What exactly is a Non-Fungible Token or NFT?
A non-fungible token (NFT) is a unique, individual token existing on a blockchain such as Ethereum. Unlike cryptocurrencies like bitcoin, each NFT token contains unique data meaning non-fungible tokens are not interchangeable with each other. This non-fungible nature of the tokens means their use cases differ greatly from their fungible counterparts.
A normal token can be exchanged for the same type of token equally without any difference.
A good example is a dollar – if you and I both have a dollar — we can swap dollars and it doesn’t matter, neither of us lose out they are equal. Whereas, with non-fungible tokens they are both >unique, meaning if we both have an NFT, mine could be a baseball card, and yours could be your Birth Certificate — obviously we cannot exchange these two >equally. Therefore making our tokens non-fungible.
Non-fungible tokens are used to create verifiable digital scarcity. NFTs are used in several specific applications that require unique digital items. This has initially proven popular for blockchain games and collectibles like CryptoKitties on the Ethereum blockchain. NFTs can also be used to represent in-game assets, which are in control of the user instead of the game developer. One exciting benefit of this arrangement means the non-fungible tokens or digital items, may actually outlive the game they were initially created for and find incorporate into separate future games. Yet another potential use is in digital art, by helping prove authenticity and ownership.
Artwork is another example of how powerful NFTs can be. By allowing artists to create artwork on the blockchain as NFTs, it means their content now becomes sellable globally, on decentralized marketplaces. Providing a means to collect, earn, and make a living off crypto.
NFTs are one of the best ways to actually earn crypto over time, without needing to invest in it directly. (unlike scams that say the same thing, NFTs are legit. Its like opening a store on ebay or etsy, your trading your time and work for money).
A non-fungible token is a unit of data on a digital ledger called a blockchain, where each NFT can represent a unique digital item, and thus they are not interchangeable. NFTs can represent digital files such as art, audio, videos, items in video games and other forms of creative work.
NFT can be used to cause artificial scarcity of a digital creative work by making only one NFT of that work with a unique signature.[10] NFTs of artworks are therefore similar to autographed items.[11] The unique identity and ownership of an NFT is verifiable via the blockchain ledger. NFTs have metadata that is processed through a cryptographic hash function, an algorithm that calculates a unique sequence of letters and numbers.[12] NFTs are also used to create the possibility of asset interoperability across multiple platforms.[citation needed]
Digital Art
Digital art was an early use case for NFTs, because of the ability of blockchain technology to assure the unique signature and ownership of NFTs.[13] Digital artwork by Beeple sold for US$69.3 million in 2021.[14] Christie’s made news in the auction industry by selling Beeple’s Everydays: The First 5000 Days for that sum.[15]
Here are Some examples of my favorite NFT’s
- Credit card based purchases.
- Officially licensed by the NBA
- Sells out quickly
- Ethereum based purchased
- Unique Art
- Resells for quick profit
- Credit card based purchases
- Officially licensed by Capcom
- Resells on Two Market Places
- Atomic Hub NFT – NFT HIVE
- Uses Wax Cloud Wallet
- Sells only for Wax Cryptocurrency
- When Transferring Wax I use software wallet MetaMask
- Resells on NFTHive and Atomic Assets (NFT)
- Since there are only 4 or 5 exchanges that deal with Wax Cryptocurrency I will list them all
- You can Exchange your Wax crypto for USD on the following exchanges
- bithumb.com/
- https://www.kucoin.com/
- https://www.huobi.com/
- https://upbit.com/
NBA Top Shot | Officially Licensed Digital Collectibles
Street Fighter Digital Collectibles Raise $3 Million in 24 hrs on WAX
Nifty Gateway is the premier marketplace for Nifties, which are digital items you can truly own. Digital Items have existed for a long time, but never like this.
The first fully decentralized world, Decentraland is controlled via the DAO, which owns the most important smart contracts and assets of Decentraland.
The top NFT marketplaces are currently:
The NFT market has grown,
As eight-figure auctions have shown.
The overall price is
A worse climate crisis
For art you pretend that you own.— Limericking (@Limericking) March 15, 2021
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