View RSS Feed
Rate this Entry
by
Wasario
, 10-08-2021 at 12:02 PM (154 Views)
NFT token (non-fungible token) is a unique digital certificate that is stored in the blockchain, guarantees the originality of the item and gives exclusive rights to it. This concept came from the world of cryptocurrency.
Non-fungible tokens cannot be imperceptibly substituted, divided, replaced. The system is suitable for securing rights to a unique object - a work of art, real estate, an artifact in a computer game.
Simply put, every record on the blockchain is called a token. In an open blockchain, all tokens are like coins of the same monetary denomination, are equal and fungible. This is how cryptocurrency money works: for example, one bitcoin can be easily replaced with another, and nothing will change.
But Non Fungible Token (NFT) technology is a game changer and works in a different way. A non-fungible token is a digital coin that cannot be replaced with another token without changing the value and essence of the object.
Like cryptocurrency, NFT is created on the blockchain, which acts as a database for recording all transactions. The blockchain guarantees the authenticity of non-fungible tokens. Thanks to this system, any user can check the original and history of a specific NFT through the blockchain.
By purchasing an NFT token, the user purchases a certificate for the work. In this case, the work itself does not move anywhere. It resides on eternal storage (IPFS). This certificate is, in essence, lines of code that confirm that the owner of the token is the owner of the original copy of the object. An NFT token has been compared to a painting that may belong to a gallery, museum, or individual, but the audience may see it in a catalog or at an exhibition.
NFT tokens are sold in marketplaces on the Internet. The creators of non-fungible tokens put them on trading platforms and wait for offers from buyers.
You can even create an NFT token yourself. To do this, you need to take a digital object (picture, music track, photograph, etc.), register in a special marketplace (for example, on the Rarible or OpenSea sites) and upload the object with a description and price there. On many services, you will have to pay a commission for creating a record in the blockchain, that is, a unique token.
If this article has inspired you to create an NFT marketplace, then welcome to us https://unicsoft.com/blockchain-deve...e-development/ we can provide everything you need, thanks to our more than 15 years of experience in e-commerce and more than five years of experience with blockchain to provide easy-to-use, transparent and feature-rich NFT marketplaces or tailor NFT for your existing market.
Categories
Uncategorized

Comments


+ Post Comment

Trackbacks

Total Trackbacks 0
Trackback URL: