NFT, the most popular topic of recent times, is wondered and researched by many people. In this article, we have answered the questions of what is NFT, how is it done?, where to buy and sell NFT to our valued readers.What is Bitcoin mining?
NFT draws attention as one of the most interesting and discussed digital data of recent years. NFTs, which have a very different application than classical cryptocurrencies, attract attention as a concept that can interest many works you have produced in the digital environment. With a concept that has made a name for itself since 2015, you can evaluate your existing digital assets or acquire new collections for yourself. In order to understand all these details in detail, let’s examine together what NFT is, how to benefit from it, the use of NFT and examples.
WHAT IS NFT?
NFT stands for Non Fungible Token. The Turkish equivalent of this expression can be translated into Turkish as ‘Immutable Token’ or ‘Immutable money’. NFT is ultimately notable as a cryptocurrency. However, in line with this definition, the money in question can be any valuable asset other than the definitions we know. In other words, NFT is a digital asset that has a value and can be collected. Assets that can be expressed as NFTs; It can be any artwork, video, tweet, a website, image, stories you have created on a social media platform and many more. All these digital assets can have the feature of being an NFT when they meet the necessary conditions.
It is very possible to specify the NFT expression as the reflections of an asset that may have a collection value in the digital world, in line with normal conditions. As an example, the cards and football cards, which were very popular and collected in the 1990s, can be considered as good examples of these assets. The difference of NFT from digital currencies is that all NFTs are designed differently from each other. This feature makes them unique and unchangeable.
WHAT DOES NFT DO?
NFTs take place on the blockchain, just like other cryptocurrencies. In other words, NFTs are expressed as fully digital assets. So, what does NFT do in this case? The question must also be answered.
You can think of NFTs as follows: Just as cryptocurrencies or Bitcoin have a monetary equivalent, NFTs also have some counterparts created in the digital environment. These can be an art form, a photograph, a literary piece in addition to many other works. The value of NFT lies in its uniqueness. So when you buy an NFT, you have a digital asset that no one else has. You can also imagine owning an NFT as acquiring an original code in a digital environment.
HOW IS NFT MADE?
NFT technology, which sounds quite complicated at the beginning, becomes easier with the possibilities offered by the digital world. NFT is obtained by blockchain developers named Ethereum. There are platforms that make these blockchains not lost and help transactions to be carried out more easily.
Each blockchain’s marketplace and wallet service are different. Therefore, it is very important to choose a reliable blockchain with a wide usage network. Once you have all this, you need to be a member of a platform that allows you to connect your wallet and upload the file or image you want to convert to NFT. Then you can upload the works you want to convert to NFT on the platform.
HOW TO USE NFT?
NFT is created with the ERC-721 standard, which is a code compatible with Ethereum, created by CryptoKitties developers in general. Apart from this, another newly developed standard is ERC-1155.
This new standard also offers the opportunity to work together with new opportunities. This means that the blockchains of NFTs, which are unique assets, are compatible with each other and additionally, they can be easily transferred within different applications.
The first NFTs, based on Ethereum, appeared in 2015. CryptoKitties, on the other hand, spread its name for the first time in 2017 with its non-changeable token technology. Since then, the NFT industry has been developing at a rapid pace. NFT, which can also be expressed as non-exchangeable tokens; It can be traded in various markets such as OpenSea, Nifty Gateway, and SuperRare.
If you want to keep your NFT and create a collection, you can use wallet applications such as Trust Wallet. In this way, your NFT is located on a specific address, along with any other blockchain tokens you have used. In addition, NFTs may not be copied or transferred without the consent of the owner.