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NFT Explained
This document explains non-fungible tokens (NFTs), highlighting their unique characteristics, creation standards, and primary use cases such as digital art and collectibles. It details popular NFT projects and marketplaces, emphasizing the security of NFTs stored on blockchain while also addressing recent security issues. Additionally, it notes the significant surge in NFT popularity starting in 2020 and the benefits of owning NFTs over physical assets.
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NFT Explained
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- 2. Why Learn BlockchainWith Us? Trusted Strategic Practical
- 3. What Are NFTs? Non-fungible tokensor NFTs are a type of digital token where every token is different and hold unique characteristics. Due to the nature of the NFTs, many NFTs have varying rarity and are considered valuable in the digital asset community. Anything from games to painting and even memes can be an NFT.
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- 5. Technically, anyone cancreate NFTs, however, that does not mean that all NFTs will get a high value during the sale. Many NFT marketplaces allow any user to create their own NFTs, but the users need to have a reputation within the community to earn a good value for their work. A higher social media presence and a fan base are the highest factors in determining an NFTs value. Can Anyone Create NFTs?
- 6. Ethereum token standardis the most common token standard that NFTs use now. Typically, ERC-721 and ERC- 1155 token standards are widely used to create various NFTs. Some early-stage NFTs use a hybrid ERC-20 token standard to create NFTs. Unfortunately, to sell them you need to wrap them. Other than Ethereum, EOS, FLOW, Tezos, etc. also offer a specific token standard for developing NFTs. What Token Standard Does NFTs Use?
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- 8. CryptoPunks: CryptoPunks isa collection of digital art collectibles. Here, every punk is a unique character with a similar art style (24x24 pixels). Axie Infinity: Axie Infinity is a type of game where players collect Axies and use these to battle, breed, raise other Axies. Decentraland: Decentraland is a virtual world where certain items within the world are NFTs. It uses the Ethereum blockchain. Popular NFT Projects
- 9. OpenSea: OpenSea isan NFT marketplace that allows users to buy, sell, create, trade, and own NFTs. OpenSea provides one of the richest collections of NFTs on the market. NBA TopShot: NBA TopShot is a type of collectible NFTs where the platform tokenizes NBA highlights. These highlights are short moments and based on the moment, the value is determined. Sorare: Sorare is a collection of soccer trading cards where users can use the trading cards to create a virtual team and compete with other teams. Popular NFT Projects
- 10. NFTs can helpdigital artists or any type of artist to fight plagiarism as they can tokenize their creations, which can’t be copied. Luxury goods can be verified making them NFTs and giving ownership to the buyer only. Manufacturing companies can tokenize their products in order to offer provenance to their consumer base. Use Cases of NFTs
- 11. Institutions can offerNFT based certifications and licenses, to authenticate a person’s educational background. NFTs can stop counterfeiting tickets and merchandise issues within the sports industry. Games can tokenize in-game items for players and give them ownership over those items. Use Cases of NFTs
- 12. The security levelof NFTs is similar to any type of digital asset and very close to cryptocurrencies. All of the NFTs are stored on the blockchain platform where the ledger is immutable, making it impossible to delete or alter the ownership. Blockchain offers robust security protocols and eliminates the scope of cyber-attacks. How Safe Are NFTs?
- 13. Recently, Nifty Gatewaywas attacked by third parties and they stole millions of dollars of worth of art. Nifty Gateway could ultimately return the items to respectful owners. Security issues within user authentication are the main source of recent cyber-attacks on NFTs. Users not using multi-factor authentication processes and using weak passwords or PINs are leading to these security issues. Security Flaws
- 14. Where to Buyand Sell NFTs? OpenSea Rarible SuperRare Nifty Gateway Mintable There are many NFT marketplaces where uses can go to buy and sell NFTs. Some of these are – NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT NFT
- 15. To buy andsell on NFT marketplaces, users need to create an account and connect their wallets to the account. Different marketplaces have different supported cryptocurrencies. The most popular currency currently is Ethereum. Users can use Ethereum to buy NFTs. To buy Ether/Ethereum or any other crypto, users have to get a blockchain wallet and fund it through a fiat-to- crypto currency exchange. Where to Buy and Sell NFTs?
- 16. List of PopularNFT Sales PRICE SELLER BUYER DATE OF SALE February 25, 2021 EVERYDAYS: THE FIRST 5000 DAYS This artwork is a compilation of the first 5000 digital artwork of Beeple. PRICE SELLER BUYER DATE OF SALE $69.3M Beeple Metakovan March 11, 2021 CRYPTOPUNK #3100 It is a pixelated alien art image with a headband. $7.58M Anonymous Anonymous March 11, 2021 CRYPTOPUNK #7804 It is a pixelated alien art image with a cap forward, a small shade, and a pipe. PRICE SELLER BUYER DATE OF SALE $7.57M Anonymous Anonymous March 11, 2021 CROSSROADS It is a short political art video on the presidential election 2020 from Beeple. PRICE SELLER BUYER DATE OF SALE $6.6M Pablo Anonymous THE FIRST TWEET It's the very first tweet of CEO and founder of Twitter, Jack Dorsey. PRICE SELLER BUYER DATE OF SALE $2.9M Jack Dorsey Sina Estavi March 22, 2021
- 17. CRYPTOPUNK #6965 It isa pixelated art image of an ape with a fedora. PRICE SELLER BUYER DATE OF SALE $1.54M Anonymous Anonymous February 19, 2021 AXIE INFINITY GENESIS LAND These are 9 virtual Genesis land of the game Axie Infinity. PRICE SELLER BUYER DATE OF SALE $1.5M Axie Infinity Flying Falcon February 28, 2021 CRYPTOPUNK #4156 It is a pixelated art image of an ape with a blue bandana. PRICE SELLER BUYER DATE OF SALE $1.25M Anonymous NOT FORGOTTEN, BUT GONE It's a 16-second video of a rotating golden gummy bear skeleton. PRICE SELLER BUYER DATE OF SALE $1M WhIsBe Pablo March 17, 2021 METARIFT Features spherical objects rotating in various directions and clustered together. PRICE SELLER BUYER DATE OF SALE $904.41K Pak DANNY March 21, 2021 Anonymous February 18, 2021 List of Popular NFT Sales
- 18. NFTs started tobecome mainstream in 2017, but not until 2020, did we see a massive surge in NFT popularity. Only during Q1 2021, the industry resulted in $1.5 billion in transactions, which is 2,627% more compared to Q4 2020. NFTs are more fluid and flexible compared to other cryptocurrencies such as Ethereum, or Bitcoin. One can transform any type of asset into an NFT. Why Are NFTs So Popular?
- 19. Users can lose,break or destroy physical assets or collectibles, but NFTs can’t be destroyed or stolen. Once a user gets ownership, they can own it forever. NFTs are a different take on digital assets, which is quite innovative and easier for non-technical people to understand and take part in. No one can duplicate NFTs, thus, third parties can’t misuse the intellectual property of an artist. Why Are NFTs So Popular?
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