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NFT (Blockchain) Logic Choice?

What is an NFT? Meaning of NFT


NFT mean is An immutable token (non-fungible token or NFT) is a unique digital file whose identity and ownership are verified on a blockchain (digital big novel). An NFT is usually a file that is uploaded to an auction market but has a non-interchangeable character, for example digital artwork. This creates a copy of the file, which is recorded as NFT on a digital grand novel. Whereas the digital file itself can be reproduced without restrictions, the NFT representing the digital file is tracked in the blockchain and shares ownership facts with the buyer. Block chains like Ethereum and Flow each have their own token standards to ensure their use of NFT.

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What are the forms of NFT products?


NFT can be used to commodify digital works such as digital art, video game items, and music files. Access to the original copy, however, is not restricted to the token owner. The speculative market for NFTs spiked in early 2021 when the same investors who had already speculated on cryptocurrencies traded NFTs at vastly increased volumes.

NFT is transacted with blockchain


Non-exchangeable FTokens (Non-Fungible Tokens, or NFTs) are unique digital files placed on a blockchain (digital big novel). NFTs are cryptographic tokens, but unlike cryptocurrencies such as bitcoin and many network or utility tokens, NFTs are not interchangeable, that is, they cannot be traced. NFTs are created by uploading files, such as works of art, to an NFT auction marketplace, such as KnownOrigin, Rarible, or OpenSea. It creates copies of files recorded on digital large books as NFTs, which can be purchased with cryptocurrencies and resold. While an artist can sell an NFT that represents the work, the artist can still retain copyright for the work and make more NFTs from the same work.

The purchaser of the NFT does not gain exclusive access to the work, nor does the purchaser gain ownership of the "original" digital file. A person who uploads a particular work as an NFT is not required to verify that they are a genuine artist, and there are many issues where art is used for NFT without the author's permission. A person who uploads a particular work as an NFT does not have to prove that he is the original artist, and there are many problems where art is used for NFT without the permission of the creator.

One of the largest NFT marketplaces is opensea.

NFT is art intellectual property


NFT technology can be used to create artificial scarcity of a digital creative work by making only one NFT of the work with unique hand characteristics. NFT works of art are therefore similar to autographed items. The unique identity and ownership of the NFT can be verified by means of a large block chain novel. NFT has metadata that is processed by means of a cryptographic hash, an algorithm that computes a unique 40-digit sequence of letters and numbers. NFT is also used to enable legacy interoperability across multiple platforms.

NFT can represent collectibles such as card collections but in digital format. In February 2021, an NFT Lebron James slam dunk card on the NBA Top Shot platform sold for $208, 000.

In June 2017, CryptoPunks was released on the Ethereum blockchain by American studio Larva Labs, a 2-man squad consisting of Matt Hall and John Watkinson. After that, MoonCatRescue became the third non-fungible token project, which flew under the radar, but finally took off on March 12, 2021 and after that $12.5 million investment. In 2018, RareBits, an NFT marketplace and exchange, raised an investment of $6 million. Gamedex, the collectible card gaming platform enabled by NFT, raised an $800,000 seed round.

Decentraland, a blockchain-based virtual world, raised $26 million in initial coin offerings and had an internal economy of $20 million in September 2018. In 2019, Nike held a patent for a blockchain-based NFT. Dapper Labs enhances Flow's proprietary fact block chain,

Using it, in partnership with the NBA, they launched a beta version of the billable and tradable NFT-based app NBA TopShot in the first half of 2020, which they have been working on since 2018.

It sells tokens in packages which they say contain multimedia as well as information that is crushed together. On October 1, 2020, it was announced that they were out of beta and open to all fans. On February 28, 2021, Dapper Labs reported more than $230 million in gross sales on the app.

In February 2021, musician Grimes sold tokens worth close to $6 million representing digital art at Nifty Gateway. After that in February 2021, an NFT representing the animated Nyan Cat meme was sold on the internet market for just $600,000. The work of American digital artist Beeple Everydays: The First 5000 Days was the first NFT of an art piece listed at an auction house. leading Christies and sold for 69.3 million USD on March 11, 2021.

One day before the auction, Beeple said, "I really think there's going to be a bubble, to be honest. And I think we could be in that bubble by now." The speculative market for NFTs spiked this year towards the early hours of 2021 when the same investors speculating about cryptocurrencies traded the massively increasing volume of NFTs. In the race for publicity, the first full album that NFT represented for auction was Whale Shark by Canadian electronics artist Clarian, released on March 4, 2021. Kings of Leon album When You See Yourself, released on March 5, 2021 , is planned to be the first music album to be sold with NFT tokens.

Source: Wikipedia

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