In this blog we are going to read about the nft , what is nft and why people should know about it . We are going to cover all this in depth . So let's get started.
PS : If u have art skill then i highly recommend u to learn nft selling skill ,as one of my friend is making thousands of money every 2-3 week just by selling NFT. It's insane .
What is NFT ?
NFT stand for Non fungible Token so let's understand the meaning of all these word. Non fungible are those item which can't get replaced by the other item . and Token means the proof which indicates that you are the real owner of that NFT. The process of converting your work in an NFT is called minting .
What makes NFT unique
- The tech behind NFT's which is parallel to the cryptocurrencies such as Ethereum and Bitcoin as it depends on blockchain .
- These can not be segmented into smaller parts.
- they verify the authenticity of a non-fungible asset
- Totally trusted and it gave feel of real ownership as every transaction is recorded on the blockchain.
- You can also make the NFT by your hands and place it on sale for free .
Advantages of using NFT's
- The nft that you have minted can not be robbed and can easily transferred .
- They are Verifiable
- They ensure Copyright
- These nft are Non interchangeable
- You can also invest in NFT which is good thing.
ERC for NFT .
ERC is a token standard on Ethereum for non-fungible tokens (NFTs)
- ERC 721
- ERC 1155
- ERC 994
- ERC 420
- ERC 809
Lets understand about ERC721 (Most popular)
It implemented a standard interface between applications and smart contract driven token on Ethereum .
There are various function in ERC 721 like
- Token Transfer
- Owner of tokens
- Balance of token
....etc , u can read more about ERC721 -> https://docs.openzeppelin.com/contracts/3.x/erc721
Disadvantages of NFT's
You can't digitized your physical art / nft
Environmental cost - All things done on blockchain require some amount of energy.
Other uses of NFT
- You can upload government identities as nft and all the things is trustable because it stored on the blockchain and easily can be verified .
- You can upload the certificate and other document like chracter certificate , medical records as nft.
How NFT WORK
WE can also copy this image and create another nft (yes there is no copyright issue as well ) as you are using the different id with different image , so these both images are unequal .