What is NFT: definition, how it works, and examples of NFT Marketplace

Originally Posted by ClueWorks – Remote Worker International

What is NFT? NFTs are digital assets that offer a unique identity so they won’t be duplicated. Check out the NFT definition and NFT marketplace info in the following article.

At the beginning of 2022, NFTs are one of the hot topics discussed.  The amount of news that informs that NFTs are sold at very high prices makes more and more people want to know what NFTS really are.

Some examples of NFTs that sell well are NFTS in the form of digital artwork called ” Everyday: the First 5,000 Days” created by American artist Mike Winkelmann or also known as Beeple. The digital works were successfully sold at a price of 69.3 million US dollars or about Rp 992.6 billion. Another example of an NFT that sold at a high price is the first tweet belonging to Twitter boss Jack Dorsey for about Rp 41 billion. In International itself, NFTs are becoming increasingly popular after a young man named Ghozali made a profit of Rp 12.6 billion by selling NFTS in the form of selfie photos.

So what exactly is NFT? So that you can understand it easily please refer to our explanation below.

What is NFT?

Non-Fungible tokens or NFTs are unique tokens that cannot be replicated or duplicated. In economics, fungible asset it is something that can be easily exchanged, for example, like money. You can exchange 1 banknote of Rp 20,000 for two banknotes worth Rp 10,000 because the value will remain the same.

While non-fungible assets is something that will not be interchangeable because the object or item has a unique value that cannot be exchanged with something else. For example, such as the original painting of Monalisa is unique. You may be able to take a photo of the painting and then print it but still there will be only one original Monalisa painting.

So, what are NFTS? NFTs are the only assets in the digital world that can be bought and sold like any other property. It’s just that NFTS do not have a real form because they are available in digital form. The word “token” in the NFT itself is considered a certificate of ownership for the asset.

How do NFTS work?

So that you can better understand what an NFT is, it’s good if you understand how this NFT works. As we know, digital works are very easy to duplicate or duplicate. With these NFTS, digital artwork can be “poked ” to generate digital ownership certificates that can be bought or sold.

Just like cryptocurrencies, all ownership records of digital assets are stored on a shared ledger known as the blockchain. If you don’t know what blockchain is, blockchain is a technology that functions as a digital data storage system and is connected through cryptography. The records cannot be falsified because the blockchain ledger is managed by thousands of computers around the world.

Read Also: Artificial Intelligence and examples of its use

NFT Marketplace example

Once you know what NFTs are and know how they work, it may be that you are interested in selling or buying NFT digital assets. Here we inform you some examples of popular NFT marketplace.

1. OpenSea

If you’ve previously been looking for info about what NFTs are, you’ve probably heard about this OpenSea marketplace. OpenSea has dubbed itself the world’s first and largest NFT marketplace. Currently, OpenSea is an NFT marketplace known to many as an NFT marketplace that provides various types of digital assets on its platform.

You can register on this platform for free to be able to see the offers. OpenSea can also be used by artists or creators who want to create their own NFTS. The NFT marketplace is also supported by 150 different payment tokens.

2. Axie Marketplace

The NFT marketplace is called Axie Marketplace. Axie Marketplace is known as an online store that sells and buys Axie Infinity game NFT items.

Axies themselves are mythical creatures that can be purchased and trained. In this Axie Marketplace, you can buy new Axies as NFTS that can be used in the game.

3. Rarible

Similar to OpenSea, Rarible is also an NFT marketplace that sells various types of NFTs. Creators can use Rarible to” print ” new NFTS and sell them here. If you want to buy NFTS on the rarible marketplace, then you can use various types of crypto wallets to make transactions. Some of them include MetaMask, Coinbase Wallet, and WalletConnect.

4. Foundation

Foundation.app is an NFT marketplace developed with a simple design. Since the market launch in early 2022, NFTS have sold over $100 million.  Since its market launch in early 2022, NFTS in the Foundation have sold for over $100 million. If you’re looking for a quick and easy way to start creating your own NFTS, then Foundation could be the perfect solution.

5. Nifty Gateway

Nifty Gateway became an NFT marketplace that some popular digital artists like Beeple have used. The Platform has been around since 2018 and became an NFT marketplace Sponsored by crypto exchange Gemini.

You need to know, Nifty Gateway has a dedicated team that will thoroughly examine every artist who mints and publishes NFTS on its platform. In this way, the Nifty Gateway platform can still provide collectors with high-quality digital collections.

6. SuperRare

Just like Nifty Gateway, SuperRare was also launched for the first time in 2018. Here, you can find various digital assets such as videos and 3D images. To purchase such digital works, collectors can use the Ethereum blockchain platform.

Read Also: What is Deep Web? Is it safe to access?

Conclusion

With the explanation that we have told above, now of course you can better understand what NFT really is. Along with the development of technology, NFTS come as a solution that can help with legal ownership or an object. As we know, digital works are very easy to duplicate but NFTS can be used to prove the authenticity of such digital assets in the same way that blockchains ensure that one bitcoin is owned by only one person.

That’s the information we can tell you about what an NFT is. If you are a business owner who needs help in running marketing in the digital age like today, you can contact the LOGIQUE team. We have a digital marketing team that can help your business become much more developed in 2022. Please click here to know the details of the digital marketing services that we have provided.

Thanks for visit clueworks, if u want to know more about us. See another article that we share, sure all actual and good information for y’all.

You may also like...

Leave a Reply

Your email address will not be published.