Immutable tokens, or NFTs, have revolutionized the world of collecting valuables and art this year as it has become the current trend in the world to meet great interest as the value of transactions in this sector quadrupled in 2020.
The most immutable sign has attracted international attention since last February, when Christie’s big auction house sold its first immutable virtual artwork for $ 69.3 million.
What surprised many in this area was that she even spread on her personal tweets on Twitter, after billionaire “Elon Musk” refused last March to sell one of his tweets on the Twitter platform for a million dollars, as he was excited for this step, which coincided. with a wave of auctions and operations.Selling digital collections worldwide.
As Musk wrote that he was offering for sale his post about “immutable tokens”, he then quickly withdrew after receiving the offer to buy, saying he was “not happy” with the move, the former CEO and Twitter founder Jack Dorsey sold himself. His first tweet, at the age of 15, was worth $ 2.9 million.
But what are NFTs?
It is a type of crypto asset that allows you to own a digital asset like an art photo, video, song and other assets that you can purchase.
All three letters are an abbreviation of “non-interchangeable token” or “non-interchangeable token”, and as it appears from the second part of the phrase, they refer to a unique origin that can not be exchanged for something similar, and that is what digital content becomes after they are sold using this technology.
Most non-exchangeable tokens are part of the Ethereum network, where these virtual assets can be held and additional information stored about them (in a different way than the network records currency information). Other cryptocurrency networks may adopt the same concept, and some have done so.
It’s like collecting cards (postcards with pictures of athletes or fictional characters like “Pokemon”), if you change a card, you will surely get a completely different character, it is like trying to sell two different diamonds, each of which which has a different price. depending on the type and size and preferably age.
On the other hand, other assets, be it Bitcoin (or even currencies), exchange means that someone gets the same thing without any change, because each unit always has the same value from other similar units.
In short, digital content sold is transformed into irreplaceable tokens, into computer files associated with proof of ownership and authenticity, and relies on “Blockchain” technology to ensure they are not confused.
How do you do an NFT?
Anyone can create an NFT and all that is required is a digital portfolio, a small Ethereum purchase and connect to the NFT Marketplace where you will be able to upload content and convert it to NFT or crypto art.
“Some of that interest comes from people who enjoy supporting the work of independent creators by buying their work,” Artsy CEO Mike Stipe told CNN Business. He continued, “Others are fascinated by the idea of having a digital asset that anyone can copy and claim ownership of. The recent huge price records for NFTs seem to be driven largely by newly created millionaires and billionaires seeking to diversify their bitcoin holdings and show more interest in the cryptocurrency ecosystem.
It is worth noting that this interest has led the American billionaire “Mark Cuban” to launch an online platform that allows the display of works of art as immutable symbols, saying that it is “a way to exhibit these works and to easily exposed ”.
It is mentioned that these codes give a lot of help to digital artists who are tired after years of creating content that generates traffic and engagement only on major social media platforms, getting almost nothing, so enjoy this frenzy.
These artists from the fields of composition, music and filmmaking envision a future in which irreplaceable symbols transform their creative process and global appreciation of art, where digital art can be ‘owned’ and sold.
How to buy it?
Basically, any digital image can be purchased as an NFT, but there are a few things to consider when buying one, especially if you are a beginner, you will need to decide from which market you want to buy, what type of portfolio digital is required to store it and what kind of cryptocurrency you will need to complete the sale.
How can it be sold?
NFTs are also sold in markets and the process can vary from platform to platform. You will basically upload your content to a marketplace and then follow the instructions to convert it to NFT. You will be able to include details such as business description and suggested prices, most NFTs are purchased with Ethereum, but can also be purchased using other ERC-20 tokens like WAX and Flow.