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Non-fungible Token [NFT]

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Avatar for Kawser199
Written by   268
2 years ago

Those of us who play games like COC, PubG, Call of Duty, etc., and to play all these games, we upgrade the characters, weapons, houses, etc. of all these games. And all these upgraded characters, weapons, houses, etc. No matter what you upgrade, what if these can be used in any other game? Certainly not evil.

Gee, yes at the present time something like this is going to happen now and is slowly starting to happen. You can also sell all these upgraded items if you want.

Also what if you build a house or building like yours on what you buy in a digital land. And you can sell that house or building again.

Logo of NFT token

Yeah Al that sounds pretty crap to me, Looks like BT aint for me either. And it starts with NFT or non-fungible tokens. Today we will try to find out about NFT or non-fungible tokens.

So let's get started.

What is an NFT or non-fungible token?

An NFT token is a token that uses smart contracts to store unique information in each token. And for this one NFT token is different from another NFT token. Which is why it is called a non-fungible token.

I think I was a little confused! Let's try to remove the confusion with small examples.

For example, if you have one bitcoin, the value of that bitcoin is 10000 / - dollars, now your friend also has one bitcoin. What is the difference between your bitcoin and the bitcoin that your friend has? Certainly not. That means your friend and your friend's bitcoin is worth the same. You can exchange your bitcoin with your friend if you want. This will not make any difference in the price of any bitcoin.

Suppose you have a new 500 taka note of 2020 and your friend has a 500 taka note of 2010. Now what is the difference between your 500 rupees note and your friend's old 500 rupees note in terms of value? Certainly not. This means that whatever you can buy with your 500 rupees, you can buy the same thing with the 500 rupees that your friend has. This thing is called fungible.

Now let's talk about non-fungibles.

NFT or non-fungible tokens differ from one another. Suppose you have an NFT token. On the other hand your friend also has an NFT token. Now your NFT token and your friend's NFT token have the same value? No, not the same (the value of the token will depend on what is stored in the NFT token). And this is the main feature of NFT token.

Another feature of NFT tokens is that these tokens cannot be broken. In other words, if you have 1 bitcoin, you can spend or transfer from that 1 bitcoin. For example, you can transfer 0.05 bitcoin if you want. But NFT tokens cannot be broken and transferred in this way.

CryptoKitties is currently a good example of an NFT token. Which is a very popular game at the present time. The cats of these CryptoKitties are NFT. You will find different types of cats in CryptoKitties. And you can store these cats in tokenized form. And you can change that cat if you want. Because you have the private key of this cat or NFT token.

When you make a cat change, it will be recorded on the blockchain due to the tokenized form. CryptoKitties is a game based on the Ethereum blockchain that provides the NFT of the ERC-721 smart contract.

Specialty of NFT token

First of all, NFT tokens have their own unique features. This means that your NFT token is different from any other NFT token. Now this separation is the main feature of NFT tokens. And the value of your NFT token will depend on what you store in that token.

Suppose you have a full upgraded weapon of Pubji game in your NFT token and your friend has a building store in his NFT token. So, surely you and your friend's NFT token can't be the same price.

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How to use NFT token?

Since CryptoKitties is currently a popular NFT tokenize game, let's discuss that first. Suppose you have a CryptoKitties cat or NFT token, all of which are different. Each cat has a different identity or specialty. You can store these cats and sell them at their market price in the future. And its price can be determined by the market or those cats.

As a result, the value of one NFT token may vary completely.

Again gives another example. Suppose you are playing a pubji game that is NFT tokenized. In other words, all the information of your game is recorded in the blockchain. Now everything in this game is tokenized. Everything about your character, weapons, etc. Now you have upgraded one of your weapons. Then the price of that weapon i.e. NFT token will definitely increase more than it was before. Now you can sell this weapon to anyone else if you want. Because you have the "private key" of that token. This way an NFT token is different from other NFT tokens.

You probably know about Decentraland (MANA) tokens. Their concept is a decentralized world. You can purchase any land or property from Decentraland. And you will be able to build your own house on the land you buy there. As we can do in real life, but it is completely virtual. And if you want, you can sell that house later. When you buy a place and build a house / building there, surely the price at which you have purchased it will not be limited to that price! Yes, this is NFT.

The future of NFT tokens

The future of NFT tokens can be far-reaching. It can also be used in our real life by updating the NFT token. All these NFT tokens can be tokenized with any property, any old object that is in demand, birth certificate, ID card etc. As a result, transparency can come between them.

It can be NFT tokenized, especially for any land purchase or sale. Because in our country buying and selling of land and deposits is quite a problem. In our country, one person's land is forged and another is sold. But if this work can be done by blockchain, then the matter will come very clear. Everyone can easily identify the ownership of any land. So no person can sell the land of others by fraud.

Maybe it's not too long before that happens. Because the message has already started about blockchain in Bangladesh. And officially the study on blockchain has started.

First launched on the NFT Ethereum network. Which is called ERC-721 SmartContract Token (Non-Functional Token only). Recently, however, Etherium network developers have improved and developed a new smart contract, the ERC-1155. This single contract can store two tokens at the same time i.e. fungible and non-fungible tokens.

Although the first non-fungible token to be developed on the Ethereum network has been developed. But now it is working on Tron, Neo etc. networks.

Can I sell NFT tokens?

Now if you want to sell your NFT directly without using it, you can. You can google to sell NFT. Many websites now offer NFT token trading. You can also buy NFT tokens from your trust wallet if you want.

If you want to sell your NFT token from TrustWallet, you can follow the steps below.

Click on the specified place in the screenshot above from TrustWallet.

Enter opensea.io in the search box above.

Then first click on the arrow above and click on your NFT token obtained from the binance in Account >> My Items.

The average price of an NFT token will automatically ‘show’ here. You can do as you wish.

After setting the price, scroll down a bit and you will see Post Your Listing. Now click on this button.

Here will show the network fee for selling your NFT. As can be seen in the picture above, a lot of fees have been taken here. You can reduce this fee on your own. Click on the gear option marked in yellow to reduce the fee.

Now save Gas Price (Gwei) in place of 21 and Gas Limit in place of 30000.

Now you can see that the fee has come down a lot. Now you click on Approve button to publish your cell order.

Hopefully you get some idea of ​​what an NFT token is and what its function is and what more could happen in the future.

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Written by   268
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Comments

That's really informative article for us. We could benefit from it by taking those tokens. You explained all the term so well. I appreciate it

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2 years ago

Thank you so much sister

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2 years ago

Wow

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2 years ago

Nice article

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2 years ago

Thanks for your comments

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2 years ago

Wonderful article about NFT token.... Thanks

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2 years ago

This will be the norm in an all games and economic layers.

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2 years ago

Yes,,, Thank you do much for your comments

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2 years ago

just amazing

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2 years ago

Thank you

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2 years ago

Wow good to see your article. Is it legit dear brother. I'm just know about NFT tokens, just for your article. Your all article is so helpful. Go ahead

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2 years ago

Thanks for your comments

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2 years ago

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2 years ago

Thank you so much

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2 years ago

Wonderfully written article dear

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2 years ago

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2 years ago

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2 years ago

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2 years ago