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What is NFT (Non-Fungible Token), Artists Digital Money


What is NFT (Non-Fungible Token), Artists Digital Money – Lately, NFT or Non-Fungible Token is a type of digital asset that is being discussed a lot. It is usually coded using the same essential software as other crypto assets. Non-Fungible Tokens are traded online and are often paid for using cryptocurrencies.

Non-Fungible Tokens are based on blockchain technology but are different from bitcoin. If Bitcoin is like a coin, NFT is a digital asset tied to a unique asset. That way, users can only own Non-Fungible Tokens through digital ownership records of physical assets.

Definition of NFT

In simple terms, NFT is an online certificate of ownership that can be traded based on data units stored in a digital ledger that belongs to blockchain technology.

NFT was created as a representation of digital or non-digital assets. For example, digital artworks (pictures/photos/paintings, animations, unique collections, music, videos/animations), substitutes for physical documents (manual books, tickets, invoices, essential documents, and digital signatures), and works of art. other creative.

Original works of art (still in physical form) can be processed into digital-first (with devices that do not reduce the quality, of course), then marketed in digital form. Collectors may hunt for the original work (in physical form).

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Non-Fungible Token

The blockchain technology underlying NFT allows it to certify digital assets into a unique code that cannot be duplicated, thus keeping ownership rights secure.

Access to a copy of the NTF output file is not limited to NFT buyers only. In other words, anyone, not limited to buyers, can access it. If the buyer feels confident with his “shot,” the following process will go through the NFT transaction mechanism.

NFTs can be tracked on the blockchain to provide proof of ownership separate from copyright to their owners. Once sold, artists can still claim their work as copyright and sell copies of their work as part of the royalties. So the artist can sell many copies of his work. Each copy will have its unique code.

NFT can be designed according to specific needs, especially those requiring a unique code and if the types offered are varied, such as concert tickets (VVIP, VIP, Festival). Each ticket will have a unique code and only belong to one person.

Type Type NFT

The above has explained briefly about Non-Fungible Tokens. Below is a summary of 5 Non-Fungible Token krypton coins in 2021 by market cap.

1. Theta

A cryptocurrency founded in 2017 that once founded a mobile game and digital advertising company. The Theta team held its first token sale in 2017 and earned around US$20 million in revenue.

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2. Chiliz

The cryptocurrency was created as a currency option that can be used to purchase blockchain-powered products and services. Chiliz’s goal is to provide blockchain-based services in the field of sports and entertainment.

3. Decentraland (MANA)

It is a virtual reality platform powered by Ethereum that provides a space for its users to create, process, and sell content and applications. It launched a coin offering (ICO) in 2017 and raised $24 million in funding.

4. Engine Coin (ENJ)

It is a platform that offers integrated products that can make it easier for people to grow their businesses and make money.

5. DigiByte (DGB)

It is an open source-based blockchain that continues to increase today—included in the innovative blockchain that can be used for digital assets.

The more advanced the technological era today, the easier it is for people to earn money by selling what they can, such as selling their works like the Non-Fungible Token, which provides an excellent opportunity for content creators to monetize their creations.


How NFT Works

Non-Fungible Tokens are part of a distributed public data ledger that records every transaction activity in their scope. Usually, Non-Fungible Tokens are printed uniquely that represent the form of objects or intangible objects, for example, Paintings, Video Games, Music Albums, Logos, and so on.

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Simply put, Non-Fungible Tokens are the same as collectors of physical or digital goods that are converted into tradable crypto assets. Buyers will get special ownership rights from the Non-Fungible Tokens they buy. In addition, Non-Fungible Tokens can only have one owner at a time.

The unique data listed on the Non-Fungible Token makes it easy to verify the buyer’s ownership and makes it possible to transfer tokens between Non-Fungible Token owners. The original owner or creator of the Non-Fungible Token can also store specific data and information in it. For example, the signature of the painting owner.

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