What are non fungible tokens?

NFT

From a term only used by blockchain nerds and (the crazy-looking type) philossophers: “NFT’s”. The digital assets are becoming mainstream and have use for the art, and music business, but also for certifications of authenticity, real estate and so on. Since a NFT always and only exist 1 time, while only having 1 owner; it’s fraud prevention is something we’ve never seen before.

Some NFT’s are sold for millions due their unique appearance and like a modern way of collecting Pókémon, football, rugby, UFC and others. The most popular examples right now are the bored ape yacht and mutant club. The first project that took by storm was called cyberpunks. Those collectables are “minted” – Just like normal tokens on a blockchain. Every single image has properties which belong to a rarity score. More rarity means more collectable value; and thus some NFT’s are sold for as many as 2,6 million dollars.

There are also real-world uses for this kind of Crypto; this is however still in the early adopters phase and/or a long term vision for the investors of NFT-enabled blockchains.

Real-world usages of NFT’s:

GaryVee for example, used NFT’s for his lifetime subscription. If you own one of the NFT’s, you are allowed to entry his events for free. And since it is not tradable without an extra fee for the creator, is not to be duplicated and does not go bad; we might see alot more of those applications in the future. Various artist have already sold their music (and the rights) in NFT form. Every month it gets more widespread accepted and it gets easier and easier to create, buy, hold and show your NFT-art.

Airdrops

When participating in airdrops you can be rewarded in tokens or NFT’s. Airdrops usually happen to boost a platform’s popularity and the most active users during a certain period get a share of the tokens or art that is dedicated to this airdrop.

Minting NFT’s

Creating your own NFT is deadsimple. Trough opensea you are able to upload an image, title, describtion and properties. After paying the network fee, which is currently on Polygon and thus it’s very low, you have your own NFT. Your project probably won’t be very popular overnight, since the big money attracts lots of people who want to get in on it. Most NFT’s are a huge gamble; in order to make money you’ll have to be with the project from early on. At this stage it has proven to be hard to measure the future popularity. When the project is already popular, the art-pieces aren’t priced for the regular Joe.

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