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What is NFT?

NFT stands for nonfungible token. A complex term that means a fixed coin, but actually acts as a digital certificate of authenticity. Classic works of art, antiques and other historical items are often sold at auction with a document certifying the authenticity of the product. The crypto-currency of the authenticity document is the NFT, which proves the originality and ownership of a work.

What can the NFT be?

Almost anything. Currently, all kinds of digital art: music, fine art, recipes and even entire startups are offered for sale on digital art exchanges. There are very few restrictions on the type of content that can be “tokenized” and converted to NFT. The NY Times, for example, has sold three covers and a newspaper column for several thousand dollars, as has TIME magazine. The only rule is to avoid converting foreign copyrighted content into NFT.

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NFTs are used to enable verifiable digital rarity, as well as digital ownership and interoperability of assets across multiple platforms. They are used in many specific applications that require unique digital elements such as music, video games, or in digital art.

Why are NFTs so valuable?

We remind you that the value of NFT is mostly subjective, just like in normal art. We could talk for hours about why a Vinci or Picasso painting costs millions of dollars, but in the end it is still largely subjective and based on one’s beliefs, perceptions and preferences. Nevertheless, some people find it valuable, and once people find something valuable, the market appears.
The token represents the value and ownership of a piece of digital art. A similar example is the $100 bill, which has no value. What makes it valuable is the importance we place on it.

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The colored coins on the Bitcoin Blockchain are often considered the first NFT. They were very limited in functionality and much less efficient than the NFT we have today. At the very least, they paved the way for thinking about NFTs. The colored coins represented a variety of assets, including coupons, real estate, subscriptions and digital collectibles.

However, the technology was in its infancy. The regular database was much more convenient than using colored coins, so it was not widely used.

Yet, this allowed people to realize the potential of owning blockchain assets. It wasn’t until 2014 that the NFT Partner Platform Protocol, a platform built on the bitcoin blockchain, began to take shape NFT. Digital assets and games were placed in the counterparty. Spells of Genesis and Pepe Memes were popular NFTs on the platform.

When 2017 arrived, Ethereum started to take off. Now, the famous Cryptopunks have been placed on the blockchain. These 10,000 unique heroes of 2017 quickly became digital collectibles.

Crypto-currencies are simple, but they were one of the first NFTs invented in Ethereum. It didn’t take long for CryptoKitties to debut in October, a turning point in the popularity of digital asset ownership. Investors such as SamsungNEXT and Google Ventures began investing in NFT after seeing the huge opportunities.

In 2018 and 2019, NFT marketplaces such as OpenSea and Rarible began to emerge, allowing everyone to create their own NFT art. This is largely due to the Metamask portfolio, which allows easier access to the NFT space. Although originally proposed in 2018, the current ERC-721 NFT standard has begun to flourish over the following years.

With ERC-721, platforms such as Decentraland, Crypto Heroes, Gods Unchained and many current games and applications are possible. ERC-721 (Ethereum Request for Comments 721) allows more than just business cards and collectibles. You can buy event tickets, purchase digital land, exclusive gaming apparel, music and video clips, and countless other features that offer a wide range of creative assets.

All of them are interoperable in the Ethereum network, which allows for interesting cross-platform functionality. For example, you can find virtual reality museums of NFTs artworks purchased on other platforms.

In all likelihood, your cat is not interchangeable with your neighbor’s cat. Even if your neighbor’s cat is also of the same Siamese breed, perhaps your cat is prettier and won’t scratch the couch. A rare limited edition Pokémon card can’t be replaced either. While the first edition Pikachu may have the same holography as another first edition Pikachu, it can be auctioned off for $11, while another can be auctioned off for $40,000 to $80,000.

That’s what NFT is trying to turn into a digital asset. It uses cryptographic technology to make sure that what you have is authentic. The token attached to that artwork, collection or digital property is uniquely yours. Whether you are buying a piece of art, an online collectible or a digital property, you can be assured that the digital asset is yours. You don’t need a lot of paperwork and verification to make sure you have exactly that piece of digital land. All you need is ownership of the token.

NFTs are tokens built on blocks of incredibly complex algorithms. Instead of a changeable crypto-currency such as bitcoin, NFT stands for uniqueness and immutability, as mentioned above. Each NFT is a digital signature written with a cryptographic algorithm, adding another dimension of uniqueness and rarity. Once set to a specific digital weapon, property, creature, card, artwork, you name it, it’s immutable.

Immutability means that the data cannot be altered, tampered with or altered. The transaction is encrypted on the blockchain and each individual computer or node on the network is accounted for. If you only have one node with the blockchain ledger recorded, you will have all the data recorded earlier. Even if your computer spontaneously explodes, the data will be stored on other nodes.

It is extremely useful to have a standardization protocol. The Internet uses the HTTP protocol. Web developers don’t have to invent their own version of HTTP to create Web sites. They can use HTTP. Similarly, the blockchain and Ethereum ERC-721, on which most NFTs are built, make it easy to create an NFT standard.

The problem is that if the network goes down, everyone will feel the effects. A common problem plaguing Ethereum today is the high levels of gas required to create or sell NFT, which makes new protocols like Cardano more attractive to investors.

Subjective value

Subjective value is at the heart of what makes the NFT valuable. While a Gronkowski Super Bowl digital card is thought to cost $1.8 million, there is a market for it. In a sense, it is digitally signed by the person who created the NFT. The buyer has Gronkowski’s digital signature forever. This has a very sentimental value to people who are fans of celebrities.

NFTs are also perhaps much safer than owning a physical asset, like a rare baseball card. For example, there may be an accident, such as a devastating fire that burns down your house and your card collection. Maybe a thief discovers your $1 million Babe Ruth card and steals it. With NFT, this is not a problem, because ownership is provided to the blockchain and every computer on the network can recognize its ownership. This factor significantly increases the subjective value of NFT.