{"id":15395,"date":"2022-03-04T11:04:03","date_gmt":"2022-03-04T11:04:03","guid":{"rendered":"https:\/\/www.ateamsoftsolutions.com\/beta\/?p=15395"},"modified":"2022-03-04T11:11:45","modified_gmt":"2022-03-04T11:11:45","slug":"non-fungible-tokens-nft","status":"publish","type":"post","link":"https:\/\/www.ateamsoftsolutions.com\/beta\/non-fungible-tokens-nft\/","title":{"rendered":"NON-FUNGIBLE TOKENS (NFT)"},"content":{"rendered":"\n<p>A non-fungible token (NFT) is a non-interchangeable unit of data stored on a <a href=\"https:\/\/www.investopedia.com\/terms\/b\/blockchain.asp\">blockchain<\/a> in the form of a digital ledger. An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as the cryptos. Although they\u2019ve been around since 2014, NFTs are gaining popularity now, because they are becoming an increasingly popular way to buy and sell digital artwork. <a href=\"https:\/\/en.wikipedia.org\/wiki\/Non-fungible_token\">NFTs<\/a> are generally one of a kind and have unique identifying codes.&nbsp;<\/p>\n\n\n\n<p>NFT stands for non-fungible token. It\u2019s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but they are different. Physical money and cryptocurrencies are \u201cfungible,\u201d meaning they can be traded or exchanged for one another. They\u2019re also equal in value\u2014one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. Crypto\u2019s fungibility makes it a trusted means of conducting transactions on the blockchain.NFTs are different. Each NFT has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible).<\/p>\n\n\n\n<h2><strong>How does an NFT Work?<\/strong><\/h2>\n\n\n\n<p>NFTs exist on a blockchain, which is a distributed public ledger that records transactions. Specifically, NFTs are typically held on the Ethereum blockchain, although other blockchains support them as well. An NFT is created from digital objects that represent both tangible and intangible items, including:<\/p>\n\n\n\n<ul><li>Art<\/li><li>GIFs<\/li><li>Videos and sports highlights<\/li><li>Collectibles<\/li><li>Virtual avatars and video game skins<\/li><li>Designer sneakers<\/li><li>Music<\/li><\/ul>\n\n\n\n<p>Essentially, NFTs are like physical collector\u2019s items, only digital. So instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file instead. They also get exclusive ownership rights. That\u2019s right: NFTs can have only one owner at a time. NFTs\u2019 unique data makes it easy to verify their ownership and transfer tokens between owners. The owner or creator can also store specific information inside them. For instance, artists can sign their artwork by including their signature in an NFT\u2019s metadata.<\/p>\n\n\n\n<h2><strong>What are NFTs used for?<\/strong><\/h2>\n\n\n\n<p>Blockchain <a href=\"https:\/\/www.ateamsoftsolutions.com\/\">technology<\/a> and NFTs afford artists and content creators a unique opportunity to monetize their wares. For example, artists no longer have to rely on galleries or auction houses to sell their art. Instead, the artist can sell it directly to the consumer as an NFT, which also lets them keep more of the profits. In addition, artists can program in royalties so they\u2019ll receive a percentage of sales whenever their art is sold to a new owner. This is an attractive feature as artists generally do not receive future proceeds after their art is first sold. Art isn\u2019t the only way to make money with NFTs. Brands like Charmin and Taco Bell have auctioned off themed NFT art to raise funds for charity. Charmin dubbed its offering \u201cNFTP\u201d (non-fungible toilet paper), and Taco Bell\u2019s NFT art sold out in minutes, with the highest bids coming in at 1.5 wrapped ether (WETH)\u2014equal to $3,723.83 at the time of writing. Even celebrities like Snoop Dogg and Lindsay Lohan are jumping on the NFT.<\/p>\n\n\n\n<h2><strong>How to buy NFTs<\/strong><\/h2>\n\n\n\n<p>If you\u2019re keen to start your own NFT collection, you\u2019ll need to acquire some key items: First, you\u2019ll need to get a digital wallet that allows you to store NFTs and cryptocurrencies. You\u2019ll likely need to purchase some cryptocurrency, like Ether, depending on what currencies your NFT provider accepts. You can buy crypto using a credit card on platforms like Coinbase, Kraken, eToro and even PayPal. You\u2019ll then be able to move it from the exchange to your wallet of choice. You\u2019ll have to keep fees in mind as you research options. Most exchanges, charge at least a percentage of your transaction when you buy crypto.<\/p>\n\n\n\n<h2><strong>Popular NFT Marketplaces<\/strong><\/h2>\n\n\n\n<p>Once you\u2019ve got your wallet set up and funded, there\u2019s no shortage of NFT sites to shop. Currently, the largest NFT marketplaces are:<\/p>\n\n\n\n<p>\u2022&nbsp; <strong>OpenSea.io<\/strong>: This peer-to-peer platform bills itself as a purveyor of \u201crare digital items and collectables.\u201d To get started, all you need to do is create an account to browse NFT collections. You can also sort pieces by sales volume to discover new artists.<\/p>\n\n\n\n<p>\u2022&nbsp; <strong>Rarible<\/strong>: Similar to OpenSea, Rarible is a democratic, open marketplace that allows artists and creators to issue and sell NFTs. RARI tokens issued on the platform enable holders to weigh in on features like fees and community rules.<\/p>\n\n\n\n<p>\u2022 <strong>Foundation<\/strong>: Here, artists must receive \u201cupvotes\u201d or an invitation from fellow creators to post their art. The community\u2019s exclusivity and cost of entry\u2014artists must also purchase \u201cgas\u201d to mint NFTs\u2014means it may boast higher-calibre artwork. For instance, Nyan Cat creator Chris Torres sold the NFT on the Foundation platform. It may also mean higher prices \u2014 not necessarily a bad thing for artists and collectors seeking to capitalize, assuming the demand for NFTs remains at current levels, or even increases over time.<\/p>\n\n\n\n<p>Although these platforms and others are hosts to thousands of NFT creators and collectors, be sure you do your research carefully before buying. Some artists have fallen victim to impersonators who have listed and sold their work without their permission. In addition, the verification processes for creators and NFT listings aren\u2019t consistent across platforms \u2014 some are more stringent than others. OpenSea and Rarible, for example, do not require owner verification for NFT listings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain in the form of a digital ledger. An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15396,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[822,2646,2645],"tags":[2833],"_links":{"self":[{"href":"https:\/\/www.ateamsoftsolutions.com\/beta\/wp-json\/wp\/v2\/posts\/15395"}],"collection":[{"href":"https:\/\/www.ateamsoftsolutions.com\/beta\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ateamsoftsolutions.com\/beta\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ateamsoftsolutions.com\/beta\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ateamsoftsolutions.com\/beta\/wp-json\/wp\/v2\/comments?post=15395"}],"version-history":[{"count":3,"href":"https:\/\/www.ateamsoftsolutions.com\/beta\/wp-json\/wp\/v2\/posts\/15395\/revisions"}],"predecessor-version":[{"id":15399,"href":"https:\/\/www.ateamsoftsolutions.com\/beta\/wp-json\/wp\/v2\/posts\/15395\/revisions\/15399"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ateamsoftsolutions.com\/beta\/wp-json\/wp\/v2\/media\/15396"}],"wp:attachment":[{"href":"https:\/\/www.ateamsoftsolutions.com\/beta\/wp-json\/wp\/v2\/media?parent=15395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ateamsoftsolutions.com\/beta\/wp-json\/wp\/v2\/categories?post=15395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ateamsoftsolutions.com\/beta\/wp-json\/wp\/v2\/tags?post=15395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}