NFTs: Everything you need to know

Starmkgunu.co.in – The NFTs or “non-fungible tokens” are active (or information) are created and recorded in blockchain and, unlike other assets as Bitcoin not divide or can be replaced by another active.

What are NFTs?

An easy way to understand this is with money and artistic works : a euro can be divided into cents, just as a bitcoin can be divided into satoshis. However, a painting like El Guernica cannot be divided into “mini Guernicas” or replaced by another Guernica. If it were divided into small parts, it would mean, at the very least, that the work ceases to make sense , and, at most, destroys it . The exact same thing happens with NFTs.

What characteristics do they have?

Unique : each NFT is unique and has an associated id number in each Smart Contract . This is comparable to when you buy tickets for a festival: although all tickets are essentially the same, they are unique and there is a limited number.

Rare : Since they are unique and cannot be copied, NFTs are rare . Every time an artist releases them, they do so in a very limited way , so you can be sure that you are buying something unique that you can re-sell, as it has value.

Collectibles : Since NFTs are unique and rare, they are collectibles. So far, we have seen different digital assets have been converted to NFTs and sold for large amounts of money. From the mythical cryptopunks to tweets.

Transferable : NFTs can be transferred from wallet to wallet, either by being sold or given away. In fact, there are people who are making a lot of money by reselling tokens.

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Downloadable : although an NFT is not always downloadable and it is not an essential condition for it to exist, in most cases the possibility is offered. Only the NFT holder can download the file to which it is linked. Thus, if you buy a cryptopunk, only you will be able to download the original file . Many artists are offering very high quality files (such as 4K videos) or even Photoshop editable ones as an incentive to buy the NFT of their work.

Forever : Because of how a blockchain like Ethereum works, no one can change or delete the data that is stored . Once that information is inside the blockchain, it is forever. The only way the information would be eliminated would be if the blockchain were eliminated or if there was a global internet blackout. And if the latter happens … NFTs will be the least of our concerns.

 

What can NFTs be used for?

For literally EVERYTHING. As of the date of this post, we have seen how they have been used to create unique digital works of art , sell tweets , create totally unique avatars for virtual spaces and video games … but the uses are endless. They could begin to be used, for example, to generate real estate deeds and let everyone know whose property is what.

In the end, the key to NFTs is that they generate “proof of ownership”, or what is the same, certificates of ownership. The NFT shows that you are the owner of something, and that something can be anything in the world (just as there are people who own islands).

What does “Mintear” mean?

Mintear literally means “to coin” . Like someone who mints a coin. Basically what it implies is that the NFT is created (the information is added) in the blockchain.

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What do I need to Mintear an NFT?

If you are an artist of any kind, minting your NFT so that other people can buy it can be a very good option.

To mintar an NFT you can use one of the multiple platforms that exist such as Opensea , Mintable , SuperRare or Rarible . We will soon release guides for each of them.

Why are NFTs important?

NFTs are going to change the digital world as we know it. They are already doing it in the art world, giving digital artists (3D, graphic designers, etc.) a chance to create unique pieces that various collectors are gathering.

In the world of gaming they are revolutionizing everything also with games based on the blockchain such as Decentraland , where each person can have a totally unique avatar. In addition, the land itself is limited and can even be rented. We recently heard the news that Atari is going to “build” a casino in Decentraland’s Las Vegas and that the contract is for 2 years. As we can see, the NFTs give a lot of play.

Why do they have value?

Because each NFT is unique . The value lies in having the certainty that there will be nothing like it. In the same way that a Picasso has so much value because there are not 1000 million Picassos.

In a way, the creation of an NFT is tied to the implicit promise that the artist will not mine more NFTs with the same file. The blockchain network is built on trust in other people.

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