Brendon Stock - NFT: the Ultimate Guide to Invest in Non-Fungible Tokens and Create Your Digital Assets with Crypto Collectibles Art + NFT Virtual Real Estate

NFT

The Ultimate Guide to Invest in Non-Fungible Tokens and Create Your Digital Assets with Crypto Collectibles Art + NFT Virtual Real Estate

By Brendon Stock

Copyright 2020 by

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INTRODUCTION

N FTs are taking the gaming and art and worlds by storm but what are they exactly?

You may have come across the term NFT in the headline lately, particularly regarding some huge amounts of money (69.3 million dollars ring any bells?). However, you probably wondered what the fuss is all about. If you are unsure what an NFT is or how exactly they work, we are here to help.

This guide discusses everything you need to know about NFTs, including how they operate, why they caused controversy, and how you can get involved. And if you decide you would like to create yours, you can deploy this brilliant digital art software.

What is NFT?

An NFT is essentially a digital collectible asset that holds value as a form of cryptocurrency. Just as art is seen as an investment that holds value, so are NFTs. But how?

Let's first split the term. NFT stands for non-fungible token a digital token, similar to bitcoin or ethereum, a sort of cryptocurrency. However, unlike a regular Bitcoin coin, an NFT is special and can not be exchanged like-for-like (hence, non-fungible).

So what makes a non-fungible token more special than a run-of-the-mill crypto coin? The file stores additional information that raises it above the pure currency and takes it into the realm. The types of NFTs are super varied, but they can take the form of a digital piece of music and art file anything unique that could be digitally stored and be thought of to hold value. They're essentially like any other physical collector's item, except you get a JPG file, for example, instead of receiving an oil painting on canvas to hang on your wall.

How do NFTs work?

NFTs belong to the Ethereum blockchain, so they are individual tokens with additional information stored in them. That additional information is the key element that enables art, music, video (and so on) to take shape as a JPG, MP3, video, GIF, and more. Because they have value, they can be purchased and sold much like other types of art and the value is set by the market and demand, just like physical art.

However, there isn't just one digital version of an NFT art on the market. The same way as art prints of an original is made, bought, used, and sold, copies of an NFT are still valid parts of the Blockchain but they don't have the same value as the original.

And do not go thinking you have hacked the system by right-clicking and saving the image of an NFT, either. That will not make you a millionaire because the information you downloaded will not contain Ethereum blockchain information.

Where can I purchase NFT tokens?

NFTs can be purchased on various platforms, which depends upon what you choose to buy (for instance, if you want to purchase baseball cards, you are the best heading to a site like digitaltradingcards; however, more generalized pieces are sold at other marketplaces). You will need a particular wallet for the platform you are buying, and you will need to fill the wallet with cryptocurrencies. As the sale of Beeple's Everyday the first 5000 days at Christie's (above) proved, these pieces are also beginning to reach more mainstream auction houses. That Beeple piece was the one that went for $69.3 million.

Due to the high demand for many types of NFT, they are frequently released as "drops" (like in events when batches of tickets are released at different times). This means that you will have to register when the drop begins and have your wallet topped beforehand.

NFTs also make waves as in-game purchases across different video games (much to the, erm, delight of parents everywhere). The assets can be purchased and sold by players and include playable assets such as unique swords, avatars, or skins.

Who's been using NFTs?

NFTs are having a moment, with creators of NFT art including artists, gamers, and brands across the spectrum of culture. Indeed, it seems every day brings a fresh player to the NFT marketplace.

For artists, entering into the NFT space adds another format and space to create and share art and gives their admirers a different means of supporting their work. With pieces ranging from small, quick-to-make GIFs to more ambitious works, artists can offer the public a wide variety of ways to purchase art and make money in the process.

We have talked a little about those making NFTs in video games, something that is shaking up the idea of the purchase of assets in the game video games. Until now, any digital asset purchased from the game still belonged to the game company with players only purchasing them temporarily to use when playing the game. But NFTs mean that asset ownership is transferred to the actual buyer to be purchased and sold throughout the gaming platform and have extra value depending on who owned them throughout the game. In reality, games based completely on NFTs are beginning to be made, proving how they are shaking the industry.

It is expected that well-known artists would earn the big bucks in return for their work, which was relied on when a newly unconventional group of "art lovers" burnt an original Banksy to make it an NFT. But other sales are more shocking. For instance, Beeple's first foray into the NFT market, and while he is well-known as a digital artist, it was unlikely that this auction would bring the third-highest price ever paid for a living artist wasn't expected.