Understanding NFTs

The NFT phenomenon

When we talk about NFTs, we are talking about cryptocurrencies. It is an abbreviation of ‘Non-Fungible Token’, which means a token, a digital asset issued by a blockchain. The first unique NFT was created in 2014.
These tokens can be issued to be assigned to a specific owner, an existing physical asset, or a digital creation. The property is unique because no one can imitate it. Anyone can decide to create, buy or sell. NFTs are primarily created on Ethereum, a platform for smart contracts and digital smart contracts.

NFTs are therefore a kind of digital object with a series of information that is associated with the blockchain, and which serve both to identify it and to provide proof of its origin.

What are NFTs used for?

NFTs have been used to sell artwork, and celebrities have also started posting their own NFTs.
NFTs are used to sell virtual real estate.
Because they are built on blockchain technology, NFTs can be traded or sold peer-to-peer without the intervention of a third party.
NFTs can be bought, sold or traded on marketplaces.

How to create an NFT?

Before creating your NFT, start by creating your Ethereum address and digital wallet.
You can create an NFT from a work of art (drawing, photo, etc.), a GIF, a song or music, a movie, a game card, a tweet ( yes !).
Once you’ve created an Ethereum address and uploaded a digital wallet, find the right marketplace for your NFTs.

What are the main dedicated platforms?

OpenSea (the most used).
Nifty Gateway (the one that attracts the most celebrities).
Mintable (the cheapest).
SuperRare (ideal for artists, as registered works are reviewed by digital art experts).
Rare (allows to sell a wide variety of NFTs and is interconnected with OpenSea).

But beyond art, many creators are interested in NFTs. Indeed, it is possible to consider developing NFTs for things other than works of art; it will have a greater impact on our daily life.

We hope this article has enlightened you on the concept of NFT and given you a better understanding of this phenomenon. If you want to learn more from our blockchain experts, contact us.

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