Should I learn about NFT? 3 Must-Knows
Beeple, a digital artist has had Christie’s sold his piece Everydays — The First 5000 Days for $69m which not only set a new record for digital art but also made him one of the top 3 most valuable artists. Musician Grimes, the mom of Elon Musk’s newborn, has sold her art as NFT for over 6 million early March.
NFT is an emerging niche market for digital collectibles gaining popularity. More celebrities and high-net-worth collectors are getting on the bandwagon in the creation and investment of NFT pieces, and well-known institutions are participating in the deployment of NFT projects.
What is NFT
NFT is a non-homogeneous token, which is unique and not interchangable like FT: you can alway exchange 1 bitcoin to another. Therefore, NFTs commodity attributes are greater than currency attributes. Since the attributes of NFT commodities are greater, commodity issuance and mobile platforms are one of the main investment directions, such as trading platforms such as Opeansea and Superare. Opensea and Superare have not yet issued tokens. The platform governance token Rari of the trading platform Rariable allows players to buy and sell NFT commodities, conduct liquidity mining, and obtain token rewards.
- FungibleToken, ERC20 tokens, that are the same and exchangeable to each other and can be divided infinitely.
- NFT (Non-FungibleToken): ERC721 protocol, In real life, things that are truly valuable are often irreplaceable and cannot be split or divided; The ERC1155 protocol, that is, each token represents not a single asset, but a category of assets, allowing multiple tokens to be created in batches at a time.
What can be made into NFT
In-game props, crypto art pieces, or a video clip showing the slam dunk of an NBA player all can be made into NFT and sold. The uniqueness and scarcity of NFTs with ownership accredited by the blockchain make NFTs perfect for linking digital assets and real-world things. With NFT, a digital asset can be traded and the owner is one and only. NFTs can be used to represent virtually any type of real or intangible item, including:
- Artwork
- Virtual items within video games such as skins, virtual currency, weapons, and avatars
- Music
- Collectibles (e.g. digital trading cards)
- Tokenized real-world assets, from real estate and cars to racehorses and designer sneakers
- Virtual land
- Video footage of iconic sporting moments
Where can I trade NFTs?
Christie’s accepted Ethereum as payment when they auctioned Beeple’s artwork, allowing cryptocurrency for the first time. Luxury brands are planning on selling fashion designed products digitally. NFT is becoming a fad in the mainstream. Don’t miss out. You can always buy a NFT on the following exchanges:
Nifty Gateway
An NFT marketplace run by the Winklevoss twins. With a stated mission of reaching 1 billion people collecting Nifties, Nifty Gateway is sure to remain a key player in NFTs. Nifty Gateway is among the most popular websites for artists to release digital collectibles on the primary marketplace. The website also has a secondary marketplace for NFT owners to sell their digital collectibles, making it easy for you to buy and sell any non-fungible tokens on the platform.
Nifty Gateway knows how to appeal to anybody who obsesses over exclusive drops from iconic brands like Supreme. Check out its drop schedule or sign up for the exclusive drop list to keep an eye on releases from super-sought after creators like Justin Roiland, the co-creator of Rick and Morty, EDM musician Deadmau5 and artist Marius Sperlich. It is reported in January that Justin Roiland, the co-creator of the Adult Swim cartoon series Rick and Morty has joined the growing trend of celebrity artists creating non-fungible token (NFT) artwork. After the animator released the collection called “The Best I Could Do” on the NFT auction house Nifty Gateway, the artwork sold for over $1 million in ether.
Opensea
The largest NFT marketplace currently in operation, OpenSea is one of the most known names in NFTs. If you want the ability to browse all types of NFTs, from digital art to rare collectibles, this is the exchange for you. It’s easy to sign up for and even easier to upload your NFT to auction, making it a popular choice for makers as well as buyers.
Like many exchanges, OpenSea relies on Ethereum, and you need to purchase ETH, its native coin, to fund your bids, trades and cover any fees you may incur.
OpenSea requires an active wallet and recommends MetaMask as the best option. This is an easy-to-use browser extension.
Rarible
Rarible is a creator-centric NFT marketplace and issuance platform that utilizes the RARI token to empower users who actively interact with the protocol. Users on the Rarible platform can easily create non-fungible tokens (NFTs) for unique digital items like artworks, game items and more. Rarible intends to become more than just a marketplace for digital collectibles and art through blockchain technology. The platform is used to create or “mint” NFTs with a simple process that makes it accessible to those with little to no experience with NFTs. This allows artists and creatives to create and sell their digital products with zero barriers to entry while still benefiting from the security enabled by blockchain technology.
The Rarible platform and protocol is an autonomous ecosystem that is governed by RARI holders, who are tasked with voting on governance proposals. In time, Rarible intends to transition to a fully decentralized autonomous organization (DAO) structure. The entire NFT ecosystem is still fairly new, but Rarible is already aiming to use part of the revenue to subsidize the first mint transaction (NFT creation transaction) for users, in addition to other business strategies to fuel the growth of the platform. The Rarible protocol is a solution to the limitations faced by the intellectual property market — such as challenging licensing and paperwork requirements. NFTs instead represent an easily accessible alternative available to anyone with just a few clicks.
Flow
Flow is a blockchain by Dapper Labs, now used for projects including NBA Top Shot and open to other developers as well. The team, after their killer Dapp CryptoKitties which congested Ethereum, set out to build a new blockchain that would be general-purpose but would also be a great fit for the NFT use case. In doing so, their goal was to solve many of the problems they saw with NFTs on Ethereum while providing a better experience to both developers and collectors in the space. Roham Gharegozlou, the founder and CEO of Dapper Labs, said, “In the real world, only money and a few things are fungible, while most other assets are non-fungible: art, real estate, or in-game assets… They are all unique, independent, and private to their owners.”
NBA Top Shot allows its users to own the best moments from NBA history. Here where sports lovers can bid on and collect Top Shop Moments in 3 categories: Rookies, Vets and Rising Star Players. NBA Top Shot members will see a wide range of edition sizes.
SuperRare
SuperRare is a digital artwork auction house meets social network. SuperRare believes that collecting is, at its core, a socially-driven pastime.
And that approach makes sense. NFTs are speculative in nature, and people like you and I ultimately decide the value. Without others vying for the same pieces or knowing why other collectors go wild for a piece, it’s difficult to assign value.
If you’re a creator, SuperRare is currently still in its early adopter phase, with only a few choice artists being selected to be added to the marketplace. But don’t sleep on SuperRare. Stay poised for the full launch in 2022.
Monegraph
Monegraph is a collaborative project between a New York University professor and a technologist offers a radical new way for artists to secure digital property, recording it on Namecoin blockchain. IT is founded as early as 2014 so that the internet artist can establish the originality of their work. Anyone can buy and sell fully licensed digital media on Monegraph directly, which brings artists, photographers, designers and illustrators together with collectors, publishers, advertisers and brands.
Monegraph could empower tomorrow’s meme artists to at least receive the credit they deserve while still using free Internet distribution to delight the world at large.
These are established NFT exchanges.
CyberMiles NFT exchange, developed jointly with the NASDAQ-traded company, Sino Global, will go live in July. Do not miss out this time.
