You made a good point about it. It's been 2 years but NFTs are kinda still popular, but now people rely more on the utilities on them.
I also would add NFTs are produced using Ethereum-based (mostly) smart contracts. Flow, Solana, Wax, Tezos, and Binance Smart Chain are some of the alternatives to Ethereum regarding the NFTs building. There are 2 ways of NFT artwork storing: the first one is an artwork and token on a blockchain or decentralized storage, and the second one is on a centralized or private server. In this article, there is plenty of info about NFTs: https://oneart.digital/en/blog/how-does-nft-work
Topic: Non-Fungible Tokens (Read 178 times)
Hi! After a quick search I realized there's no thread yet to discuss NFT, or non-fungible tokens.
A non-fungible token is a digital asset that has some attributes that makes them unique (in the case of ERC-721 tokens), or at least limited (ERC-1155). What does it means it that, for example, you can create a unique token that depicts an art piece, or a digital pet (imagine a Pokémon with unique attributes), or a limited-edition of, let's say, 10 rare pets that share the same attributes (those pets will be fungible, but still rare).
A good example is the ENS, or Ethereum Name System (sort of a DNS for Ethereum addresses). You cannot buy 10000 ENS at once as you can with BTC; instead, you buy one at a time, and depending on the availability, you can end up owning twitterbot.eth, cocacola.eth, or some random garbage like fbnjshfjsahfsf742.eth. As with traditional domain names, each one is unique (you cannot have two copies of cocacola.eth), and each one has its own intrinsic market value. There's an additional value to ENS: you can use it as a name-resolver in Etherscan, Metamask, etc. For example, my ETH address is beckermatic.eth. You can use that right away in Etherscan, and it will resolve the “colloquial” ENS into my address.
There are other NFT that are somewhat fungible: limited-editions, like some weapons in decentralized games, can share the same attributes among a few amount (think about weapons in Diablo II: most of them are common, even crap, but some of them are rare, and even unique).
Now, you can still buy a NFT using crypto, but just one at a time, or a bundle at a time. Currently, the most-known “exchange” for NFT is OpenSea, where you can buy, sell, or even bid for any NFT in existence. There are also other marketplaces more specialized, like KnownOrigin (for crypto-art), as well as MakersPlace and others.
IMHO, there's a good market here waiting to be discovered. Right now it's still niche. What do you think about the subject?
A non-fungible token is a digital asset that has some attributes that makes them unique (in the case of ERC-721 tokens), or at least limited (ERC-1155). What does it means it that, for example, you can create a unique token that depicts an art piece, or a digital pet (imagine a Pokémon with unique attributes), or a limited-edition of, let's say, 10 rare pets that share the same attributes (those pets will be fungible, but still rare).
A good example is the ENS, or Ethereum Name System (sort of a DNS for Ethereum addresses). You cannot buy 10000 ENS at once as you can with BTC; instead, you buy one at a time, and depending on the availability, you can end up owning twitterbot.eth, cocacola.eth, or some random garbage like fbnjshfjsahfsf742.eth. As with traditional domain names, each one is unique (you cannot have two copies of cocacola.eth), and each one has its own intrinsic market value. There's an additional value to ENS: you can use it as a name-resolver in Etherscan, Metamask, etc. For example, my ETH address is beckermatic.eth. You can use that right away in Etherscan, and it will resolve the “colloquial” ENS into my address.
There are other NFT that are somewhat fungible: limited-editions, like some weapons in decentralized games, can share the same attributes among a few amount (think about weapons in Diablo II: most of them are common, even crap, but some of them are rare, and even unique).
Now, you can still buy a NFT using crypto, but just one at a time, or a bundle at a time. Currently, the most-known “exchange” for NFT is OpenSea, where you can buy, sell, or even bid for any NFT in existence. There are also other marketplaces more specialized, like KnownOrigin (for crypto-art), as well as MakersPlace and others.
IMHO, there's a good market here waiting to be discovered. Right now it's still niche. What do you think about the subject?
Jump to: