Blockzeit
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
  • EnglishEnglish
    • EnglishEnglish
    • DeutschDeutsch
    • PortuguêsPortuguês
Buy Crypto
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
Blockzeit
No Result
View All Result
Home Education
NFT snipping

NFT snipping

What Is An NFT And How Does It Work?

Aaron Moses by Aaron Moses
May 12, 2021
in Education, NFTs
Reading Time: 3 mins read
0
Share on FacebookShare on TwitterShare on LinkedinShare via WhatsappShare via Email

In March 2021, the artist known as Beeple, set a record for a digital artwork in a sale at Christie’s. It was sold for $69 Million. The buyer did not receive any physical art, but a unique digital token. A so-called NFT. Sounds crazy, but while at first, NFTs were all hype, we will likely see NFT tokens with utility in the future. Meaning, the NFT space likely will continue to blow up in the future as they become integrated in our daily lives. But what actually is an NFT?

“NFTs exist so that the crypto grifters can have a new kind of magic bean to sell for actual money, and pretend they’re not selling magic beans. Nobody ever changed the world by doing what everyone else was doing.”

Decentraland.org

Non-fungible tokens

Christie's is proud to offer "Everydays – The First 5000 Days" by @beeple as the first purely digital work of art ever offered by a major auction house. Bidding will be open from Feb 25-Mar 11.

Learn more here https://t.co/srx95HCE0o | NFT issued in partnership w/ @makersplaceco pic.twitter.com/zymq2DSjy7

— Christie's (@ChristiesInc) February 16, 2021

Non-fungible tokens or NFTs are tokens on the blockchain that cannot be swapped or traded for an equal store of value like Bitcoin or Ethereum. This means, they are unique and not interchangeable. For example, a non-fungible transaction would be if one person were to swap cars with their neighbors. Sure, they might both be cars, but they aren’t totally the same. Therefore, it’s not an equal trade.

So, let’s not confuse ourselves. Non-fungible items have existed actually longer than currencies. However, blockchain has changed the world of non-fungible assets by providing what is called a coordination layer. Crypto Casey in her video, What Are NFTs in Crypto?, says:

“Blockchain technology provides a coordination layer that will impart six key properties onto digital assets all predicated on immutability. These are Standardization, interoperability, tradeability, liquidity, immutability, and programmability.”

Right now, there are three protocols for NFT standarization on the Ethereum network – ERC-721, ERC-999, and ERC-1155. Standardization makes NFT tokens tradable on all NFT market places, due to standardization of the data recorded on the blockchain.

The future of non-fungible tokens

NFTs are certainly not going to leave the cryptosphere any time soon. We’ve already seen great uses for non-fungible tokens in crypto. Many artists are able to easily sell and manage their artwork without the need for an agent or intermediary. And there are more real world use cases which have already been thought of that could soon be implemented. Soon, non-fungible tokens could be a big part of the everyday person’s life. NFTs could be used to create government IDs, house and car titles, and much more. Your own passport could soon be an NFT.

Crypto Casey said:

“Almost anything in the real world can be tokenized. Proof of ownership of real world collectibles can easily be stored or transferred and impossible to forge as NFTs. Undoubtedly NFTs will drive adoption of blockchain technology.”

Final thoughts

The NFT buying frenzy of 2021 was only an introduction for the world to NFTs. We will see innovations in blockchain technology and a wider diversity of use for non-fungible tokens in the months and years to come.

Aaron Moses
Aaron Moses

Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.

Tags: NFT
Previous Post

VanEck Files For First Ethereum ETF In The US

Next Post

Cardano To Explode – Predicts Metcalfe’s Law

Related Posts

images 2023 01 31T153134.211

Amazon Enters Web3 Jungle With NFT Initiative

by Ken Emmanuel
February 2, 2023
0

Amazon, the world's largest online retailer, is diving into the world of NFTs and Web3 gaming with a new initiative...

Avoid being a victim of crypto pump-and-dump schemes. (Photo Source: Flickr)

Crypto Pump And Dump: Red Flags That Lead To Them

by Giancarlo Perlas
February 2, 2023
0

Crypto pump and dump often leaves vulnerable investors who missed selling from the peak with a very low valuation of...

Crypto research  source: Nansen

Top 5 Essential Crypto Research Tools for Investors

by Edmond Herrera
February 2, 2023
0

Discover the top 5 essential crypto research tools for investors. Get hard to acquire information on news and chains –...

Load More

Get updates to your inbox!

Subscribe to our mailing list to receive daily updates!

FOLLoW US:

Blockzeit Logo 10 1

Blockzeit was founded in 2021 in Switzerland with the mission of bridging the gap between the complex blockchain technology and the general public. Blockzeit is a news and education platform that aims to make blockchain more accessible and bring more transparency to the scene.

Popular Categories

Categories
  • Bitcoin News
  • Business
  • Education
  • Investing
  • Markets
  • Metaverse
  • NFTs
  • Politics
  • Press Release
  • Switzerland
  • Technology
  • Trends
  • Uncategorized

Important Links

  • Privacy Policy
  • Disclaimer
  • About us
  • Contact us
  • Blockchain Jobs
  • Events

Contact & Social

For guest posts, contact us via info@blockzeit.com

 

Contact: info@blockzeit.com
Press: press@blockzeit.com

Facebook Twitter Linkedin Instagram
  • Home
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
  • Education
  • Events
© Copyright by Blockzeit.com. All rights reserved.

Disclaimer

Start making money with crypto.

Buy Here
No Result
View All Result
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
  • DeutschDeutsch
  • PortuguêsPortuguês

© 2021 Blockzeit by Blockzeit.