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What is NFT Non Fungible Token How to Make Money with NFTs in 2022 – Top 10 Methods
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You’ve probably heard of non-fungible tokens, also known as NFTs. These one-of-a-kind digital codes use the same blockchain technology as cryptocurrencies like Ethereum, but with one major difference: NFTs are completely unique and establish digital asset ownership.
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In 2018, I wrote an article about CryptoKitties, an online game that involved collecting and breeding one-of-a-kind digital cats that lived on the Ethereum blockchain. These cats could be purchased, bred, and sold for Ethereum cryptocurrency, and ownership of the cats was accomplished using NFT technology long before it was fashionable.
Fast forward three years, and we live in a world where Twitter founder Jack Dorsey can auction off an NFT for his first-ever tweet for $2.9 million, and digital artwork sells for hundreds of thousands of dollars, leaving many in the art world and beyond scratching their heads and wondering what a non-fungible token is, why it matters, and if there’s anything behind the hype.
CHECK OUT: NFTs cheat sheet: Everything you need to know about non-fungible tokens (free PDF) (TechRepublic)
What are NFTs?
Non-fungible tokens are similar to cryptocurrency in some ways. Their existence is recorded on blockchains, they can be bought and sold using cryptocurrency, and there isn’t always a physical asset that connects them to the real world.
NFTs differ from cryptocurrency in that they are non-fungible, which means they cannot be exchanged for the same item. For example, cash is a fungible asset: Each dollar is unique, but the dollar you have doesn’t matter. If you exchange a ten-dollar bill for two five-dollar bills, you still have ten dollars. However, if you trade your $10 for an autographed baseball card, you have a non-fungible item: it is unique, and while it may have monetary value, it is not a trade commodity in and of itself.
SEE ALSO: Cryptocurrency isn’t just about Bitcoin: 5 additional digital coins to conser (free PDF) (TechRepublic)
Non-fungible goods include artwork, houses, website domain names, your pet cat, and land parcels.
Here’s where NFTs come in: they’re blockchain-based digital tokens that represent a one-of-a-kind item, such as Jack Dorsey’s tweet, a crypto kitty, a piece of digital art, or even a physical asset with ownership tied to an NFT.
What rights does ownership of an NFT confer?
If claiming ownership of a tweet, a GIF, a piece of property in an online game, or a virtual cat seems strange, you’re not alone. NFTs have been controversial, and it’s just as easy to find people who support them as it is to find people who oppose them.
People who don’t understand NFTs are in good company, according to Daniel Van Boom, editor at TechRepublic sister site CNET. “It’s incomprehensible that clips, memes, and gifs are selling for six, seven, and even eight figures,” he wrote.
Even more perplexing is what it means to own an NFT: if you buy the NFT of a unique piece of art, you have sole ownership and can do whatever you want with it, right? Not quite.
Conser Nyan Cat, an animated GIF of a cat with a toaster pastry body flying through space with a rainbow trailing behind it. The owner of a Nyan Cat NFT recently sold it for $590,000, but as CNET points out, the owner of the Nyan Cat NFT is just that: the owner of the Nyan Cat NFT. The work’s intellectual and creative rights are still owned by the artist who created it.
SEE ALSO: Are NFTs a passing fad or here to stay? Americans and resents of the United Kingdom have very different perspectives (TechRepublic)
“What the owner of the token has is a record and a hash code showing ownership of the unique token associated with the particular digital asset,” writes CNET reporter Oscar Gonzalez. People can download Nyan Cat and use it on social media if they want, but they will not own the token, which means they will not be able to sell it as the owner can.”
Ownership of NFT assets varies depending on the transaction, but the Nyan Cat example is typical in that the creator retains ownership of the work, but the NFT purchaser retains ownership of the original copy. Nothing about an NFT confers copyright by definition, which is why a $69 million NFT of digital art by Beeple (real name Michael Joseph Winkelmann) can be copied and recopied without anyone breaking the law.
Conser owning an NFT to be similar to owning an original van Gogh: Sure, you have the original artwork that the man created, but there are countless prints of it in other people’s homes. The big difference is that it’s nearly impossible to claim ownership of a virtual item that can be copied without error an infinite number of times, whereas a physically original van Gogh painting is unmistakably the original painting (with the exception of a skilled forgery).
When you think about it that way, it’s almost as if an NFT is only valuable for the bragging rights it brings.
How are NFTs created, and how are NFTs sold?
Allen Gannett walked through the process of creating his own NFTs and what was involved in an article for OneZero. Hint: If you want to make a fortune from your own art, you’d better have some cash on hand.
“There are three steps: creating the art, “minting” it (converting the file to a one-of-one NFT), and selling it,” Gannett explained. Purchasing NFTs, on the other hand, is similar to participating in any type of online auction.
SEE ALSO: Dole partnership develops an NFT series as a first step in combating global hunger (TechRepublic)
Anyone wishing to mint an NFT must first choose an NFT market, such as Nifty Gateway, SuperRare, or Rarible, where the digital asset can be uploaded and minted into an NFT on whichever blockchain the market operates on–most NFTs are part of the Ethereum blockchain.
Here we come to the first stumbling block: To publish works on some of the larger exchanges, NFT minters must apply. “I imagined that I could walk in, lay down my best work, and soon be showing it to the masses.” Instead, I was met with forms asking me to describe myself and my background,” Gannett explained.
Those who make it past that point face the second barrier to minting an NFT: money. To get your transaction added to the blockchain, you must first put up some serious cash. In Gannett’s case, “doing this would cost.67 ETH (Ethereum), or, to put it another way, $997.” “These fees vary according to how’congested’ the Ethereum network is,” he explained. Naming one piece of NFT artwork in order to sell it cost Gannett an extra $86, and publishing four NFT images for sale cost a total of $1,300.
“The following morning, I received a b of.05 ETH (approximately $76) for each of my four NFTs.” “The Ethereum gas fees for accepting bs are $88..each,” Gannet explained. “But I sold one because, even if I lost $12 on it, I’m now a professional NFT artist.” Gas fees are the costs associated with verifying a transaction on the Ethereum blockchain, such as the sale of an NFT, the acceptance of a smart contract, or the purchase/sale of Ethereum cryptocurrency.
SEE ALSO: Blockchain Glossary (TechRepublic Premium)
How could NFTs impact businesses?
NFTs can have a variety of effects on businesses: They have the potential to transform ownership rights and can be used to sell both digital and physical goods.
For example, the NBA has launched a new line of NFT collectibles called Top Shots, which are essentially short, collectible highlights from games that function as a sort of digital trading card. They’ve had enough success that a LeBron James Top Shot sold for more than $200,000.
Celebrities, such as rapper Post Malone, have also entered the NFT game. Malone recently collaborated with crypto firm Fyooz to develop NFTs that owners could exchange for a game of beer pong. Other celebrities have used NFT marketplaces to sell art, songs, and other digital products.
“Blockchain-powered worlds are ripe for exploration.” “Now is the time to build the infrastructure to support NFTs and find your brand’s next audience on the decentralized web,” Forbes futurist Cathy Hackl sa.
SEE ALSO: How Blockchain Will Change Business: A special report (free PDF download) (TechRepublic)
NFTs, when linked to digital or physical assets, also prove a new method of establishing ownership. “The file itself—whether it’s a photo, a video, an ebook, or something else—must ‘live’ somewhere else.” “You can create a permanent, secure record of the asset on a blockchain, and that record can be cryptographically ‘tied’ to the asset wherever it lives off-chain,” intellectual property lawyers Lance Koonce and Sean Sullivan explained.
“[NFTs] can be used to represent other, unique assets that are either online or offline,” Koonce and Sullivan explained.
This is where businesses can use the technology behind NFTs to their advantage. According to CoinTelegraph, the tokenization of ownership could help assert ownership of physical objects by “keeping them secure, ultimately revolutionizing the compensation, storage, legality, and security of property.”
NFTs, like the cryptocurrency and blockchain industries as a whole, are still a wild west of risk and little regulation, but NFTs could become a valuable investment for businesses looking to secure their property or products with a digital ownership chain over time. It’s a long way from the NFT art markets of 2021, but like cryptocurrency, the underlying technology, rather than its initial speculative application, may be what lasts.
Is the NFT market already in a bubble?
NFTs are still relatively unknown in popular culture, but as CNN reported, the bubble may be about to burst. “On April 5, the average price for an NFT was about $1,256—down from more than $4,000 in late February,” CNN Business digital correspondent Paul La Monica wrote.
Even Beeple, who may be the biggest winner in the current NFT craze, believes NFTs are in a bubble, similar to the dot com bust of the early 2000s. “However, it d not destroy the internet.” And so the technology itself is strong enough that I believe it will outlast that,” Beeple sa.
Another issue with NFTs, as with cryptocurrency, is that many people who believe they understand what they’re investing in aren’t as informed as they should be, according to Koonce and Sullivan. “Purchasers may believe that by purchasing an NFT associated with underlying digital assets, they are purchasing the asset itself rather than just the token.”
SEE ALSO: Forget athletes and gamers—digital influencers want in on the NFT trend as well (TechRepublic)
As previously stated, NFT ownership ultimately amounts to nothing more than bragging rights. Those bragging rights could be worth millions of dollars if someone else thinks they’re worth that much and is willing to pay for them.
“In reality, what NFTs do is create scarcity.” “It’s artificial scarcity, but that’s nothing new: Nike and Kanye West created artificial scarcity when they deced to only produce 200 Yeezy Red October sneakers, which is why that particular pair of sneakers costs more than $10,000,” CNET’s Boom explained.
The difference between sneakers and, say, a token depicting a pair of sneakers is that purchasing the sneakers implies that you own a pair. Purchasing the NFT merely grants you ownership of a one-of-a-kind token indicating that you own the image of the sneakers, which can still be copied, shared, printed, and hung on the wall by anyone who so desires.
Furthermore, NFTs and their fungible-token cousins on the blockchain have an environmental issue: they use a lot of energy. Bitcoin mining alone consumes the same amount of energy per year as the entire country of Sweden, and that doesn’t include other currencies that consume massive amounts of energy; Ethereum, where most NFTs rese, consumes roughly the same amount of energy per year as an entire company.
Joanie Lemercier, a French artist, recently sold a set of six NFTs on Nifty Gateway for several thousand dollars in seconds. The amount of energy required to complete the sale was staggering: 8.7 megawatt-hours. In comparison, the average U.S. home consumes 10.7 MWh per year, implying that a single sale consumed nearly a year’s worth of electricity for the average home. The artwork was later resold, which required a comparable amount of energy.
“Is acquiring bragging rights to a digital image that anyone with an internet connection can enjoy an unavoable component of one’s carbon footprint?” On The Conversation, Peter Howson inquired.
NFTs, like blockchains in general, have the potential to transform supply chains, ownership, and business, but the technology is still in its early stages. It remains to be seen whether NFTs will prove to be useful tools or just another short-lived digital bubble.
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What are NFTs everything you need to know about non-fungible tokens?
NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another.
How do you get into NFTs non-fungible tokens?
- Purchase Ethereum on a crypto exchange (such as Coinbase Global (NASDAQ:COIN)).
- Transfer your crypto to a crypto wallet. Think of it as a digital checking account that stores and transfers your cryptocurrency. …
- Connect your wallet to an NFT marketplace.
Do non-fungible tokens NFTs exist?
NFTs function like cryptographic tokens, but unlike cryptocurrencies such as Bitcoin or Ethereum, NFTs are not mutually interchangeable, and so are not fungible. (While all bitcoins are equal, each NFT may represent a different underlying asset and thus may have a different value.)
What do you get when you buy a non-fungible token?
An NFT, or non-fungible token, essentially allows its buyer to say they own the original copy of a digital file in the same way you might own the original copy of a piece of physical art. Many or all of the products featured here are from our partners who compensate us.
How do you know if NFT is real?
For every NFT artwork, you wish to buy— a Google reverse check can help you find out important information about a photo such as the number of variants of an image that have been flying on the internet, how long the image has existed, and even the first upload date.
Is NFT a good investment?
NFTs are digital assets that act as secure documentation of ownership and can be a worthwhile investment for collectors.
How do I know if my NFT is valuable?
The social proof associated with the project behind an NFT is one of the decisive factors that determine the NFT’s value. Checking their profiles on social media platforms like Twitter and Instagram can help one gauge their acceptability.
How much is my NFT worth?
One way to value an NFT is based on the income it generates. If your NFT has cashflow, like through rental or royalty payments, calculate the total lifetime income you can expect from that NFT. Then, multiply that number by 0.10 and then again by 0.15. The value of your NFT is between these two products.
What is the most expensive NFT ever sold?
Finally, the most expensive NFT to ever sell was Pak’s ‘The Merge’. The $91.8m price tag was a record for an artwork sold publicly by a living artist. The NFT was sold on Nifty Gateway to 28,893 collectors who purchased 312,686 units of mass (which were single NFTs).
Is NFT a cryptocurrency?
NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another.
Is NFT a stock?
At a Glance: An NFT (non-fungible token) isn’t a stock, but rather a digital asset that represents a real-world object. Currently, most NFTs are representations of art, in-game items, music, and videos.
What makes a good NFT?
NFTs with collectibility games (set completion, traits, etc) do better than others. NFTs should create utility for owners. NFTs should be media that creates a sense of “patronage” over their work/legacy for the buyer.
When you buy an NFT Do you own the rights?
Since 2021, NFTs have become popular amongst the masses, bringing art and technology together. When purchasing NFTs, the work is not owned, rather the metadata is, an intellectual property law expert says. With the current novelty surrounding NFTs, the idea of copyright seems to create confusion and grey areas.
Does owning an NFT give you copyright?
While NFTs are relatively new and may be an unfamiliar type of art, copyright law will treat NFTs the same as any other traditional artwork. If an artist creates a new piece of artwork, they will automatically acquire a copyright of that new artwork.
How do I invest in NFT tokens?
- Step 1: Research Available NFTs. You’ll want to choose an NFT that you feel has an upside value potential. …
- Step 2: Select A Brokerage or Exchange To Purchase Crypto. You’ll next need to buy the cryptocurrency to get the NFT. …
- Step 3: Select a Marketplace to Purchase Your NFT.
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