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NFTs
- 2. CONTENT: INTRODUCTION HOW DOES NFTs WORK? OWNERSHIP ROYALITIES OPEN SEA THE FUTURE
- 3. INTRODUCTION NFTs are tokens that we can use to represent ownership of unique items. They can tokenize things like art, collectibles, even real estate. NFT stands for non-fungible token. Non-fungible is a term used in economics that describes things like furniture, a song file, or your computer. These things are not interchangeable for other items because they have unique properties.
- 4. NFTs can really be anything digital such as drawings, music, your brain downloaded and turned into an AI but a lot of the current excitement is around using the tech to sell digital art. I can personally relate to this trend as my own brother is both a creator and a collector of the NFTs. × Given below are his digital arts:
- 5. How does NFTs work? An NFT is minted from digital objects as a representation of digital or non-digital assets. An NFT could represent the following: × Digital Art GIFs, Collectibles, Music, Videos × Real World Items Deeds to a car, Tickets to a real world event, Tokenized invoices, Legal documents, Signatures × Anything you can get creative with works
- 6. Ownership An NFT can only have one owner at a time. Ownership is managed through the unique ID and metadata that no other token can replicate. NFTs are minted through smart contracts that assign ownership and manage the transferability of the NFTs. The information of the NFTs owner is added to the blockchain where it is further managed. The minting process, from a high level, has the following steps that it goes through: × Creating a new block × Validating information × Recording information into the blockchain
- 7. Royalties × Some NFTs will automatically pay out royalties to their creators as soon as they are sold. This is still a developing concept but it's one of the most powerful. × Some other platforms, like Foundation and Zora, support royalties for their artists. This is completely automatic so creators can just sit back and earn royalties as their work is sold from person to person. At the moment, figuring out royalties is very manual and lacks accuracy, a lot of creators end up not getting paid what they deserve.
- 8. Open Sea Open Sea is the largest American NFT marketplace headquartered in New York City. The company was founded by Devin Finzer and Alex Atallah in 2017. Reference: https://opensea.io/rankings
- 9. THE FUTURE The growing popularity of NFTs is reflected in its numbers. “Earlier, a very small fraction of investors saw potential in NFTs but 2021 led to a complete U-turn as the market opened up to massive NFT pitches with a record $2.5 billion in sales globally. As per Google Trends data, in August 2021, global interest for NFTs rose by 426 per cent with people showing a lot of interest in buying NFTs,” says Tarusha Mittal, COO and Co-Founder, Oropocket, a digital assets investment platform. Experts say this trend will continue. Reference: https://www.businesstoday.in/magazine/investment/story/fad-or-future- are-nfts-here-to-stay-329004-2022-04-11