With the increasing popularity of the adoption of NFTs and blockchain technology, the industry is going to progress rapidly and things will change faster than we anticipate. Regulation may occur, new implementations will be used and certain creators will prosper in what seems like a long time to many, but in reality, will be fee very short and move fast.
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How to turn your art into an NFT – Step by Step Tutorial
Looking for ways to turn your art into a NFT? In this short step-by-step tutorial I show you how to create and list a non-fungible token on Rarible and Opensea. Listing is free on both marketplaces, except gas fees that occur on every interaction with the Ethereum blockchain. Furthermore, you learn how to store a unique and immutable highres version of your work in the IPFS network and how to include the unique link as unlockable content in the smart contract.
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What is an NFT? Explained in 4 minutes!
NFT’s are an innovation in the blockchain/cryptocurrency space that allows you to track who owns a particular item. Something tricky with digital files because they can easily be copied. NFT’s are essentially smart contracts that live on blockchains like Ethereum, Flow, or Tezos. They can also be programmed to give the creator a royalty of every sale of his NFT.
What Are NFTs and How Can They Be Used in Decentralized Finance? DEFI Explained
NFTs stand for non-fungible tokens and they are one of the types of cryptographic tokens that can represent ownership of digitally scarce goods such as pieces of art or collectibles.
“Non-fungible” is not a very popular word so let’s see what it really means.
In economics, fungibility is the characteristic of goods or commodities where each individual unit is interchangeable and indistinguishable from each other.
Although NFTs can be implemented on any blockchain that supports smart contract programming, the most noticeable examples are ERC-721 and ERC-1155 standards on Ethereum.
When it comes to DeFi, NFTs can unlock even more potential for decentralized finance. Currently in DeFi, the vast majority of DeFi lending protocols are collateralized. One of the most interesting ideas is to use NFTs as collateral. This means that now you’d be able to supply an NFT representing a piece of art, digital land or even a tokenised real estate, as collateral and borrow money against it.
What is an NFT? (Crypto Beginners)
So I’m going to describe what an NFT is in the most basic terms as I can.
NFT stands for Non Fungible Token.
Fungible means something is able to be exchanged or substituted and will hold the same value. It’s interchangeable like the dollar, gold, casino chips, bitcoin, ethereum or frequent flyer loyalty points.
If I lend you 10 dollars cash and you return to me two 5 dollar bank notes, I’m fine with that because even though they are different, they hold the same total value.
So non-fungile obviously means it’s an asset that can’t be substituted. It has unique attributes that makes it different from something else in the same asset class. Like a painting, a theatre ticket, a house, a video game skin, a trademark or a CryptoKitty which was the first real use case to take off on the Ethereum blockchain in 2017.
Some of these assets are physical and tangible and others are digital and intangible.
So NFTs are non-fungible tokens. ‘Token’ refers to a digital certificate stored on a secure distributed database called a blockchain.
NFTs are digital assets. Publicly verifiable intellectual property authenticated on a blockchain.
A popular place to currently browse a variety of NFTs is on http://OpenSea.io
It’s an exciting space, I believe the NFT space will continue to grow in the coming years with some popular use cases being: Digital Art, Virtual Land, Gaming, Collectibles, Finance and much more.
I thought this was worth explaining because I think we’ll be talking a lot more about this in the coming years.
If you’re also interested about the future of art and design like I am then come follow me on my channels.