Non-Fungible Token
Non-fungible tokens are digital assets having unique values, and they are not fungible. NFT aims to digitalize the artworks over the secured Blockchain platform.
Non-fungible are a feature that indicates that they are not able to fraction/proportion the assets. For example, if you have 1000 rupees, it can be fractioned in a way like 10* 100 Or 101010 Or 50*20, etc.
But in the case of NFT, they are not able to fraction it.
NFT is contains the value and details of the ownership of the digital asset.
NFT can help the artist showcase their artistic talents to the world over the digital platform.
Key benefits of NFTs
Authenticity - Helps to authorize the ownership.
Originality - NFT are securely stored
Integrity - NFT are consolidated into a single entity and immutable
Unique - NFT have Unique from one another, and they are not interchangeable
NFT existence - NFTs built over various blockchain platforms.
NFT Tokens Standards
The NFTs are tokens created on the blockchain. For example, Ethereum uses various token standards like ERC20, ERC721, ERC1145, etc.
Purpose of NFTs
The NFTs showcase the talents of skilled professionals over the blockchain platform. Before NFTs, artists get exploited by the middleman/sponsors/display organization, etc. Artist negotiates their demands because they rely on the middlemen.
The Middlemen set the price value for the masterpiece of the artists. The artists negotiate their price values as they rely on others.
The NFTs helps the artist to showcase their talents in blockchain platform with highly secured and metadata containing the ownership details. Artists can display their talent on the NFT marketplace without depending on the middleman. They can directly list their NFTs over the dedicated NFT marketplace.
Types of Usecase for NFTs
NFT for Arts
The artist can create tokens for their specialized artworks, sell them over the NFT Marketplace. The artwork /paintings can be showcased over the digital platforms and interested users can acquire a copy of the masterpiece and store them in their wallets.
NFT for Music
The musician can create their own passionate music list and make them publicly available to the users over the NFT marketplace. One can make their music available to others by listing them as NFT tokens on the platform.
NFT for Games
The NFT games are a platform where users can get involved in collecting game rewards, as per their desire with the help of NFT tokens. Passionate gamers used to collect their games items like characters, dresses, and weapons. For example, Axie Infinity, & crypto kitties are popular among gaming NFT Platforms.
NFT for Fashion
The NFT for fashion is an awesome Blockchain platform for showcasing the talents, and new ideas of fashion designers. This is going to promisingly help the fashion designers waiting for a platform to display their talents. Fashion designers can create NFT tokens for their new models and share them with the help of the NFT marketplace.
NFT for Licenses and Certifications
The NFT for Licensing and certification allows own create their own certificates in a digital form. The NFTs of their certification is easy for the users to store securely on their wallets. The usual certificate and license are tangible and erupted in case of climatic hazards.
NFT Marketplace
NFT Marketplaceplatform is an online store to showcase or list the NFTs for sale with details. NFT is sold in two types like preset price and live auctions with time limits. The users create the NFTs token on the marketplace and list them for sale. There are various NFT Marketplaces available in the market. You can get marketplace details on the coinmarketcap site.
