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Non Fungible Tokens (NFT) for Dummies! Crash-course for NFT newbies!

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Avatar for PVMihalache
Written by   423
1 month ago

NFT are trending and more big names, brands or starts are joining the NFT industry. McDonalds minted their first NFT, Paris Hilton announced her entry in the NFT world, while Toops launched the Official MBL Baseball Series 1 last week. But what are NFTs and why are they trending?

Many are now familiar with NFTs and even more are starting collections! You may be familiar as well with my #NFTBreakingNews series where all the NFT news are collated in an easy newsletter. I was the first to let you know about the RaccoonBrand stronghold on Kavian 4:6. I was the first to share the horror story about Byron's zombies sent in space over the last decade, and how after floating in the void for years, they finally reached new planets. Today we work on education as there are still many out there that have no clue what is a Non Fungible Token.

NFTs, or Non-Fungible Tokens, are units of data stored on the blockchain. The most common type of NFT is the photo format, but digital files, art, videos or audio data can be stored on a digital ledger as NFTs. Because the NFT is minted on the blockchain, the digital asset is unique and not interchangeable.

The majority of NFTs are minted on the Ethereum blockchain and the the top NFT marketplaces are Nifty Gateway, OpenSea and Rarible. Artists seized the opportunity and started to create cryptographically-unique tokens and used NFT marketplaces to trade their art. 

The high Ethereum gas fees created the opportunity for alternative NFT compatible blockchains to evolve and expand, such as WAX, Enjin, Chiliz or Avalanche (AVAX). 

The WAX blockchain started to attract a high number of NFT artists, allowing them to create NFTs for free. The WAX blockchain has minimal transaction fees, making it more accessible than the ETH blockchain. Big brands also used WAX to launch NFT collection, such as Street Fighter and Topps Garbage Pail Kids

The WAX blockchain smart contracts and NFT compatibility is also used for dApps and blockchain gaming. Alien Worlds is the world's number 1 dApp game, with over 500,000 active users. Players can mine Trilium (TLM), the game utility token, and improve the mining rate with the help of NFTs. Trilium (TLM) is created on the WAX blockchain but can be transferred to Ethereum chain or Binance Smart-Chain through the available bridges.

The 3 most expensive NFTs - $83.46 million 

The top three most expensive NFT ever sold are summing up $83,460,000.  "Everydays: The First 5000 Days" by the artist Mike "Beeple" Winkelmann is the most expensive NFT sold, purchased by Vignesh Sundaresan for $69,300,000 at Christie's Auction House. The artwork represents a collage of 5,000 pieces of artwork created by "Beeple" Winkelmann.

The CryptoPunk #7804 was sold for $7,500,000 by Dylan Field. The NFT was a random generated image minted on the Ethereum blockchain, containing random features. The CryptoPunk #7804 has rare features, being a blue skin alien smoking a pipe. 

(CryptoPunk #7804 Image: Larva Labs)

The CROSSROAD is another artwork created by Mike "Beeple" Winkelmann, and features anti-Trump messages. The enlarged naked body resembling the ex-president lays in a defeated posture was sold on Nifty Gateway for $6,660,000. The price shows the hype around NFTs, as the artwork was purchased initially for a price ten times lower, only four months before the re-sale.  

Top store of collectibles and NFTs Crypto Tokens

Theta is the top store of collectibles and NFT tokens by market capitalization. It is followed by Chiliz (CHZ) and Decentraland (MANA). Projects and tokens focusing on NFT creation and blockchain gaming such as Enjin (ENJ), The Sandbox (SAND), WAX, Axie Infinities (AXS) and Alien Worlds (TLM) are growing. 

PVM's Devilish Cat

I have to show off and share the Devilish Cat with the world! Hand made in pencil, my pet is not on the blockchain (and he has both eyes in real life). 

Check the NFT Breaking News Library:

NFT Breaking News #5 - Endless Loot Quest for #P0xBros and Zombie Cats

NFT Breaking News #4 - Bitcoin Cash the Reliable by Coinsteps

NFT Breaking News #3 - hot girls on the beach, zombies cats and gifts!

NFT Breaking News #2 - Zombies in Space and the Mars expedition! (and gifts)

NFT Breaking News #1 - Raccoon Land discovered on Kavian and Strychnine

Resources:

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Written by   423
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