What is NFT? And what impact does it have on the human future?

Nothing can make you think like a blast of news about the China Bloc. Even when we all thought we almost knew what was going on, the founder of Twitter sold his autograph tweet as NFT.

With all these interpretations, you may be asking yourself: What is NFT now?

Well, let’s start with the basics:

Non-fungible token.

Nothing was clearer

True, “irreplaceable” more or less means that these NFTs are unique and cannot be replaced by anything else. For example, bitcoin is flexible – trade one bitcoin with another bitcoin and you will end up with exactly the same thing again. On the other hand, a credit card is completely unique and therefore irreplaceable, and if you trade it with another card, you will have something completely different.

How do NFTs work?

At the comprehensive level, most NFTs are part of the atrium blockchain. Atrium is an encrypted currency, such as bitcoin or dogecoin, but its blockchain also supports these NFTs and stores additional information that makes them different from, for example, an ETH coin. It is worth noting that other blockchains can implement their own NFT versions.

Why should you choose NFT?

NFTs can be any kind of digital product (like painting, music, your brain loaded with AI, etc.), but much of the current excitement is using technology to sell digital art.

Do you mean people who buy my good tweets?

Maybe a few people will be found for this, but the current goal of the NFT is something else. Many refer to NFT as the evolution of art collection (digital art only).

(Although at the time of writing this article we wanted the title of this section to be a bit ridiculous and unimaginable, shortly after its publication we found out that the founder of Twitter has sold one of his tweets!)

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Do people think this would be like collecting artwork?

Some people really have this hope and are already buying and selling digital works.

Sorry, I was downloading the same file that someone paid millions of dollars for.

You’re definitely not doing the right thing, but the story gets a little tough right here. You can copy a digital file as many times as you want, including NFT artwork.

But NFTs are designed to not be copied: ownership of the work (although it can still retain copyright and copyright like the artist’s physical works of art). To liken this to the collection of physical artwork: anyone can buy a copy of the original work; But only one person can own the original.

But what is the use of this way?

It really depends on whether you are an artist or a buyer.

I am an artist

First: I’m proud of you. You may be interested in NFTs because they provide a way to sell your work that may not have many customers in the real market.

NFTs also have features that allow you to earn a percentage each time you sell or trade NFT. Rest assured that if your work becomes very popular and highly valued, you will see some of the benefits of this feature.

I am a buyer

One of the obvious benefits of buying art is that it allows you to sponsor artists you like, and the same is true for NFTs (which are much more attractive than Telegram stickers). Purchasing NFT usually gives you some basic consumer rights, such as posting an image online or posting it as your profile picture, and a blockchain entry supporting your ownership.

No, I meant that I am a collector.

Oh yes, NFTs can be bought like any other asset and then hopefully their value will increase in a day so you can sell them and make a profit.

So is each NFT unique?

In boring and technical language, each NFT has a unique blockchain password; But this NFT could be like one of Van Gogh’s works, of which there is only one real version; Or it could be like a business card, where there are hundreds of numbered copies of the same work.

Who pays hundreds of thousands of dollars for a business card?

In fact, this is one of the things that makes NFTs so dirty. Some people treat them like the future of art collections (read: as a playground for the affluent) and others treat them like Pokémon cards (items that are accessible to ordinary people but still a playground for the affluent). Account).

Can I buy this article as NFT?

No, but technically any digital work can be sold as NFT.

Can I buy personal teeth as NFT?

Attempts have been made to connect NFTs to real-world objects, often used as a form of verification. Using an NFT system called CryptoKicks, Nike has patented a way to make sneakers original; But there is no news about teeth at the moment.

Where?

There are several markets that focus on NFTs and allow people to buy and sell their NFTs. These markets include OpenSea, Rarible and Grimes, Nifty Gateway, but there are others.

I heard that kittens were also involved. Tell us about kittens.

When the Ethereum blockchain added NFT‌ support as part of a new standard, NFTs became technically possible. Of course, one of the first uses of these NFTs was a game called CryptoKitties, which allowed users to trade and sell virtual kittens!

I love kittens.

we too. In addition, virtual kittens represent an interesting aspect of NFT in how they are used in games. There are now games that allow you to have NFTs as in-game items. One of these games even sells virtual fields as NFT. There may be opportunities for players to purchase a unique weapon or helmet in a game as a form of NFT.

Can I steal NFTs?

it depends. Part of the blockchain’s appeal is that it stores the history of each transaction, making it more difficult to steal these files than, for example, paintings inside a museum. Encrypted currencies are said to have been stolen before, so it really depends on how the NFT is protected and how much a victim tries to recover their files.

Note: Please do not steal.

Should I worry about my artwork 500 years from now?

Perhaps. Bit rot is a real thing: image quality deteriorates, file formats can no longer be opened, websites crash, people forget their wallet password; But physical art in museums is also astonishingly fragile.

I want to maximize my blockchain usage. Can I buy NFTs with digital currencies?

Likely. Many markets accept Ethereum as a currency; But technically, anyone can sell an NFT, they can create any currency they want.

Does the NFT business contribute to global warming?

This is definitely something to look out for. Because NFTs use blockchain technology similar to some energy-consuming digital currencies, they ultimately use a lot of electricity to generate them. Some are trying to solve this problem, but so far, most NFTs still look like cryptocurrencies that produce a lot of greenhouse gases. There have been a few cases where artists have decided to stop selling NFT after hearing the effects they can have on climate change.

Can I build an underground art cave / shelter to store my NFTs?

Like digital currencies, NFTs are stored in digital wallets (although it should be noted that wallets specifically must be NFT compliant). You can always put your wallet on a computer in an underground shelter, though.

Frequently Asked Questions:

How can I make sure NFT is valid?

• How can I make sure NFT is valid?

Do I need a special operating system or software to use NFTs?

• As mentioned, NFTs are just regular digital files that now have valid IDs, so you can use them just like regular files.

Is NFT a new technology?

• Although the widespread use of NFT has only recently begun in public, the roots of this technology can be traced back to 2012.