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What is NFT and how to profit from them


Imagine that you designed a design on Photoshop, for example, and offered it for sale online, while retaining your design digital ownership, such as the ownership contract.

So that no matter how much people download or use it, it will still have one ownership over the Internet and it is yours and you can sell it and sell the design to whomever you want

THIS IS QUITE SIMPLY THE CONCEPT OF NFT OR NON FUNGIBLE TOKEN OR NON-FUNGIBLE TOKENS 

But you can apply it to games, tweets, photos, videos, and all digital things

A technology that has spread a lot in the recent period in a revolutionary and amazing way that motivates you to understand it more.

Knowing that it is a technology that has existed since the beginning of the emergence of Ethereum in 2015 that depends on it completely

Ethereum is not just a digital currency like Bitcoin

Rather, it is the infrastructure on which the online blockchain system depends, in which all digital transactions and the buying and selling of currencies take place

Let’s go back to the NFT technology, which granted the advantage of recording all digital elements (designs – images – games … etc.) as an ownership contract in the Internet through a digital transaction that takes place through the blockchain system, and through this contract, it retains the ownership of this design or video via the Internet and the ability to sell it and earn money from it

HOW DOES NFT TECHNOLOGY WORK?

We all know there is only one original Mona Lisa around the world with many fakes everywhere

But the original painting remains quite expensive.. Why? Because it’s original! She has a property contract in a museum in France

This has become fully applicable today to the digital elements on the Internet

You can register your design, game or any digital object with a digital ownership code like a contract on the global blockchain base

Thus, no one will be able to change your property rights unless you sell this property and transfer the contract to someone else through digital wallets.

The NFT technology is based on the ERC721 coding standard that works in the Ethereum network to generate non-replaceable or changeable tokens for each digital element (photo – tweet – video…etc.)

ADVANTAGES OF THE NON-FUNGIBLE TOKEN TECHNOLOGY (NFT):

Not subject to replacement or alteration:

Just like its name, any digital element that is encoded on the global blockchain network, no one can change it even you

Thus, it retains a single digital ownership that does not change forever

It can only be sold and bought through its original owner

And it is not exchangeable because, for example, it is not 10 dollars that can be exchanged for another 10 dollar.

It is one digital element over the Internet that is unique, there is no other, and this is one of the most important advantages of the feature

CANNOT BE DIVIDED:

NFT is not a digital currency that can be hashed like cents in dollars or satoshis in bitcoins

Rather, it is one digital element with one code and so it can be traded, sold and bought online

cryptopunk7804
cryptopunk7804

Dylan Field, CEO of Figma Software Design Company

Sells CryptoPunk #7804 Digital Personal Property for $7.5 Million Through NFT Technology

The top NFTs on OpenSea

And this is just one example where billions of dollars were bought and sold depending on NFT and this market is still growing daily

WHY DO NON-REDEEMABLE TOKENS HAVE VALUE AND PEOPLE PAY FOR THEM?

Like collectors of antiques, expensive paintings and rare things

This market depends on the movement of sales and demand and it grows daily with time

And since the tokens or digital products that cannot be exchanged are not repeated and have the property of one person globally

They are unique in the world and become more valuable and thus more desirable for trading

We may also see in the future special platforms to display the most important non-fungible digital codes for everyone to show off, or trade it.

How will NFT technology affect the digital art industry:

Usually we are used to that any digital work that is published over the Internet, such as photos and videos, can be easily circulated and cannot be sold or bought due to the loss of property rights.

With the availability of non-refundable token technology, it will allow artists, photographers and designers to register their work on the blockchain

Selling ownership of their work online, such as artist paintings and artifacts

This technology is also provided through several available online stores that work through NFT

That the owner of the main image or video receives a percentage of revenue, for example, 10% or 20% from every new sale that gets to the digital product, and the owner of the patent receives revenue from each use of the patent

Thus, we will see in the coming months and years a higher activity of digital art products and the prosperity of this market even more

How to create a non-fungible NFT token? 

While the value of non-fungible digital assets or tokens can reach millions of dollars, creating an NFT is not difficult at all, as an image or GIF file can be created in any way, including any drawing or photo-editing application or even Windows Paint.

It can be any type of digital file including text, music or video, and the more unique the better. 

Once you choose what you want to put up for sale, you will need to know the blockchain technology you want to use or simply the digital currency you want to associate your NFT with, Ethereum is the most used cryptocurrency by NFTs platforms.

What are the most important electronic stores that sell digital products with the NFT feature ?

This technology is still at the beginning of its popularity across the world and the number of electronic stores is still limited, but it is very famous and is traded widely

1- https://mintable.app :

An online store that relies on the Blockchain and NFT feature to sell all kinds of digital products

One of its most important features is that it allows you to upload your digital product (photo – video – music – games – design – domain..etc) for free, but it only takes some commission when the sale process is completed and the ownership of the non-refundable code is transferred.

It is offered for sale through a fixed price or a public auction, with a specified auction period

mintable.app
mintable.app

2- https://rarible.com :

One of the most famous sites where digital products are sold and traded through the Ethereum process, but you need to pay some money from your digital wallet to raise your digital products on it

More than 36,000 artworks have been created on it since its launch in 2019 until today, with more than 26,000 sales

rarible.com
rarible.com

More Online Stores You Can Browse That Work With Blockchain And NFT Technology:

And each of them differs in several features and types of non-redeemable codes that are specialized to sell through the store

What do I need to start selling my digital products on these stores?

1- A digital wallet to store your digital products on with the digital transaction (ownership contract)

The most famous of these digital wallets are:

You can register for free in these wallets and link them with the online store

metamask.io
metamask.io

So that if any sale of your digital products is made, the amount will be transferred directly to it

2- The digital product you want to display (photo – video – design..etc) and even a tweet via Twitter or Instagram post

In short, you can offer for sale anything digital that is of interest or value to buyers

3- The online store and we have explained the most important electronic stores that you can start working on and raise your most important digital products and offer them for sale and transfer of ownership

Finally, we mention that this NFT technology or non-fungible tokens is still at the beginning of its global fame.

Over time, it will turn into an entire industry that some artists depend on it to make their profits from.

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