Blockchain and Cryptocurrency are booming day by day, now, among them, NFT is the latest trend where the Non-fungible tokens are used by Ethereum and TRON. The unique tokens do not allow mutual exchange like conventional digital assets in the marketplace, thus they are named Non-fungible tokens. A splendid marketplace like Rarible Clone will allow users to create, buy, sell, bid, and exchange digital collectibles and NFT tokens.
WHAT IS NFT?
NFT stands for Non-Fungible Token, a business term used to describe interchangeable unique assets. Fungible means, it is replaceable by another item, non-fungible means it is not a replaceable unique item. There is a huge demand for this technology which represents ownership of unique assets and tokenize things like collectibles, art, furniture, a computer, games, etc. Only one official owner exists at a time where the owner record cannot be modified or copy a new NFT existence. Fungible assets can be exchanged with a similar type of assets whereas Non-Fungible Token assets ownership can be tracked using Ethereum, a blockchain technology.
HOW TO CREATE NON-FUNGIBLE TOKENS?
NFT’s can be created digitally to represent virtually any type of real or intangible items. If you have any virtual artworks, video games, virtual currency, avatars, weapons, music, collectibles, tokenized real-world assets like real estate, cars, virtual land, video footage, etc. You can create your own NFT.
Creating your own NFT artwork is quite an easy process and does not require any extensive knowledge of the crypto industry. Before you start you need to decide on which blockchain you want to issue your NFT’s. The leading blockchain service for issuing NFT is Ethereum. There are other blockchains like Tron, Binance smart chain, EOS, Polkadot, Cosmos, WAX, etc which are becoming popular now.
There is a separate NFT token standard, compatible wallet, and marketplaces for every blockchain. For example, if you create NFT’s on top of Tron, you will be able to sell them only on those platforms that support Tron assets which means you cannot sell on other blockchain marketplaces like Ethereum. Ethereum is the best marketplace to start your steps in NFT with an ERC721 token standard.
FEATURES OF NFT
The key features of NFT are as follows:
Immutability: As the tokens are immutable, so no one can replace, manipulate and falsify the data stored in the network.
Programmability: NFT can run applications called Smart Contracts as they are supported by Ethereum BlockChain. It can run applications and programs except for logging transactions.
Interoperability: NFT’s can conceive a network of blockchains, as they have the potential of systems to interchange information and value.
Rarible Clone: Rarible Clone is an NFT marketplace clone to buy, sell, exchange, bid digital collectibles. Digital artists can their artwork and sell it on the NFT marketplace. Rarible users RARI tokens to exchange tokens and cryptocurrencies.
The RARI Clone is a decentralized autonomous place, where, 75000 RARI tokens are launched at the beginning of every week. In this 60% of tokens are managed through on-hub liquidity and mining. The other 30% of tokens are mined through investors and the remaining percentage is partitioned into 8% for all the NFT holders and 2% for trustworthy customers.
