Usually in crypto world different time different project create hype so NFT is not different from them too ..Recently we are hearing only about NFT token rather than new DeFi project or about new ICO..Anyway,let's talk something about NFT today as we still many member has not proper idea about it at all..We guys usually love to play game right? Yah we are such as PUBG and call of duty most amazing to us all the time ..So to play this kind of game sometime we need to upgrade or character , weapons or home ..But did you ever think how it will be if we try to use this on another game too?? Then this might be cool right ?? Yes this are happening now and slowly increase on while you can also sell your upgrade thing .Again how it will be if you buy a digital land then make your own building ?? Also you can sell the buildings to other ..Actually the future worlds going to be like this and the adoption increase on by NFT!!
What is an NFT or non-fungible token?
An NFT token is a token that uses its smart contract 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 beacon, the value of that bitcoin is 10,000..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. In other words, you can buy the same thing 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 -fungible
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.Recently a good example for NFT can be Crypto kitties.. which is most popular game now ..those cats in the cryptokitties is NFT.. you can see different kind of cats on 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 Ethereum blockchain that provides NFT of 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 store a full upgrade weapon of the Pubji game in your NFT token and your friend stores a building in his NFT token. So, surely you and your friend's NFT token can't be the same price..
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 someone 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 can build your own house on the land you buy. 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.
On my next topic i will explain how to sell NFT!!