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.

Tessnik

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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.

imstillthebest

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Quote

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

there are different contents in nft .
there are gaming nft which can make you entertained and there are nft that works like an investment because you can resell and make profit out of them . theres also nft are good for collection and viewing purpose only because of how rare they are .
transaction of nfts in the blockchain is i think dont differ with how crypto transactions works ( e.g you also need to pay for the transaction fees to send and recieve nft , etc )

RealMalatesta

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Quote from: omone1 on September 09, 2021, 09:19:59 AM

I really feel some of these NFT sales are rigged to create some hype, how can someone buy some kind of JPEG for as high as $10m, well that is crazy, selling or buying some renowned paintings of humans and places are understandable not some kindergarten sketch. Well, I just join the hype to make some dollars though, my only issue is the high gas fee on ERC20.

I am sure that there are some to make it rigged, after all if you have the money to do that then why not pay yourself 10 million dollars to make the news, easy marketing. However I can guarantee you that there are idiots who do pay insane amount of money for these kinds of stuff. Not long time ago someone bought an NFT for 69 million dollars.

It was all of the paintings from some famous painter all combined into one file, and the NFT went for 69 million, can you imagine that? That one wasn't fake, it was real and that painter probably made more money with that one single painting than all of his life earnings combined (I am guessing). Even though there are some fake ones, there are still some idiots who end up spending millions on some computer file, the real painting at least has some physical value, the data that you are paying so much for definitely doesn't have any at all.

Dread Pirate Roberts

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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.

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

NFT isn't just about artwork. This is a digital form of the services offered. for example there is a company making "x" and he offers value "x" with the NFT they make. and NFTs are usually made in smart contracts almost like ICOs. The difference is that NFT can directly interact with certain websites.

MSN02

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NFTs are basically artwork, tickets, music, etc that is put on a blockchain which means every transaction it has will be permanently stored on the blockchain. Because if this I think sporting events, stores, theaters and etc will also use NFTs as proof that it yours. This also means that if tickets sell out, you can sell them on the blockchain to others who missed out on the original sale. It give opportunities for the common man to also make money on these events. There is so much that NFTs will be used for once the technology is better and gas fees are lower. I currently mint and buy NFTs on NEAR and SOL because gas fees are low and their networks are much faster than ETH. Right now the NFT craze is just focusing on art but in the future it will be much more than that, it’s a concept that helps make people’s lives easier and is also environmental friendly.

Evgenklm

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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.

your knowledge is enough, you have an understanding, I think NFT is now relevant for young artists and talented people in this direction, if you are exactly the person who can create and draw, then it will be easiest for you, there are many sites where you can perpetuate your NFT in the blockchain.

omone1

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I really feel some of these NFT sales are rigged to create some hype, how can someone buy some kind of JPEG for as high as $10m, well that is crazy, selling or buying some renowned paintings of humans and places are understandable not some kindergarten sketch. Well, I just join the hype to make some dollars though, my only issue is the high gas fee on ERC20.

Snappycoco

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Some of NFT's are used for further advantage such as staking power, limited edition crypto collectibles, in game use inventory and the most important thing is that artists use this to sell their works. It helps them digitally sell their work and blockchain avoids the creation of fake ones. Many projects adopt to this that why it's becoming popular.

marcous

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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.

If you've researched so much about NFT, why don't you know about NFT and its uses? because in general explanations about NFT are always written in complete words before being shortened to NFT, I saw this on a website that I read today and you can also read it carefully
https://www.forbes.com/advisor/investing/nft-non-fungible-token/

zasad@

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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.

join the discussion. The most interesting facts can be found in this thread.
Everything you need to know about NFTs tokens
https://bitcointalksearch.org/topic/everything-you-need-to-know-about-nfts-tokens-5274952
But before buying, I would advise you to think over your investment very well.Because in the future, many tokens will become useless.

el kaka22

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One thing is for sure, as long as there is a demand for something then the price of that will always go up and will always be profitable. NFT games are becoming a huge thing but only axie managed to keep the interest going more than 3 months, nothing else has stood the test of time and that is all because of demand. If we could end up somehow with a great game then I would be quite happy about it, because we need more and more NFT games, but just like the DeFi world there are a billion of them and only a few makes profit for the people.

Look at Cake and Uni, you are making free money by just having money, normally their price should crash, but it didn't? While all the other defis dropped in price, those two are staying strong, why? Because there is a demand for them. Which means NFT could be as good as there is a demand, without demand they worth zero.

blockman

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Quote from: Bravehash on September 08, 2021, 09:40:20 AM

I understand gaming NFT projects more than art NFT and gaming NFT are easier to sell on exchange it's not same story with art NFT, I'm confused how few art NFTs are been sold for millions of dollars I wish someone can explain how possible this is? If I have to advice anyone to invest in NFT it will be in gaming NFT projects not art NFT

It is easier to understand NFT games because there's also a marketplace that you can easily sell those NFT from that game you play. Unlike the arts NFT, you can also sell that on specific marketplaces but we're not all art fans and what they see is what we can't see.
It's simple as that because art is also a huge market and we tend to not understand what's with it and those NFTs for arts, especially the collectors, they do understand how big the market is for it.

Bravehash

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I understand gaming NFT projects more than art NFT and gaming NFT are easier to sell on exchange it's not same story with art NFT, I'm confused how few art NFTs are been sold for millions of dollars I wish someone can explain how possible this is? If I have to advice anyone to invest in NFT it will be in gaming NFT projects not art NFT

kanayaTabitha

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Quote from: Pandji02 on September 08, 2021, 12:44:30 AM

It's just like you're buying the original painting but it's digital. And NFT proves that you have the exact piece of art that can be named original.
It was a little tricky for me to at the beggining. And i still don't really understand value of monkey NFT's.

It's more like you have the copyrights of the art and other people could not share it freely on the website or use it as their contents.
It's different from buying painting maybe because it's digital and everybody could relish their eyes because everybody could see it.
So it's more like buying the rights and become not shareable anymore if not get the buyer permission

Tessnik

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Quote from: OcTradism on September 08, 2021, 04:53:55 AM

Quote from: RILWAN on September 08, 2021, 03:34:10 AM

The hell and dramatic loss wait for you. You can get rich with NFT Gaming and Play to earn if you are smart and adaptive to trend and choose good games.

NFT arts, is a FOMO party and you will not able to get your capital when the party is over.

Are you trying to tell me that there are no real contents in circulation that can be worth millions of dollars in the future because one may not want to play an NFT game and just buy an artist's work and hold for the future?

OcTradism

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Quote from: RILWAN on September 08, 2021, 03:34:10 AM

NFT is just like ICO, IEO, and Defi, it is a way to invest in the digital content of artists that is listed on the stock exchange, the ownership of this content is transferred through the blockchain and can be sold at any time as long as the content is listed.

Invest? It is not investment and it is gambling.

You can join NFT Gaming and play to earn but if you buy NFT arts and consider them as investment. The hell and dramatic loss wait for you. You can get rich with NFT Gaming and Play to earn if you are smart and adaptive to trend and choose good games.

NFT arts, it is a FOMO party and you will not able to get your capital when the party is over.

cryptoknows

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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.

All data about sellers, buyers, transactions are stored in the blockchain. And as you know, the more participants in the network, the greater the load. Therefore, if you want to use the ETH NFT marketplace but be prepared to pay thousands of dollars for any actions on the network

Eth PoW has not been able to cope with such a colossal load for a long time, which ultimately turned the NFT market within its ecosystem into a monopoly. Try to explore more suitable NFT blockchains like Near Protocol, Solana. Their blockchain is thousands of times faster than ETH and the cost of any commission fees is $ 0.01 Therefore, if you are just starting your way to learning NFT, it is better to start with these projects. There are quite a few popular NFT platforms within their ecosystems.

RILWAN

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NFT is just like ICO, IEO, and Defi, it is a way to invest in the digital content of artists that is listed on the stock exchange, the ownership of this content is transferred through the blockchain and can be sold at any time as long as the content is listed.

yazher

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You own the pen

Here you can see the NFTs that are examples of what the other users told you.

https://rarity.tools/upcoming/

But I don't recommend you to buy any of that without proper research because as you can see their price are quite expensive and with one bad move, you could end up losing everything you have as an investment. I just want you to see the examples and what it is all about for educational purposes.

Also there are NFTs that character or items in a game.

Pandji02

full member

Activity: 902

Merit: 101

It's just like you're buying the original painting but it's digital. And NFT proves that you have the exact piece of art that can be named original.
It was a little tricky for me to at the beggining. And i still don't really understand value of monkey NFT's.

Tessnik

member

Activity: 336

Merit: 16

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.

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