A token is the equivalent of security within the digital world. Many tokens are interchangeable, like $one hundred notes. They can be used as currency.

There are additionally half-interchangeable tokens. They are similar to each other however have their own unique feature. An example is cinema tickets. Their value is similar, however the seats in the cinema are indicated differently.

Another type of token is non-interchangeable tokens or NFTs.

In broader phrases, NFT is a technology that lets you secure ownership of any digital artwork object: digital artwork, a music album, a tweet with good jokes, virtual cats, animated stickers, your own game universes, domains, digital land and real estate for big sums of money. That said, each NFT token is unique. It can’t be reproduced.

By the way, the final record sale of NFT tokens was in March 2021. At that time, the NFT-linked JPG file of artist Mike Winkelmann, Beeple’s Everyday: The First 5000 Days, sold for 69.3 million.

How did it all begin?

In 2014, the world’s first non-interchangeable token was created by artist Kevin McCoy together with programmer Anil Dash. It was a singular and indivisible coin that might not be replicated.

The truth is, each graphic image of a face was linked to a bit of laptop code within the blockchain platform. That is, it had a singular token where information concerning the owner of the image was stored. And while anyone could download the picture, the owner was the particular person whose Ethereum wallet was listed within the picture NFT.

Chances are you’ll ask: what is the point of owning an image that anyone can download from the Internet, print or send to anybody? You can understand this by looking at artworks in museums.

Let’s take a look on the «Mona Lisa» by Leonardo da Vinci.

Anybody can buy a reproduction of «Gioconda» and hold it of their room. However there may be an authentic which is kept within the Louvre. It has an owner. And the more well-liked the painting, the more of its replicas are created, the more typically it is replicated, and the higher the price of the original. And the more the owner wins.

By the way, the value of this particular image ranges from 850 to 2.5 billion U.S. dollars. In this case, the insured worth, according to records within the registers of the Louvre, is 100 million euros. Not a lot?

The situation is similar to NFT tokens. Digital and virtual objects will also be valuable, rare and trendy. They may well turn into a collector’s item and an ideal investment. The same applies to gaming: gamers can accumulate virtual artefacts from different games and trade them for something valuable, too.

Who sells and buys NFTs?

Anybody can sell and buy digital artwork and different objects. But when the hype started, and the demand for NFT tokens increased, big players — world-well-known galleries, auction houses, production firms and particular person museums — stepped in to purchase and sell.

As you may see, NFT tokens are consistently attracting new players to the market: sellers and buyers.

All in all, anybody can monetize their creativity. Plus, in some cases, it is profitable to invest in little-known authors to sell their work at a higher price over time. But to do so, you might want to turn into an skilled and understand the trends.

How do I buy another person’s work with NFT or tokenize my own?

First, it is advisable register a wallet with ETN (Ethereum) currency on any of the crypto exchanges Binance, Coinbase, BitPanda and others. They assist you to exchange regular cash for cryptocurrency. Newcomers are often advised to use the Coinbase wallet for security reasons. As soon as it’s set up with -step verification, you’ll be able to trade local money for Ethereum and make purchases.

To tokenize the work, you should utilize the key marketplaces Rarible or OpenSea, NiftyGateway or Foundation. Every of the marketplaces has detailed instructions on the right way to put an NFT token up for sale or purchase ownership. By the way, you may’t do without registering a wallet right here as well because the marketplaces cost a fee on sales.

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