NFT - Non Fungible Token
Hello everyone, this time I will discuss about NFT (Non Fungible Token) one of the hottest crypto trends of 2021, and to find out more, let's get straight to the point:
What crypto NFT is it?
NFTs are digital assets that represent real-world objects such as art, music, in-game items, and videos. They are bought and sold online, often with cryptocurrencies, and they are generally coded with the same basic software as many cryptos.
How NFT Works
Like cryptocurrencies, NFT uses blockchain technology. Utilization of this technology allows one to track the unique NFT code.
From there, you can find out who the original publisher, first buyer, or current owner of the digital asset was.
5 Coins That Enter NFT Standard
Coin DeFi (DEFC)
DeFi Coin is a recent addition to the growing decentralized finance (DeFi) space and if you are looking for a digital token with growth potential, then this is the one for you.Decentraland (MANA)
Boasting just $842 million in market valuation, Decentraland is not one of the top crypto hounds on the market but its unique use case has caught investors' interest. Decentraland is a virtual reality platform built on top of the Ethereum network. In this virtual world, users can create, design and monetize their content and applications.Tezos (XTZ)
If you are planning to buy NFT crypto tokens cheaply, then Tezos will interest you. Tezos is a blockchain protocol that aims to build the blockchain of the future. It plans to do this by creating a scalable blockchain network with any major blockchain modifications that come along later.Chiliz (CHZ)
Chiliz is popular in the sports world. This is because it allows sports fans to connect with the teams they support through the Socios Fan app. Built on the Ethereum network, Chiliz uses blockchain technology to allow users to have an opinion on what is happening on their team. Fans can purchase and trade branded Fan tokens and participate, influence and vote in club-focused surveys and activities.Engine (ENJ)
Last on our list is the popular social gaming platform network Enjin. The engine allows game developers to tag their in-game items on the network. Built on the Ethereum network, Enjin provides interconnected blockchain-based gaming products and users can create websites, chat, and store virtual stores for items.
How to make NFT
Creating your own NFT artwork, whether it's a GIF or an image, is a relatively easy process and doesn't require extensive knowledge of the crypto industry. NFT artwork can also be used to create collectibles such as a digital card set.
How much does it cost to create an NFT?
While there is no fee to create an NFT on OpenSea, some platforms charge a fee. With Ethereum based platforms, this fee is known as “gas”. Ethereum gas is simply the amount of ether required to perform certain functions on the blockchain – in this case, it will add a new NFT to the market.
Fuel costs vary depending on network congestion. The higher the value of people transacting through the network at any given time, the higher the price of gas costs and vice versa.
Where to buy NFT
For crypto traders primarily interested in buying NFT, here is a list of the most popular NFT markets in 2021:
OpenSea
Rarible
Very rare
Nifty Gate
Basic
Axie Marketplace
BakerySwap
ShowRoom NFT
VIV3
Messari analyst Mason Nystrom anticipates the NFT market will exceed $1.3 billion by the end of 2021 as more artists, brands and icons flock to space to create their own signature token. With more blockchains competing to produce better NFT services as well and a wide variety of platforms to choose from, now is the perfect time to take part in the space.