What is NFT? Applications of NFT

1. Introduction to NFT

What is NFT?

NFT (Non-Fungible Token) is a unique token on the blockchain system, each NFT has a unique identifier and cannot be replaced by any other token. NFTs may contain information about the value and ownership of a digital asset such as images, music, video, or game assets.

For example, an image with artistic value can be created as an NFT and sold or transferred to another person. Thanks to the use of NFT, it becomes easier to protect and keep the value of digital assets, as all information related to the asset is stored on the blockchain system without the need for any intermediaries. any.

The difference of NFT with other coins and tokens

NFT (Non-Fungible Token) has differences with tokens and coins such as:

Unique: Each NFT has its own unique identifier and cannot be replaced by any other token. While tokens and coins are often viewed as a single currency, each NFT is a separate object with its own value and ownership.
Contains information: NFTs can contain information about the value and ownership of a digital asset, while tokens and coins typically contain information about monetary value.
Features: NFT has the feature of holding value and transferring ownership to digital assets, while tokens and coins are mainly used to conduct monetary transactions on the blockchain.

The development of NFT

Over the years, NFT has achieved tremendous growth, especially in 2021. The value of NFTs has increased significantly, especially for those related to art or unique digital assets.

NFT has been used for various purposes, including selling digital assets, managing ownership for concurrent assets, and transferring ownership for digital assets.

Many large companies have begun to enter the NFT market, including those in the arts, entertainment and technology sectors.

Public Interest: Public interest in NFTs has increased, especially in 2021, with a number of NFT events being widely promoted in the media.

Relation between NFT and Blockchain

NFT is a form of token published on a blockchain, so NFT depends entirely on the blockchain system. Blockchain is a distributed, independent and trusted network that provides an immutable database and stores information about all NFT-related transactions.

Blockchain provides a mechanism for authentication and transaction monitoring for NFTs, allowing users to ensure that the NFT is unique and immutable. Blockchain also provides a secure and reliable payment mechanism for NFT transactions.

All NFTs are linked to some blockchain, so the blockchain system is an important factor for the development and use of NFTs. If the blockchain system does not exist or is not trusted, the NFT will also be unreliable and cannot be used effectively.

2. Platforms used to create NFT

Currently, there are many different NFT creation platforms, but in this article, Tuong Tu Tu only mentions a few of the most popular platforms used today.

  • Ethereum: was one of the first platforms used to create NFTs and remains one of the most popular NFT platforms today.
  • Binance Smart Chain: is a fast and cheap blockchain that allows to create NFTs and exchange them easily.
  • Flow: is an NFT platform designed for blockchain-based games and aplikasi.
  • Polygon: is an Ethereum-compatible platform that allows creating NFTs and transferring them on the fly.
  • WAX: is an NFT platform designed to make it easy and cheap to create and exchange NFTs.

Some of the best NFT generating sites today

To create NFT you can visit the following websites that the Guide shares. I have used these sites and found them very good.

  • OpenSea: is one of the first and largest websites, allowing users to create and buy and sell NFTs on many different platforms.
  • Rarible: is a standalone website that allows users to create and exchange NFTs easily.
  • SuperRare: is a high value NFT decentralized and art-focused website.
  • Nifty Gateway: is a fashion-focused and decentralized website focused on high-fashion NFTs.
  • Makersplace: is a website that specializes in art and allows users to create and exchange NFTs easily.

3. How to Create an NFT

Each platform and each website will have different features. Therefore, the way to create NFT is also different, you should carefully read the specific instructions of each platform before creating your own NFT. However, platforms and websites all have the following common steps to create an NFT.

  • Choose an NFT platform: first, you must choose the NFT generation platform that suits your needs. There are many different NFT platforms, with different features and characteristics.
  • Create an account: after choosing a platform, you need to create an account to create and manage your NFT.
  • Choose how to create an NFT: there are several ways to create an NFT, including creating it from scratch or from an existing document.
  • Generate NFT: once you have completed the previous steps, you can create your NFT using the tools and features of the NFT platform.
  • Registering and Publishing NFTs: once the NFT is created, you need to register and publish the NFT on the blockchain to complete the NFT creation process.

General Steps to Trade an NFT

After you create an NFT you can sell it or if you like someone’s NFT you can buy it. The following Guide outlines the general steps for buying and selling an NFT. Details on how to buy and sell I will write in another post.

  • NFT search: you need to search for the NFT you want to buy or sell. NFTs can be searched on NFT exchanges, NFT manufacturer websites, or NFT-specialized e-commerce sites.
  • Choose NFT: after searching, you need to select the NFT that you want to buy or sell.
  • Check information: before trading, you should check information about NFT, including value, quality and transaction history.
  • Contact the NFT owner or buy directly from the exchange: you can contact the NFT owner directly to negotiate the price or buy directly from the NFT exchange.
  • Payment: after agreeing on the price, you need to pay for the NFT you want to buy.
  • Transaction confirmation: after payment, the NFT transaction will be confirmed on the blockchain and the NFT will be transferred to your name.

4. Applications of NFT

Applications in art and music

The NFT has become an important tool in the preservation and trading of artwork and music.

In art, NFT allows the author or owner of a work to preserve and prove sole ownership of the work by publishing the work as NFT on a blockchain. This allows the buyer or seller of the work to be able to demonstrate exact and exclusive ownership of the work.

In music, NFTs are also being used to preserve and trade music copyrights and material related to musical artists. The NFT provides a unique and reliable mechanism for proving copyright ownership and resolving copyright-related issues in the music industry.

Applications in the field of Games

NFT is being used to create a unique asset class in the gaming sector. NFT allows players to own and trade items, skills, champions or assets unique to the game. This gives players a way to create value and capture more immersive in-game experiences.

NFT is also used to create games that focus on trading assets, such as Axie Infinity and F1 Delta Time. NFTs are also used in blockchain games to give players power over their assets, like Decentraland and The Sandbox.

Application in the field of electronic real estate

NFT has introduced a new way to manage and transact real estate electronically. NFT is used to certify ownership of electronic assets such as houses, land or important documents. NFT ensures that electronic assets are unique and cannot be replaced by another, providing a more advanced and secure way to transact real estate electronically.

In the field of electronic real estate, NFT helps buyers and sellers prove ownership and transact properties more quickly and efficiently. It reduces the risk of errors or fraud, and allows users to manage and trade assets more easily and efficiently.

5. Conclusion

Nft is a technology that is under strong development. Applied in many different fields. However, NFT users should be aware of the security risks and popularity of NFT in the market. Therefore, before using NFT, users need to learn carefully about NFT and the market situation to make the right decision.

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