NFTs are the new trending topic in the crypto market which has started to attract a wide range of audience in no time. NFT is not a new idea in the crypto world. The token has been in practice since crypto games like crypto kitties began.
WHAT IS NFT?
Non-Fungible token can be abbreviated as NFT. Non-fungible tokens hold a unique value that cannot be duplicated. Each of it has a separate and unique value in which you cannot assign the same or an equivalent value of one token to another token. It is contrast to that of fungible tokens like cryptocurrencies, ICO tokens used for crowdfunding, etc.
NFT can be anything of digital significance – be it real world assets like art, rare collectible like video, sports highlights, a podcast of a famous artist, songs, video games and their accessories, etc. They are blockchain-based tokenization. That means, the Non-Fungible token is secured by blockchain technology and it is the one that validates the ownership of that particular digital piece. In most of the cases, it would be followed by an Ethereum blockchain with ERC721 token standard.
IS IT WORTH IT TO CREATE NON-FUNGIBLE TOKENS?
It provides the ownership of rare pieces of art. NFT collectible is nothing but a collection of rare artistic work or masterpiece that is available in a digital museum – NFT marketplace. Where you cannot buy things from exhibitions and museums, but in an NFT marketplace, you can buy the rarest digital collectibles for cryptocurrencies.
Yes, you can right-click the NFT image and can proceed to copy on to any number of devices. The theme of the token is not to protect the image from copying but to prevent the replication of the assets. That is how it restores the uniqueness of any artwork. Long things short, you can copy and use the NFT collectible but you cannot claim ownership of that particular work as it would be stored under the buyer’s name in the blockchain certificate.
HOW TO CREATE NFT TOKEN?
NFT, is a piece of digital art or collectible. It does not require any special skill to develop one. All you need is to have a creative mind or the market sense to attract some enthusiastic crypto traders or the fans or art collectors who are ready to purchase them for a considerably higher auction. It totally depends on which blockchain you are going to build your token. Of all the popular blockchain networks, Ethereum blockchain is more effective. You can also make use of other networks like Binance smart chain (BSC), TRON, etc.
If you create NFTs in a Binance smart chain, then you could trade only on the platforms that support the platform. So, it is always the best to go by the Ethereum blockchain to create these tokens for your business and with an ERC721 token standard.
ERC721 TOKEN FOR NFT DEVELOPMENT
ERC721 is a non-fungible token standard that follows similar properties of that of ERC20. But in contrast to the former only looks over the non fungible assets and standard tokens. ERC721 cannot be divided or partitioned and sold as a share as they are inseparable. Each token has a specific and a defined value. For instance, you can generate an ERC721 token for your real estate on the Ethereum blockchain. That means the land’s value will be different from the value of another one.
You are not finished with just NFT creation. You have to sell them in a market – NFT marketplace.
