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Published on 27 Jul 2022
All about NFT'S
What is nft , why to use nft , how nft change the world
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Vikash Kumar
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Introduction

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 721
  • ERC 1155
  • ERC 994
  • ERC 420
  • ERC 809


ERC is a token standard on Ethereum for non-fungible tokens (NFTs)


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
  • Approval
  • Owner of tokens
  • Balance of token

....etc , u can read more about ERC721 ->  https://docs.openzeppelin.com/contracts/3.x/erc721

Most popular NFT

  • Crypto Kitties -> https://www.cryptokitties.co/
  • Crypto Punks -> https://www.larvalabs.com/cryptopunks

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 .


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