what is nft in crypto blockchain

NFT: Crypto Artwork That Can Sell Millions


Have you ever imagined if the memes you made for fun could sell up to five to six figures? Of course, this is still a question for many people, but through NFT, you can do that.

For example, a 12-year-old boy from England named Benjamin Ahmed, thanks the memes he marketed, successfully sold a collection of memes entitled Weird Whales (Weird Whales) through NFT. CNBC reports that its revenue from trading the Weird Whale meme could reach $400,000 by August 2021.

Ahmed’s story, which has shocked the virtual world, is certainly not a unique story about NFT. As quoted from CNBC, some are even willing to buy billions of rupiah to buy Twitter CEO Jack Dorsey’s first tweet, which was sent back in 2006.

Understanding NFT

NFT, aka non-fungible tokens, are tokens that cannot be exchanged. NFT is a digital token that is linked to a blockchain system. Yup, if you hear blockchain, you will remember cryptocurrency.

The working principle of NFT is not much different from cryptocurrency. The difference is that NFT cannot be exchanged but can be traded. In trading an item, the NFT will act as a certificate of ownership of the item. For now, the thing that is heavily changed with NFT is a work of art.

What can be transacted?

Many items can be traded with NFT. However, it is true that currently, works of art are the most sold products with NFT. Every blockchain transaction will be recorded permanently. That way, it will provide a way to rate objects online by their owners. For example, an artist attributes NFT to his work. He can put a price on every trade.

How to buy and sell NFT

How can NFT be sold and used? It is applied to any data as long as it is unique and requires special ownership? Artists can upload their artwork online and create NFTs on sales sites or marketplaces like OpenSea and Binance.

After selling their work as an NFT, the artist can still claim his work as copyright and sell it as part of the royalties. The owners set the expected royalty percentage in the “smart contract.” Several platforms, such as Metagrail and Decentraland, already take advantage of this feature to make the distribution very accurate and up to date.

The value of income from royalties will certainly be lower. Still, this system is attractive because it is long-term and sustainable. Digital works in NFT can be used as collateral to apply for loans/credits to financial services that provide loans/credits, as long as the work has been marketed in the marketplace.

Everyone can make their own NFT. As long as you have a crypto wallet, have ETH, and are connected to the marketplace, you can link digital content with NFT.

Written by Faris

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