The definition of NFT has become the most important news in the world of digital currency for some time, this issue is not only about digital currency; Because today we are witnessing the buying and selling of NFT tokens worth millions of dollars in the area of games and works of art. You may also have heard of someone selling his artwork in the NFT market for several million dollars, or making a significant fortune by playing and making money from Twasent NFT. These issues may have made your mind curious. In this article, we are going to fully introduce you to the definition of NFT and how to make money from it.
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Definition of NFT
NFT is an encrypted non-fungible token that currently operates on the ERC-721 network standard of the Ethereum blockchain. Today, NFT tokens are used to register works of art as well as the gaming industry, and after the spread of the Corona virus, making money from NFT tokens became one of the sensitive and important issues in the world of digital currency.
The structure of NFT tokens is completely different from other cryptocurrencies such as Akita digital currency or Ripple digital currency. For example, you can exchange some Akita token with another amount of the same token, but this feature is not available in NFT, which we will explain further.
The concept of irreplaceability
As mentioned, NFT is a non-fungible token; And this point means that there is no substitute for it. To better understand this, consider this example: suppose you lend a watch to your friend, and after a few days he returns the watch to you; In this case, your friend cannot replace your watch with another watch and must return the same watch he borrowed from you. This feature is called irreplaceability.
Now suppose you lend him 10,000 tomans instead of a watch; In this case, it is not necessary for your friend to use a 10,000 Toman note to return your money, which is called a replaceable feature. Now keep in mind that NFT tokens are non-fungible and once someone sells their artwork with NFT tokens, no matter how simple the artwork looks, it cannot be exchanged.
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Reasons for NFT’s popularity
Today, NFT has become one of the most important headlines in the world of digital currency and has attracted the attention of many people around the world. Various artists in this basin have sold their works for high amounts; But what is the reason for this? As we explained in the definition of NFT, NFT tokens are non-exchangeable and undoubtedly this feature has made a significant impact in making NFT unique. For example, suppose Ali Daei, the legend of world football, makes a video of his most important goal and turns it into NFT, then sells it and interested people buy this work by participating in the auction. To learn more about how to buy, sell and make NFT, you can review the NFT training article.
In this case, Gul Ali Dai’s video may be broadcast all over the world and anyone can easily download and watch this video, but only one person owns this artwork in the form of NFT. The important thing in this part is to make a work of art unique; If you purchase this NFT video, ownership will be assigned to you and only you will be recognized as the owner of the work. This issue is considered the best option for people who intend to sell their works, but for any reason have legitimate problems.
For example, in recent years, we saw the sale of the cover of the album “Jungle Asphalt” by the popular Iranian rapper Hexham, which was sold for 190 Ethereum, and if you search for this photo on Google right now, you may find more than 100 models of the cover of the Jengal album. there is asphalt; But only one person owns this work of art.
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And what is the second reason for the popularity of NFT tokens? As you read in the Metaverse Top Cryptocurrencies article, another reason for NFT’s popularity was the collaboration with the gaming industry. Today, many games that are presented have NFT characters that only belong to the owner and no one can get a character like him. In the article about getting to know the concept of cryptopunk, we talked about the importance of the uniqueness of these characters in general.
Games have also been developed in this direction, where users are rewarded in the form of NFT tokens if they perform certain activities. In this case, users can earn money in addition to playing, which has been able to transform the gaming industry as a whole since 2020 and introduce gamers to a new concept for playing and earning money.
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Advantages of NFT
right of ownership
One of the most important advantages that has been repeated in the definition of NFT is the ownership right of NFT. Users can convert their works into NFT and enjoy its benefits. In this case, even if your physical work is completely destroyed, its NFT format will remain and your property rights as the owner of the work will be preserved forever. NFT does this with the help of the world’s second most powerful blockchain, Ethereum.
to be unique
The second advantage of NFT tokens is to make the works or items of users unique. With the help of this feature, users can register their works in their name forever. In this case, even if individual works are copied, it is still not equal to the original work.
One of the most important features mentioned in the NFT definition is the preservation of the value of an asset. With the help of NFT tokens, users can turn their works into a salable asset. Today, NFT tokens are on the rise due to the numerous benefits they have, and this issue alone can be effective in increasing the price value of your work.
Speed in buying and selling is another advantage of NFT. After converting the work to NFT, the owner of the work can sell his work in the shortest possible time.
The value of non-fungible tokens or NFTs is directly related to their rarity. Usually, you are allowed to use a limited amount of tokens to create NFT, and this has increased the popularity of NFT.
After selling your work in NFT format, you can easily convert the received cryptocurrency into fiat currency at reputable exchanges.
Share in secondary sales
A point that may be understated in the definition of NFT is the share of secondary sales. In this case, if a person sells his work to another person and this issue is repeated, the first person will be awarded a share from the sale of the work in the second time. For example, let’s assume that Ali Daei sells his scoring video to a person named Ali Afshar, and Ali Afshar wants to sell the purchased video to a third party, in this case Ali Daei will also receive a profit from the sale of the work to the third party.
Today, the NFT market has become the hottest digital currency market; Because with the help of this irreplaceable token, many artists and gamers have been able to sell their works and items and earn money easily. If you are also one of those interested in digital currency markets, stay with the best digital currency instructor in Iran, Mohammad Famurian, so that you can benefit from the latest news of the digital currency world and trading strategies.