger Live supports both Ethereum and Solana NFTs.

• Choose an NFT platform

An ever-growing list of NFT platforms allow you to create NFTs, but the best ones offer a full-service marketplace to list and sell NFTs. Here are a few of the most popular NFT platforms

OpenSea

• The most popular NFT platform is OpenSea . With over $20 billion in transaction volume and over 2 million NFT collections since 2017, OpenSea is the top platform for Ethereum and Solana-based NFTs .

Solanart

• A Solana-based NFT platform, Solanart hosts some of the most popular Solana NFT collectibles with a streamlined user interface and simple application process for selling.

Crypto exchanges

• Several crypto exchanges, such as Binance Exchange, support NFT creation. You can create your NFT directly on the platform, choose the blockchain, and sell the NFT directly.

• Create your NFT

Creating an NFT is pretty easy once you choose the platform.

1. Connect your wallet
2. Select Create
3. Upload your media file
4. Name your NFT and enter a description.
5. Choose your blockchain.
6. Tap Create.
7. After uploading, your NFT will be created.

• List NFT for sale

Most NFT platforms allow us to list NFT for sale for free. Once your NFT is created, enter it in your wallet, tap the “sell” button, and select the price you want to list it for and how long it will remain on sale. After entering the sales details, you can create a listing. This process requires several signing operations, which incur transaction fees. The transaction fee on #Solona is under $0.01, but on Ethereum it can cost much more.

NFTs that interest you and your preferredcryptocurrencyThe best NFT making sites you can evaluate according to unit

Enjin

Enjin Marketplace was initially a decentralized platform that empowered players and creators to manage, sell and trade virtual goods. It has now evolved into a platform where you can discover and trade blockchain assets. You can easily sell NFTs on Enjin using JumpNet, which is essentially a private version of the now public Ethereum blockchain. You can use Enjin Wallet to easily list and purchase game items and collectibles.

Enjin has its own token; ENJ. When you sell NFT you get ENJ. Enjin Coin (ENJ) is based on the ERC-20 standard, which is used to directly support the value of blockchain assets created on the Enjin platform. Enjin also does not charge any transaction fees for selling NFTs, which is an advantage over other platforms.

Rarible

Rarible is one of the most popular NFT platforms right now. A community-owned marketplace to securely create, sell or collect digital collectibles and NFTs on the blockchain. You can buy, sell or NFT almost any digital art, video, painting, game, domain, meme, collectible and music on the Rarible platform. You use Rarible's own token (ERC-20 RARI) to trade on the market. If you are active on the platform, you are rewarded with RARi. You can put your own NFT up for sale for free. Rarible collaborates with important companies including Adobe, Taco Bell and NASADAQ.

Binance NFT marketplace

Binance NFT marketplace is a marketplace for all types of digital artworks and collectibles. Powered by the Binance blockchain infrastructure and community, Binance NFT marketplace provides the highest liquidity platform for users to make and trade NFTs. The platform brings together artists, makers, and enthusiasts on a single platform to create and trade NFTs. It supports BNB, BUSD, and ETH, which you can use to mint, sell, bid, and buy NFTs.

The most expensive NFTs

Merge

Merge is an NFT purchased by over 28,000 collectors . Merge is a project of Murat Pak. Some say it's a group of people, some say it's a single person. The Merge sold in 48 hours in December 2021. Merge was sold in pieces (units) called "mass". During the sale, 295,417 units were sold to approximately 28,893 collectors.

Everydays: The First 5000 Days

Everydays: The First 5000 Days is the most expensive NFT purchased by a single person Created by Mike Winkelmann, popularly known as Beeple, The First 5000 Days is a digital art consisting of 5000 different images that Mike has drawn over the course of his career. NFT sold at Christie's in 2021. Christie's is famous for selling some of the world's finest works of art, including Sir Joshua Reynolds and Leonardo Da Vinci. Not all of the images were drawn on the computer; Hand-drawn works are also included in the compilation. The compilation includes photos of Jeff Bezos, homophobic stereotypes, rap stars, Donald Trump in the White House and more. The owner of this NFT; Vignesh Sundaresan (Metakovan) and owns all rights to the NFT. The NFT is featured in the metaverse.

Clock

Clock is the live calculator for Julian Assange's prison . Clock is a real-time timer that counts the days Wikileaks founder Julian Assange spent in prison. Julian Assange has been serving a 175-year prison sentence since April 2019 for hacking attacks on US government computers. 100% of the sales amount went to the Wau Holland Foundation. The foundation is working to defend Assange. NFT was created by Pak, the creator(s) of The Merge. Clock was sold to AssangeDAO for 16,953 ETH.

HUMAN ONE

HUMAN ONE is an NFT that combines digital and physical art . Another expensive NFT from Beeple! Human One is a combination of virtual and tangible components. Let's explain how it is both digital and physical at the same time. HUMAN ONE is designed to permanently display an astronaut's artwork that will evolve over time. Beeple (Mike Winkelmann) has remote access to HUMAN ONE and continues to make changes to the NFT. The physical aspect of this is that the NFT is displayed in a clear glass box. This NFT was sold at Christie's on November 9, 2021 to Ryan Zurrer, a well-known name in the Web3 space.

CryptoPunk #5822

CryptoPunk is the most expensive CryptoPunk NFT . Crypto Punk is a project of larva laboratories. It holds the record for being the most expensive CryptoPunk NFT by name. The seller of this NFT is unknown, but the buyer; Deepak Thapliyal. The NFT was sold for 8 thousand ETH on February 12, 2022. Deepak is not the first buyer of the NFT, an unnamed individual purchased the NFT for $1641 five years before the sale.

#Ethereum #Solana #NFT