Éditorial
Introduce yourself to non-fungible token
According to Investopedia, Non-fungible tokens or NFTs are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.
Exclusive
NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated.
Artwork & Land
NFTs can be used to represent real-world items like artwork and real-estate.
Tradable
“Tokenizing” these real-world tangible assets allows them to be bought, sold, and traded more efficiently while reducing the probability of fraud.
Rights
NFTs can also be used to represent individuals’ identities, property rights, and more.
Compatibility
Escrow is beneficial for both the buyer and seller when high-ticket items are involved on multiple network.
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FAQ
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Non-fungible tokens can digitally represent any asset, including online-only assets like digital artwork and real assets such as real estate. Other examples of the assets that NFTs can represent include in-game items like avatars, digital and non-digital collectibles, domain names, and event tickets.
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Many NFTs can only be purchased with Ether, so owning some of this cryptocurrency—and storing it in a digital wallet—is usually the first step. You can then purchase NFTs via any of the online NFT marketplaces, including OpenSea, Rarible, and SuperRare.
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Non-fungible tokens, which use blockchain technology just like cryptocurrency, are generally secure. The distributed nature of blockchains makes NFTs difficult, although not impossible, to hack. One security risk for NFTs is that you could lose access to your non-fungible token if the platform hosting the NFT goes out of business.
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NFTs can be used like stocks, bought or sold when their value changes. To make money from NFTs, buy low and sell high.
There are many ways to create or mint an NFT, depending on the platform you choose.
- Step 1: Choose a platform where you want to sell your NFT.
- Step 2: Set up a wallet to store your NFTs.
- Step 3: Connect your wallet to the platform you chose in Step 1.
- Step 4: Create an NFT. The cost of creation will depend on the quality and size of the artwork.
- Step 5: List your NFT on the platform you chose in Step 2.
Memo Akten determined that minting NFTs uses over 263,538 kWh of energy on average and causes emissions of 163,486 kg of CO2.
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