Steemit Crypto Academy Contest / S2W4 - What are NFTs. by @husaini
Entering the Steemit Engagement Challenge Seoson 2 – Week 4 there is something that really caught my attention in this challenge sponsored by @steemitblog, which is one of the issues raised by the SteemitCryptoAcademy community about What are NFTs, because I see this issue as an issue that looks simple, but has a very big influence on one's knowledge in stepping into the world of cryptocurrencies. At the same time, it has an important role in changing the world in the future.
Basically, NFT has been around since 2014 and surprisingly, in November 2017 the value of buying and selling NFT had reached USD 174 million. This is due to the increasing popularity of digital art buying and selling transactions, because in general there is only one of each type due to the very limited process of achieving a unique identification code, more precisely NFT creates digital scarcity.
NFT stands for Non-fungible Token which means one of the most exciting transformative innovations blockchain offers to developers and businesses. But before we go any further, the important thing that must be understood first is to understand the concept of fungibility which is the most important element in NFT.
Fungible is something that has a clarification, namely fungible assets can be exchanged or divided because the items that are exchanged or divided are basically very identical. Another thing that is owned by fungible is the difference between physical assets and the value they have.
While Non-fungible is something that cannot be replaced or exchanged like Bitcoin and so on, because Non-fungible assets are assets that have a very unique identity, are very rare, cannot be shared, and more importantly can be verified.
A deeper understanding of NFT are digital assets that represent objects in the real world such as music, art, videos and in-game items. NFT is part of a Blockchain system that can be traded online because a very strong difference between NFT and other digital currencies is that NFT cannot be exchanged for other NFTs with the same value.
Currently, NFT is widely traded and marketed in digital markets such as Opensea, Tokocrypto, Collectible, CryptoPunks, and various other markets. Usually the currencies used in NFT exchanges are in dollars and Ethereum.
As for how to invest in NFT through 4 stages, the first is to have a crypto wallet, the way is to open an account in a special application for a cryptocurrency wallet that can be connected to a desired market, such as the Bitski cryptocurrency wallet, Metamask, WalletConnect and other cryptocurrency wallets.
The second stage is registering in the desired market that has an NFT collection. This is done by connecting our account in the market with the crypto wallet application that was previously created. The 3rd stage is finding the NFT collection that you want and has a value for resale.
While the 4th stage or the last stage is buy the desired NFT. In this stage there are 2 ways that are usually done, the first way is to buy NFT at a fixed price or the prevailing general price. The second way is by participating in an auction, this method is required to compete with others by offering the highest price and then we can have it and become a private collection.
As for how to create a new NFT, one of them is choosing the item that you want to turn into an NFT that has its own uniqueness from artwork, music, photos, video games, GIFs, and meme collections. The second way is to determine the Blockchain we want, then choose a crypto wallet, and the last step is to determine the best NFT market.
When we talk about the security of NFT assets themselves, theft still happens, because nothing is really safe in the digital world, hackers will still look for loopholes to steal assets that have a high value. While NFT itself offers artists greater protection against theft, the risk of someone's work being stolen remains. So in this case everyone who owns NFT assets can protect them with several steps, such as:
- Storing NFTs in Non-Current wallets, as Non-Curture wallets offer higher security than storage wallets.
- Doing buying and selling in a trusted market.
- Always evaluate every deal very carefully and always exercise wise judgment.
- Add a watermark to the collection you want to market
- Give copyright to every work of art.
- Next is to avoid installing fake extensions or spyware in disguise.
Then in NFT it is very necessary to use Interplanetary Files System or IPFS because the use of IPFS allows in the network to distribute data, especially across nodes. This is because the use of IPFS in NFT makes data more secure than a centralized data storage and distribution system.
NFT technology is used to create artificial scarcity of digital creative art by creating only one NFT accompanied by a unique signature. Because specifically NFT is usually stored on the Ethereum Blockchain, although other Blockchains also support it.
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NFTs created from digital objects of tangible and intangible goods are basically NFTs like physical collectors' goods. Then the NFT owner has exclusive ownership rights, because the NFT can only be owned by one owner at a time. This makes it easy to verify ownership and transfer tokens between owners.
On the other hand, we cannot ignore the benefits that artists get in NFT, as well as the gaming community who benefit from NFT, because NFT games are very attractive to the young market for buying NFT, because apart from playing games and buying NFT, they also get motivation and rewards.
For now, there are very few countries that regulate NFT, although there are already several countries that have started to study in the NFT stage, because NFT is part of art, music, videos, photos, game items and others that are classified in the Blockchain network. In Indonesia itself, for now, it is likely to fall under the management of CoFTRA as a cryptographic asset in the Blockchain network as a work of art.
Syamtalira Bayu, 29 Juni 2022
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Comments/Recommendation
You could have presented your work according to the expectations of the contest. You entry didn't cover most of the expected areas about NFTs.
Thank you for participating in this contest.
Total|5/10
Thank you very much, what should I fix,,, can you explain a little more in detail.????
Semoga kamu mendapatkan nilai yang sempurna
saya pesimis mas, disini banyak tulisan dan penulis hebat..
yang penting banyak ilmu yang kita dapat.
Yes, as you know it. Initially when these kinds of things are introduced into the world people are always skeptical about investing in them. But at the end if you are authentic it will always show.
Others and some of the most popular are ether and solana.
Yep mostly this method takes a lot of time (I’ve seen 1 month mostly) so this means when you bid someone can even bid higher than you because they will see it. But one nice thing is that as time goes on you can continue to upgrade your current bid till it’s time on the market expires and then it is finally sold.
Yes but getting a trusted market all depends on how well the buyer has done his research. And always remember that the fact that everyone is buying there doesn’t mean that it is a trust worthy project.
I agree with you, but what is more important is to stay alert and study carefully..
Yep that’s true. If we stay alert we will definitely know that we shouldn’t click on suspicious links.
You have written a detailed and good quality post .
BITCOIN being a cryptocurrency can be traded and is a medium of financial transactions . So BTC and other crypotcurrncies are fungible tokens .
Good luck .
whatever we do in the digital world, vigilance and learning something very well is the key to success
I'm surprise that this have been in existence for years, but i'm just hearing this for the first time. Thanks to this platform for coming up with a topic like this.
Its true that nothing is 100% secure. Hackers can always find their ways. You have indeed explained NFTs in detail. Thanks for sharing this with us sir.
I will be glad if you can check on me too
I've always taken the time to follow what this community is doing, even though I don't comment and don't write in this community, but in this community I get a lot of knowledge, I read a lot. too in an article I read up repeatedly. for me here it is not a matter of winning and losing, what is more important is how we gain knowledge, while prizes are the added value.
Indeed the knowledge we gain is far better than the price. You really have the right mindset sir.
upvoted
Your post was upvoted and resteemed on @crypto.defrag
IPFS is really necessary for NFTs. It can't be overemphasized.
Nowadays NFT has become much more popular. Especially in the last few years it has become very acceptable to people. People believe it has taken it to the very top of popularity and I think it will be much more acceptable in the future. And NFT art must not be duplicated, which is one of the features of NFT. You also did a nice discussion today, nice to see your post.
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