In the article below:
- What is NFT?
- Can you turn your in-game items into NFT?
- NFT Collectibles
- How to buy NFTs?
What is NFT?
The NFT (non-fungible token) is a type of cryptographic tokens, each instance of which is unique (specific) and cannot be exchanged or replaced with another similar token, although usually tokens are fungible by nature.Each of the NFTs exists in a single copy, it cannot be divided, and all information about its author and buyer, as well as all transactions with it, are securely stored in the blockchain. The NFT contains the digital object itself, information about the creator of this object (this is how NFTs help protect copyrights), and data about the owner, namely, their wallet number in the Ethereum system (a cryptocurrency and blockchain platform). Because at a very high level, most NFTs are part of the Ethereum blockchain.
Can you turn your in-game items into NFT?
NFTs can really be anything digital (such as drawings, music, videos etc.), but a lot of the current excitement is around using the tech to sell digital art.
How do digital objects turn into NFTs? To create a token, you will need a wallet in the Ethereum, Polygon or any other blockchain system, as well as a file with digital content. Just create what you want to be turned into a digital asset and add a file or files to it in any of the available formats. Each file needs to come up with a name and, preferably, a description. Then, you need to pay a commission for placing your token on the marketplace.
NFT Collectibles
NFTs can represent digital collectibles like physical card collections, however in a completely digital format.Eminem, Don Diablo, The Weeknd, Aphex Twin, Kings of Leon and Snoop Dogg to name a few have already premiered their own NFT collections in 2021 and the list keeps growing.
Don Diablo for example sold the first-ever hour-long concert NFT for 600 ETH, or at the time of writing approximately $1.2 million.
As a child, Young Snoop was shaped by many life experiences with family, friends, and loved ones in Southern California. His appreciation for Hip-Hop has evolved over time, but began in the year 1982. Young Snoop takes you back to his roots and how he came to be who he is today.
Source — Crypto.com/YoungSnoop
In February 2021, a LeBron James slam dunk NFT card on the NBA Top Shot platform sold for $208,000.
It’s a moment in which LeBron James dunked all over Nemanja Bjelica as the Sacramento Kings forward attempted to take a charge back in 2019.
Source — USA Today
Meme’s have always been a popular way to carry a message. Now the owners of the original images are cashing in on their legacies. Zoë Roth, now 21, became an internet hit when she was pictured aged four standing in front of a burning building with a devilish smirk on her face. Now, the woman in the viral meme has sold the original photograph for $473,000.
More recently, Linsey Lohan launched her own profile on Rarible, selling her own creation ‘Bitcoin Lightning’ for just over $50,000.
All in all if you’re quite talented and got plenty of ideas you can realise them into your personal collection. By compiling pieces of works into one collection you can later on post it on a marketplace and sell it. As it was mentioned above it can be anything: songs, videos, in-game items, cards and so on.
You’re only limited by your own imagination.
What’s the difference between downloading the file a person paid millions of dollars for and free download of this file by others?
There is no difference. You can copy a digital file as many times as you want, including the art that’s included with an NFT.
In many cases, the artist even retains the copyright ownership of their work, so they can continue to produce and sell copies. But the buyer of the NFT owns a “token” that proves they own the “original” work.
Some people compare it to buying an autographed print.
How to buy NFTs?
If you’re into start your own NFT collection, or you whether you want to buy or sell your tokens you’ll need to acquire some key items:
First, you’ll need to get a digital wallet like Tizer that allows you to store NFTs and cryptocurrencies. You’ll likely need to purchase some cryptocurrency, like Ether, depending on what currencies your NFT provider accepts. Then you need to find a marketplace where you could manage all your business. Currently, the largest NFT marketplaces are: OpenSea.io, Rarible, Foundation.
