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Gate.io Cryptopedia: NFTs for Everyone
Gate.io Cryptopedia: NFTs for Everyone
2021-03-31 07:38:03 UTC
48014 Read
I. What is an NFT?
An NFT is a Non-fungible Token, also known as a non-substitutable token, which means that each token is different, unique and not interchangeable. The opposite concept is “homogeneous token (FT)”, i.e. tokens that can be substituted for each other without any difference, such as BTC, ETH and other tokens. The difference between the two is similar to Picasso’s paintings and the US dollar, which interprets that the paintings are “NFT’s” and the US dollar is a “standard token”. Each of Picasso’s paintings are different and have a different value, while the US dollar has different numbers but can be substituted for each other and has a fixed value.
The main innovation of NFT provides a way to mark ownership of native digital assets (ownership that exists only in the digital world). This ownership is somewhat different from what we normally perceive as ownership, in that NFT ownership does not prevent others from reading/watching it or listening to it. Essentially, a painting/music/emotional pack/video that has been authenticated by NFT is still the same painting/music/emotional pack/video that can be distributed on the Internet and can still be saved by everyone, but the corresponding painting/music/emotional pack/video in the digital world is only “authentic” if it is owned by the NFT buyer. It is this unique “real” function that gives an NFT a trading value.
II. Everything Can be an NFT
Cryptokitties
When it comes to NFT, we cannot forget to mention CryptoKittiest, which was a massive hit in 2017. “CryptoKitties” runs on the ethereum platform, which users can buy, raise and breed cats. Every cat’s appearance and personality will be recorded on the blockchain, and this will influence the offspring they breed. The core concept of this game is breeding and collecting. Each cat is different, and the “genes” can be passed on to the next generation. When two cats mate, the kittens born will inherit their respective 256 genomes, affecting their appearance, personality, etc., with a total of about 4 billion possible changes. Rare-looking cats can sell for hundreds of thousands of dollars, with the most expensive crypto cat ever sold for $750,000.
In this game, each cat is an NFT, users can buy/sell cats in the game using ETH.
NBA Top Shot
In addition to the crazy cat games, there are also NFTs that create digital “collector cards” of highlights from NBA games for users to buy and sell.
Dapper Labs, a famous blockchain game development company, partnered with the NBA to launch "NBA Top Shot" collectible series on the public chain platform Flow, which turns highlights of NBA games (such as dunks and three-pointers) into digital "collectible cards" that users can buy, collect and trade.
Emoji: Nyan Cat
The GIF of a rainbow cat running through the starry sky has been played over 180 million times on YouTube after being remade by its original author Chris Torres on its 10th anniversary, and at the same time, Chris Torres put the rainbow cat motion picture on a crypto art trading platform and was finally purchased for 300 ETH (about $600,000). .
III. Everyone Can NFT
NFT’s are not only a privilege for artists. You can create an NFT for anything that interests you.
All you need to do is visit a site like OpenSea or rarible, register an account on their sites ( linked to your digital currency wallet), then upload your creation (whether it’s music, a video, a gif, an image, a piece of Twitter content, etc.) and add some additional information about that creation for users who may be interested in buying your NFT.
When your creation is “blockchained”, i.e. after uploading, your creation becomes a real “NFT” and is recorded on the blockchain forever. It sounds simple, but when you want to sell it, you will find that it is not that simple. For example, when you sell it in OpenSea and rarible, you will be charged a 2.5% fee, which can be understood as a kind of “entrance fee” . Entrance fees range from tens to hundreds of dollars, so creating your own NFT is simple but not always “easy”.
VI. The Characteristics of NFT’s
1. Uniqueness: Each NFT has a unique identifier, which can be used as digital identity proof.
2. Irreplaceability: Each NFT is unique, and they can not be replaced with each other.
3. Collectibility: owing to the uniqueness of an NFT, it has a different collection value. Mostly used in collections or virtual props, such as: patent property rights, game props, etc.
V. The Application of NFT’s
1.NFT concept coins: MANA, COCOS, MIX, GAME, ALICE, etc.
2.Games: Cryptokitties, Gods OnChain card game, NBA Top Shot.
3.Others: verify the authenticity of sneakers/luxury goods, Euro 2020 tickets on sale, Juventus (soccer club) collectibles, domain names, etc.
Although NFT’s currently indicate trends for investment speculation, it cannot be denied that NFT functions as ownership flows into games, IP promotion, etc. We expect NFT’s will have a wider range of applications in future.
Currently, all major NFT tokens can be traded on Gate.io. Experience them now!
Gate.io is an established exchange that holds integrity, transparency, and fairness to a very high standard. We charge zero listing fees and only choose quality and promising projects. Our exchange consists only of 100% real trading volume. Thanks to everyone who has joined us in our journey. We always intend to improve and innovate to reward our users for their continuous support.
Gate.io Team
March 31, 2021
Get 40% of all referees' trading fees in the affiliate program at https://www.gate.io/referral
Click to Sign up ：https://www.gate.io/m#/register
Download it now at: https://www.gate.io/mobileapp
Follow us on social
Facebook: https://facebook.com/gateioglobal
Twitter: https://twitter.com/gate_io
Telegram：https://t.me/gateio
Instagram：https://www.instagram.com/gateioglobal
Medium：https://medium.com/@gateio
An NFT is a Non-fungible Token, also known as a non-substitutable token, which means that each token is different, unique and not interchangeable. The opposite concept is “homogeneous token (FT)”, i.e. tokens that can be substituted for each other without any difference, such as BTC, ETH and other tokens. The difference between the two is similar to Picasso’s paintings and the US dollar, which interprets that the paintings are “NFT’s” and the US dollar is a “standard token”. Each of Picasso’s paintings are different and have a different value, while the US dollar has different numbers but can be substituted for each other and has a fixed value.
The main innovation of NFT provides a way to mark ownership of native digital assets (ownership that exists only in the digital world). This ownership is somewhat different from what we normally perceive as ownership, in that NFT ownership does not prevent others from reading/watching it or listening to it. Essentially, a painting/music/emotional pack/video that has been authenticated by NFT is still the same painting/music/emotional pack/video that can be distributed on the Internet and can still be saved by everyone, but the corresponding painting/music/emotional pack/video in the digital world is only “authentic” if it is owned by the NFT buyer. It is this unique “real” function that gives an NFT a trading value.
II. Everything Can be an NFT
Cryptokitties
When it comes to NFT, we cannot forget to mention CryptoKittiest, which was a massive hit in 2017. “CryptoKitties” runs on the ethereum platform, which users can buy, raise and breed cats. Every cat’s appearance and personality will be recorded on the blockchain, and this will influence the offspring they breed. The core concept of this game is breeding and collecting. Each cat is different, and the “genes” can be passed on to the next generation. When two cats mate, the kittens born will inherit their respective 256 genomes, affecting their appearance, personality, etc., with a total of about 4 billion possible changes. Rare-looking cats can sell for hundreds of thousands of dollars, with the most expensive crypto cat ever sold for $750,000.
In this game, each cat is an NFT, users can buy/sell cats in the game using ETH.
NBA Top Shot
In addition to the crazy cat games, there are also NFTs that create digital “collector cards” of highlights from NBA games for users to buy and sell.
Dapper Labs, a famous blockchain game development company, partnered with the NBA to launch "NBA Top Shot" collectible series on the public chain platform Flow, which turns highlights of NBA games (such as dunks and three-pointers) into digital "collectible cards" that users can buy, collect and trade.
Emoji: Nyan Cat
The GIF of a rainbow cat running through the starry sky has been played over 180 million times on YouTube after being remade by its original author Chris Torres on its 10th anniversary, and at the same time, Chris Torres put the rainbow cat motion picture on a crypto art trading platform and was finally purchased for 300 ETH (about $600,000). .
III. Everyone Can NFT
NFT’s are not only a privilege for artists. You can create an NFT for anything that interests you.
All you need to do is visit a site like OpenSea or rarible, register an account on their sites ( linked to your digital currency wallet), then upload your creation (whether it’s music, a video, a gif, an image, a piece of Twitter content, etc.) and add some additional information about that creation for users who may be interested in buying your NFT.
When your creation is “blockchained”, i.e. after uploading, your creation becomes a real “NFT” and is recorded on the blockchain forever. It sounds simple, but when you want to sell it, you will find that it is not that simple. For example, when you sell it in OpenSea and rarible, you will be charged a 2.5% fee, which can be understood as a kind of “entrance fee” . Entrance fees range from tens to hundreds of dollars, so creating your own NFT is simple but not always “easy”.
VI. The Characteristics of NFT’s
1. Uniqueness: Each NFT has a unique identifier, which can be used as digital identity proof.
2. Irreplaceability: Each NFT is unique, and they can not be replaced with each other.
3. Collectibility: owing to the uniqueness of an NFT, it has a different collection value. Mostly used in collections or virtual props, such as: patent property rights, game props, etc.
V. The Application of NFT’s
1.NFT concept coins: MANA, COCOS, MIX, GAME, ALICE, etc.
2.Games: Cryptokitties, Gods OnChain card game, NBA Top Shot.
3.Others: verify the authenticity of sneakers/luxury goods, Euro 2020 tickets on sale, Juventus (soccer club) collectibles, domain names, etc.
Although NFT’s currently indicate trends for investment speculation, it cannot be denied that NFT functions as ownership flows into games, IP promotion, etc. We expect NFT’s will have a wider range of applications in future.
Currently, all major NFT tokens can be traded on Gate.io. Experience them now!
Gate.io is an established exchange that holds integrity, transparency, and fairness to a very high standard. We charge zero listing fees and only choose quality and promising projects. Our exchange consists only of 100% real trading volume. Thanks to everyone who has joined us in our journey. We always intend to improve and innovate to reward our users for their continuous support.
Gate.io Team
March 31, 2021
Get 40% of all referees' trading fees in the affiliate program at https://www.gate.io/referral
Click to Sign up ：https://www.gate.io/m#/register
Download it now at: https://www.gate.io/mobileapp
Follow us on social
Facebook: https://facebook.com/gateioglobal
Twitter: https://twitter.com/gate_io
Telegram：https://t.me/gateio
Instagram：https://www.instagram.com/gateioglobal
Medium：https://medium.com/@gateio
