NFTs and how it works | Bitcointalksearch.org

wxa7115

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Quote from: FanEagle on October 09, 2021, 05:08:51 AM

Quote from: wxa7115 on October 08, 2021, 11:56:03 AM

It is obvious that anyone that is on that kind of business is going to love this, before NFTs if they wanted to sell something like memorabilia then they needed to produce those products and that includes recurring costs and all kind of issues like producing the products and exporting them.

But with NFTs the only thing they need to do is to pay the person creating the image one time and that is it, from that point on they will be able to sell those limited edition NFTs to people and all the money they will get will be for them, so it is clear why artists will like something like this, but I do not know how well true collectors will receive something like this.

However the difference is that, instead of having a physical memorabilia, you now hold a digital thing that says you own it, which is not the same. I rather have the thing and put it somewhere in my house instead of having digital confirmation of having one. But I get it, we also do not hold cash but put it in banks and use credit card instead that says we digitally own that money, similar stuff, instead of having the money (art) we actually put it in banks (wallets) to say we own the money (NFT) so basically the same thing.

I didn't expect this to happen in art, I would have expected art to keep being physical and not digital, but I guess we are in the digital age so it makes sense that some stuff are changing. NFT is also getting outside attention from artists as well, not just crypto people, which is a great thing because it is attracting people to crypto as well.

Which is why I am not so sure this is going to work long term, it may work for the real art, after all there are digital images that are beautiful and that take as much effort to make as any painting and those artists had no way to sell their art, so for those people I think it makes sense that NFTs could be used to assure them they can benefit from their work.

However when it comes to memorabilia and other collectibles that are more massive in their nature I am not so sure this is going to become too popular as those people love the feeling of actually touching the article they are collecting, something impossible to do with an NFT.

FanEagle

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Quote from: wxa7115 on October 08, 2021, 11:56:03 AM

It is obvious that anyone that is on that kind of business is going to love this, before NFTs if they wanted to sell something like memorabilia then they needed to produce those products and that includes recurring costs and all kind of issues like producing the products and exporting them.

But with NFTs the only thing they need to do is to pay the person creating the image one time and that is it, from that point on they will be able to sell those limited edition NFTs to people and all the money they will get will be for them, so it is clear why artists will like something like this, but I do not know how well true collectors will receive something like this.

However the difference is that, instead of having a physical memorabilia, you now hold a digital thing that says you own it, which is not the same. I rather have the thing and put it somewhere in my house instead of having digital confirmation of having one. But I get it, we also do not hold cash but put it in banks and use credit card instead that says we digitally own that money, similar stuff, instead of having the money (art) we actually put it in banks (wallets) to say we own the money (NFT) so basically the same thing.

I didn't expect this to happen in art, I would have expected art to keep being physical and not digital, but I guess we are in the digital age so it makes sense that some stuff are changing. NFT is also getting outside attention from artists as well, not just crypto people, which is a great thing because it is attracting people to crypto as well.

bhadz

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Quote from: wxa7115 on October 08, 2021, 11:56:03 AM

It is obvious that anyone that is on that kind of business is going to love this, before NFTs if they wanted to sell something like memorabilia then they needed to produce those products and that includes recurring costs and all kind of issues like producing the products and exporting them.

But with NFTs the only thing they need to do is to pay the person creating the image one time and that is it, from that point on they will be able to sell those limited edition NFTs to people and all the money they will get will be for them, so it is clear why artists will like something like this, but I do not know how well true collectors will receive something like this.

Or they can do it on their own. A lots of tutorials are teaching how to do it on their own and it will just take a few time of their lives upon minting that NFT or image of their arts.
And when they're done, it's very easy that they can sell that in the market and whoever buys it believes not only on the NFT and art but as well as to the artist that it will increase in value.

wxa7115

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Quote from: CaVO32 on October 01, 2021, 04:42:45 PM

Quote from: Tessnik on October 01, 2021, 02:57:58 PM

Quote from: fileo on September 26, 2021, 10:26:51 AM

As far as I have observed the NFT is dealing with digital collections like arts, music, images, and characters. But as today the gaming industry is now progressing which everybody can win profit daily depends on the game development. There are different use cases of NFT and all of them are collections in the digital world in which every masterpiece is unique.

I understand that NFT is based on artist artwork that has been developed into a token and ownership can be transfer from one person to the other, but apart from the artist which other people benefit from NFTs.

Apart from artists, NFT industry is now also popular among personalities like singers or celebrities. They can create NFT collectible items and sell it to their fans. This is like a new way to connect their followers. Also, NFT-related games are booming these days among gamers as they can earn income via playing an NFT-based game. We have seen that NFT is not only for artists but it is now encompassing various stakeholders. But if you are a buyer, better make sure that you are buying an authentic item. Otherwise, you will just lose money here.

It is obvious that anyone that is on that kind of business is going to love this, before NFTs if they wanted to sell something like memorabilia then they needed to produce those products and that includes recurring costs and all kind of issues like producing the products and exporting them.

But with NFTs the only thing they need to do is to pay the person creating the image one time and that is it, from that point on they will be able to sell those limited edition NFTs to people and all the money they will get will be for them, so it is clear why artists will like something like this, but I do not know how well true collectors will receive something like this.

Teknisi88

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Quote from: Tessnik on September 08, 2021, 12:31:24 AM

I have been in the cryptocurrency arena for some time now but am still finding it hard to understand what NFTs are and what it stands for and its usability.

I know NFT means none fungible tokens, and it is artists’ content such as artwork that is held and sold on the blockchain, but my confusion is how it works I have been researching about it for some time now and will like to get good knowledge before I buy some.

So I brought my question here?

I clear terms what does NTF content does and how does it transactions work on the blockchain.

By using digital evidence of asset ownership, NFT is expected to complete the way the world of the world identifies ownership of an object. Fast and easy process transfer of ownership of NFT is a big efficiency in the business world. Coupled with the security of Blockchain technology where NFT is included to make it almost impossible for someone to lie about ownership of something.

Capt00

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NFTs are digital data units that are kept on a blockchain ledger. Each non-fungible token serves as a form of authenticity certificate, demonstrating that a digital asset is one-of-a-kind and not interchangeable.
NFTs are digital tokens that can be used to indicate ownership of one-of-a-kind goods. They enable us to tokenize items such as artwork, collectibles, and even real estate. They can only have one official owner at a time, and they're protected by the Ethereum blockchain, which means no one can change the ownership record or create a new NFT.

goinmerry

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It's like turning the memorabilia into something Digital with a blockchain touch. If successfully creates a demand, then there will be trades.

But I don't like collecting NFT stuff just for the sake of having it as a collection. Before diving into NFT, I will analyze first the hype involving that NFT sale. Mostly based on my observation, NFT creations involving popular sports such as the GSW NFT in NBA, or celebrities involved, doesn't seem to be profitable.

Maybe it's still better for those collectors to collect stuff in physical form as it has an assurance that it will have a good price after many years.

CaVO32

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Quote from: Tessnik on October 01, 2021, 02:57:58 PM

Quote from: fileo on September 26, 2021, 10:26:51 AM

As far as I have observed the NFT is dealing with digital collections like arts, music, images, and characters. But as today the gaming industry is now progressing which everybody can win profit daily depends on the game development. There are different use cases of NFT and all of them are collections in the digital world in which every masterpiece is unique.

I understand that NFT is based on artist artwork that has been developed into a token and ownership can be transfer from one person to the other, but apart from the artist which other people benefit from NFTs.

Apart from artists, NFT industry is now also popular among personalities like singers or celebrities. They can create NFT collectible items and sell it to their fans. This is like a new way to connect their followers. Also, NFT-related games are booming these days among gamers as they can earn income via playing an NFT-based game. We have seen that NFT is not only for artists but it is now encompassing various stakeholders. But if you are a buyer, better make sure that you are buying an authentic item. Otherwise, you will just lose money here.

wxa7115

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Quote from: Tessnik on September 08, 2021, 12:31:24 AM

I have been in the cryptocurrency arena for some time now but am still finding it hard to understand what NFTs are and what it stands for and its usability.

I know NFT means none fungible tokens, and it is artists’ content such as artwork that is held and sold on the blockchain, but my confusion is how it works I have been researching about it for some time now and will like to get good knowledge before I buy some.

So I brought my question here?

I clear terms what does NTF content does and how does it transactions work on the blockchain.

The way NFTs work right now is incredibly simple.

Step one: buy an NFT.
Step two: lose your money.

That is it, look, on paper NFTs look as an attractive prospect and at the beginning I was intrigued by what direction the market will go, but scammers took over the market immediately and as such NFTs are being used to scam people of their money, shill bidding or money laundering and as such it is not worth it to invest in those projects at all, after all, would you invest in something that most likely has a 99% failure rate and you have no way to know why the 1% succeeds? Yeah, me neither.

Tessnik

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Quote from: fileo on September 26, 2021, 10:26:51 AM

As far as I have observed the NFT is dealing with digital collections like arts, music, images, and characters. But as today the gaming industry is now progressing which everybody can win profit daily depends on the game development. There are different use cases of NFT and all of them are collections in the digital world in which every masterpiece is unique.

I understand that NFT is based on artist artwork that has been developed into a token and ownership can be transfer from one person to the other, but apart from the artist which other people benefit from NFTs.

fileo

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As far as I have observe the NFT is dealing with digital collection like arts, music, images and characters. But as today the gaming industry are now progressing which everybody can win profit daily depends on the game development. There are different use case of NFT and all of them are collections in digital world which every master piece is unique.

bussybuddy

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I'm just like you, if we just hear and see things without actually using it, we won't understand it at all.
Personally, I've experienced a number of NFT products, and I find it really exciting to bring blockchain to solve life's problems and exploit the features that this product offers as we see it as in current game products.

vv181

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Quote from: aminhadi2020 on September 26, 2021, 01:57:36 AM

ok. update me in this: you pay for copyright of an art like paint, blockchain store that you are the owner, how you pay, who you pay to and ... (It has no special advantages ).
~snip

Owning an NFTs doesn't mean you have the rights of the copyright and/or the intellectual property. It comes tricky since the regulatory issues haven't addressed that problem, so does the NFT marketplace doesn't solely address copyright infringement on any minted NFT. NFT just give you in some senses an ownership like the certificate of authenticity.

Quote from: aminhadi2020 on September 26, 2021, 01:57:36 AM

What is the advantage of the traditional system that you buy the document and receive the goods

Scarcity, the ability to see the history behind the NFT, like who was the first owner, etc, and also a provable way to own and show the NFT to anyone.

aminhadi2020

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ok. update me in this: you pay for copyright of an art like paint, blockchain store that you are the owner, how you pay, who you pay to and ... (It has no special advantages ).
how you are the owner without real content? if you buy NFT, how seller send you the original version? NFT is something like fuzzy ? no real thing but you are the owner?
What is the advantage of the traditional system that you buy the document and receive the goods

iyamoxjhian

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Thank you for creating this discussion. I recently joined different NFT games as it has high demand nowadays here in my country. So far the trends shows impressive results. The least I could do right now is to play and research along the way and I usually watch vlogs from differrent famous players of NFT games here in my country. They advised one thing in common and that is not yet invest when you're not ready. You need to know everything first before you think over and over if you're ready to invest because it's like gambling you can win and you can lose. So far I am enjoying these NFT games and I'm not investing yet that much.

RILWAN

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I have little knowledge on NFT but all I can say is not is a none fugitive token that exists in content and artworks by artists which ownership can be transferred through the blockchain and listed on a public ledger.

jaberwock

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Quote from: Tessnik on September 08, 2021, 12:31:24 AM

I know NFT means none fungible tokens, and it is artists’ content such as artwork that is held and sold on the blockchain, but my confusion is how it works I have been researching about it for some time now and will like to get good knowledge before I buy some.

So I brought my question here?

I clear terms what does NTF content does and how does it transactions work on the blockchain.

Imagine NFTS as real. Life, they are just similar to that except that they are digital. When it comes to this one, you are buying the artworkDirectly from the artist, and that means you have the original which no one else is going to earn as well.

But, there are still scam and fake tokens on NFTS, so you still have to be careful, cause there are people who reproduce an artwork and sell it while it is fake. So, you can see double versions of any artwork on the website, one being the original while the other is fake. The concept is difficult to understand and it takes time before you get what it is all about.

Brus123

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Quote from: Tessnik on September 15, 2021, 09:14:44 AM

Quote from: ?? on ??

In my opinion, NFT is a digital asset that displays real world objects such as works of art that can be viewed and traded with crypto, of course with NFT can make it easier for artists to channel their talents and works there, the results of these works can be transferred via blockchain and can sell whenever we want.

I know NFT is an artwork that is listed and ownership can be transferred from one person to another, but what am curious to know is have safe NFT is in terms of copyright and how its transaction work on the blockchain public ledger.

What comes to the technical part of running a transaction, it doesn't differ from usual ERC-20 tokens. You just add an address where you want to send your ERC-721, add gas and send. And the receiver will see this token in his wallet then.
What comes to rights, everybody can see your picture and even save it, so NFT now don’t have any legal rights.

BoraxTributary

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To add to the list of things they can be used for, they're also used in the Chia ecosystem to create groups of plots that are mined using the Proof-of-Spacetime (PoST) algorithm, used to occupy hard drive space.

bitcon

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Fortunately, art is not the limit of NFTs. Non-Fungible Tokens can be used for transmission and storage of information and different documents. NFT tokens can be used wherever there are different registers. Everything from the real world can be tokenized and sold through blockchains.

I think that in the nearest future we will transfer documents and ownership of real estates through blockchains.

Topic: NFTs and how it works (Read 425 times)