Discovery of the year – NFT tokens. This is a new non-standard and very original way of earning money. Regulars of social networks, programmers, representatives of show business, designers, and creators of all stripes sell works of art, musical compositions, and ordinary "doodles" for fabulous amounts of cryptocurrency. In early summer, the trend subsided a little, but with the imminent launch of the NFT marketplace from the largest exchange Binance, it should start growing again.
What is behind universal tokenization? Is it really possible to make a fortune on NFT tokens and, for example, repeat the success of digital artist Beeple, who sold an NFT collage of his works for $ 69 million? Designers and creatives should definitely be interested in this prospect of nft marketplace development.
NFT, or non-fungible tokens, – non-fungible tokens, – "digital property", a kind of virtual money (cryptocurrency).
Unlike NTF, banknotes or ordinary cryptocurrency tokens are interchangeable: they can be exchanged, for example, for euros, or bitcoins for dollars. At the same time, one dollar is always equal to one dollar, and two bitcoins – two bitcoins.
This is not the case with NTF. Each token is unique and cannot be exchanged for a similar virtual bill. Hence the name – an allusion to the impossibility of exchange. But it can be created by digitizing and translating into a monetary equivalent the fruit of your works and creativity.
Tokens are born in the same way as cryptocurrencies; technically, the process of creating an NTF does not differ from bitcoins or ethers. However, this is where the similarities end.
Most NFT tokens are created on the Ethereum blockchain. The latter allows tokens to store information about the piece to which the NFT is linked. In addition, in theory, the blockchain provides a level of security and privacy at which the token cannot be hacked or stolen or copyright infringement.
With the help of tokens, you can sell and buy real items: paintings, soundtracks, games, videos. Typically, NFT tokens are encrypted to ensure security and anonymity in use.
Tokens appeared in everyday life in 2014, after three years the proven NTF technology was launched to the masses, based on smart contracts of the Ethereum cryptocurrency. The experimenters immediately posted a portrait of the character from The Simpsons to Homer in the style of Pepe the frog. The figure was tied to an NFT token, and after a few months, its value was estimated at $ 500. And this is not the limit, because a year later there was a buyer who paid $ 38 thousand
There are two fundamentally different approaches here – the independent creation of tokens or the receipt/purchase of ready-made objects. There are several thematic sites that allow you to "digitize" your work and then sell it. In this case, you need to pay a transaction fee on Ethereum for blockchain development. It depends on the load of the e-wallet network and can vary from a few to a couple of hundred dollars (when the network is overloaded).
The second way is to wait for the finest hour and receive a token as a gift from certain NFT developers. Token creators sometimes hold free giveaways (so-called airdrops) or giveaways, so if you are lucky, you will become the owner of a unique token. For example, from time to time an attraction of unprecedented generosity is held by the creator of Avalanche Don Wonton, which he notifies on his Twitter profile. To participate in the drawing, you must share his tweet and leave the Ethereum wallet number in the comments.
You can also try your luck at the crypto aggregator Coingecko.com. Here, points and bonuses are awarded daily for online activity. When the organizers of the platform offer users free tokens, they can be redeemed just for the points earned (although most often they simply give various kinds of discounts there). Therefore, it is not at all necessary to create something creative, sometimes spending a lot of time online and following all the trends.
The chase for NFT tokens is like a lottery. But, as you get carried away with the game of tokenization, remember to stay safe while working online. You can protect your network if you know what a VPN is. This is how the information that you operate, as well as all transactions carried out are protected by end-to-end encryption. So your token will not be easy to steal, even if a cybercriminal decides to use super-advanced equipment.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.