Lately, the internet community has been going crazy with NFT tokens. A special cryptocurrency with which any creative person can earn millions of US dollars.
Yes, and not creative, but who created something unique in the cultural sense can count on a profit—for example, the one who came up with the original meme. Today the hobby will help you figure out what NFT tokens are and how to make money with them.
Before getting into the boring story of NFT, a couple of interesting facts about this cryptocurrency, the total monthly turnover in the field of NFT tokens exceeds $ 300 million. That is, one third of a billion US dollars is invested in NFT tokens within 30 days. For example, all the world’s digital auctions selling art objects over the past year have not been able to earn even close to such an amount on nft marketplace.
In addition, a 10-year-old GIF of a flying cat with a cookie and a rainbow – Nyan Cat – was sold as crypto art for $ 590,000. Here, in fact, is the hero of the occasion, which costs half a million US dollars. The world first saw her in 2011.
And the story about the pricing of this piece of art, traditionally, was placed by the Hobiz at the end of this business idea. So what are you, NFT?
If the luminaries of digital culture have paid attention to NFT-tokens, then there is definitely something in them. And is it most likely beneficial? It is easier for them to make money on digital art and confirm your copyrights (more on that below). And collectors using these tokens find it easier to protect their digital content collections.
So, from the above examples, it can be seen that with the help of NFT tokens, authors can sell intangible art objects – from GIFs to digital video, including, for example, items from online games. And here, it would seem, a whole field for making money opens up. But not everything is as rosy as it might seem to the first half of the readers of hobiz.ru. And not everything is as difficult as it might seem to the second half.
So what is NFT cryptocurrency?
How any cryptocurrency works has long been known. So to speak, the classic version. It works on the basis of a chain of unique tokens – blockchain. Each new token or operation with an existing one (record or transaction) on the network must be confirmed. The blockchain network is decentralized. That is, it does not have a general manager, but, on the contrary, all the nodes included in the network are equivalent to each other.
Therefore, the confirmation of the operation with the token must go through all the nodes. Moreover, each token contains all the information about the previous ones – all transactions, the owner’s wallet, and the like. Hence the overall reliability of blockchain tokens – cryptocurrencies. You cannot fake a token, for example, create and embed it into the network since the token chain will be broken and the network nodes will quickly reveal it with https://unicsoft.com/blockchain-development/supply-chain/.
Perhaps the most popular cryptocurrency in the world – Bitcoin – works on the same blockchain principle. Each new token is calculated mathematically using computer resources and is a sequence of previous blocks.
Any operation with any block – from creation to transfer from wallet to wallet (for example, a sale) – is immediately recorded in the block and transmitted throughout the network, where the transaction is confirmed. This is why Bitcoin is so popular.
How to make money in NFT
Non-fungible tokens can be identified with different types of digital content – crypto-content—paintings, photographs, collages, music, sounds, animations, videos, and even game items. Tokens confirm the ownership of this digital object, which does not have a physical embodiment. It is worth mentioning here that NFT does not always endorse copyright.
So, for example, in the same online games, the copyright for in-game items is retained by the creators of the game, but the right to the exclusive ownership of the items belongs to the players. And with the help of NFT, they can sell this right even outside the playgrounds, which makes such a product universal. Many playgrounds have already started to support NFT technology.