Planet Quest. Introduction to NFT (Part 1)
Hello. Today I want to introduce you in NFT is and show what significance this technology plays in the crypto community. Let’s go.
What is NFT in general?
A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Fungible and non-fungible items are traditionally tangible items. As our world gets increasingly digitized, intangible items are now becoming increasingly common. With the rise of smart contract platforms like Ethereum, the technology now exists for Non-Fungible Tokens (NFTs) to be created. Examples of NFTs include Bored Ape, BotBorgs or Oxya Origin.
The easiest way to understand NFTs is to imagine Pokemon trading cards. Each trading card is unique, because they have different fire color, appearance, rarities, speed and this two cards are not interchangeable.
In general, NFTs are digital representations of such items stored on the blockchain.
NFTs can be used to represent in-game assets, such as digital plots of land. For example, CryptoKitties was an early successful blockchain online game where players adopt and trade virtual cats. The monetization of NFTs within the game raised a $12.5 million investment, with some kitties selling for over $100,000 each.
NFTs are also used in music environment. In February 2021, NFTs reportedly generated around $25 million within the music industry, with artists selling artwork and music as NFT tokens. On February 28, 2021, electronic dance musician 3LAU sold a collection of 33 NFTs for a total of $11.7 million to commemorate the three-year anniversary of his Ultraviolet album.
A few words about the use of NFT in films. In May 2018, 20th Century Fox partnered with Atom Tickets and released limited-edition DeadPool 2 digital posters to promote the film. They were available from OpenSea and the GFT exchange. In November 2021, film director Quentin Tarantino released seven NFTs based on uncut scenes of Pulp Fiction.
Also, sales in the NFT increase with each year, especially in the gaming sphere. And in the Planet Quest game, which promises to be an AAA gaming NFT, they play one of the first roles. So I won’t be surprised if in a couple of years PQ will be the leader in the NFT gaming market.
NFT statistics on different blockchain networks. With a total sales volume of over $8 billion, Ethereum far outstrips other chains. And in the Planet Quest game, the blockchain is Ethereum(with Immutable layer). And since we use a ImmutableX layer, PQ commissions will be minimal, which is good news.
Fungible cryptocurrencies are also interchangeable and traded on crypto exchanges such as FTX, Binance, Kucoin.
For NFTs, a marketplace is also needed to facilitate the minting, sale, and secondary trading of NFTs between prospective NFT buyers and sellers. There are multiple NFT marketplaces available, each specializing in catering to different groups of NFT buyers and sellers. The most famous platform for NFT trading is OpenSea right now.
OpenSea is by far the largest NFT marketplace by trading volume. It saw about $3 billion in trading volume in September 2021 alone, making up more than 99% of the total market.
Also on this platform you can easily create your unique NFT’s. You need only add the NFT file; it may be an image or video and fill properties, like speed, strength, color or whatever characteristics you would like to add.
You should definitely pay attention only to the official collections when buying. It was a blue checkmark near collection name.
In PlanetQuest you can buy, sell, transfer your NFT directly in Immutable MarketPlace.
And Each NFT has it’s own properties. The rarer NFT is, the more valuable it will be on the marketplace.
Summing up, the immutable platform contains many high-quality projects and games, while it is completely devoid of the lack of an Ethereum network in the form of speed and high transactions.
On this note, I want to end my introductory article and thanks to everyone who read this article and I think that it will help you in the future in your NFT adventuresay.
A huge thank you to the PlanetQuest team for helping and developing both the NFT and the blockchain gaming. You guys amazing!