NFT Explained: What You Need To Know About NFTs

The NFT Revolution: a blog about why NFTs are the future and how you should be using them.

The NFT economy is already booming, and we're currently only at the beginning of a long bull-run. It's a great time to jump on the trend and invest your time into building up scarcer assets, as there are many opportunities available right now. This blog will cover many aspects of Non-Fungible Tokens such as activity data, use cases, and where things will go in the future.

What are NFTs?

Non-fungible tokens (NFTs) are a new kind of digital asset that can be owned by one person but can be broken down into smaller pieces. Think of it as a collectible card game like Magic: The Gathering that has different cards with varying levels of rarity. This means that each card is unique and you can’t break them down into smaller parts — they’re unique in their own right.

What makes NFTs so special?

The main benefit of using Non-Fungible Tokens (NFTs) over traditional digital assets is that they give you the ability to create truly unique items. You no longer have to worry about someone duplicating your item and selling it as their own because each item is unique. They also give you the ability to track every single movement an item makes across the blockchain which means there’s no way for someone to steal or sell your items without you knowing about it!

Why are they so important?

NFTs are digital assets that can be used to represent real-world assets. NFTs are the future of ownership and collectibles. They enable a new way for creators to monetize their art, games and other products.

NFTs are an emerging technology that will allow people to own digital assets in new ways. The blockchain is the underlying technology behind NFTs because it enables these assets to be recorded on a decentralized database. This makes them more secure and less prone to fraud than traditional ownership records.

There are many different types of NFTs available today, including:

Digital art

Gift cards

Videos/animations

Video games

How many NFTs have been minted?

NFTs are a huge part of the crypto ecosystem and it has only just begun. The amount of NFTs on the Ethereum blockchain has increased by 44% since Q2 2019, with 1.6 million tokens created. While this is a substantial increase, it still makes up only 1% of all tokens created on the Ethereum network. This is an exciting time to be involved in the crypto space. With more and more people becoming interested in NFTs, it’s important not to get caught up in the hype — and instead focus on building great products that will bring value to users or investors.

Where can you buy/sell non-fungible tokens?

Non-fungible tokens (NFTs) are digital assets that can be Browne bought and traded. They’re unique items within a given ecosystem.

But where can you buy/sell NFTs? Here are some of the best places to do so:

1. OpenSea is a marketplace for NFTs that supports trading on Ethereum and EOS. You can buy and sell your NFTs using ETH, LTC, or BTC.

2. Rare Bits is another marketplace that lets you buy and sell NFTs using ETH, LTC, or BTC. It also has an escrow service, so you can safely trade with other users without worrying about getting scammed.

3. The Nonfungible Summit is a conference dedicated to discussing the future of non-fungible tokens (NFTs). The event will take place in New York City from October 25-26th, 2019 at 92YTribeca (92 Greenwich Street).

How do I create my NFT?

1. Choose your token type

The first step is to choose the type of token you want to create. There are two types: fungible and non-fungible. Fungible tokens are essentially identical copies of each other, like cryptocurrencies or fiat currencies. Non-fungible tokens (NFTs), on the other hand, have unique characteristics that make them different from one another. They can be digital representations of real-world objects like artwork or collectibles (and even unique digital art). Some examples include Cryptokitties, CryptoPunks, and CryptoCelebrities.

1. Generate a smart contract for your NFT

Once you've chosen your token type, you'll need to create a smart contract for it on the blockchain platform that best suits your needs. This will be used as a template for all future transactions involving this virtual item, so it must be well-designed and secure from hacking attempts. For example, if your NFT represents an artwork, then there should be restrictions on how often it can be sold or transferred — otherwise, there would be no guarantee that whoever purchased it would own it legally after that point in time!

1. Create an ERC-721 token on Ethereum

What's the deal with NFT art and collectibles?

NFTs are a new form of digital asset that can be used as a means of exchange or investment. They can also be used to represent physical assets, such as art and collectibles. This is a big deal because it makes it possible for you to buy and sell digital assets without having to trust any middlemen like banks or brokers.

Why should I care about NFTs?

If you're looking for an alternative way to invest in art, collectibles, and other physical assets, then NFTs are right up your alley! You don't need to worry about paying high commissions or dealing with complicated rules when buying and selling these assets — just buy what you love, store it safely on the blockchain, and sell it whenever you want! The best part is that you'll never have to worry about losing any value due to inflation.

What's the difference between ERC-721 tokens and ERC-20 tokens?

Who is buying these NFTs?

Three types of users buy NFTs:

The first group is players who want to own particular items within the game they play. This can be anything from rare skins or dyes that give you an edge over other players in your favorite Battle Royale game  (Fortnite) or just something cool like a rare sword that looks awesome when displayed on your avatar in League Of Legends. The second group are investors who want to own as many rare items as possible and hope that their value will increase over time as demand increases from other players who want those same items for their collection purposes or just want to resell them at higher prices in secondary markets like OpenSea or RareBits. The third group is collectors who enjoy owning

Takeaway:

With the advent of blockchain technology, we're more connected than ever. The opportunities are endless, and there are new options than ever before when it comes to investing. Now is not the time to be conservative - it's time to double down on the volatile frontier that is your future. We believe that NFTs are here to stay. More and more companies will adopt them within the coming year, with the global economy beginning to invest in assets that have longevity. What's more, NFTs lend themselves to a variety of diverse applications across several different industries, and people are already seeing the potential in new areas. NFT technology is still relatively new but the growth potential is infinite. It won't take long for word to spread about how effective NFTs can be.