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Caricamento Pagina: What are NFTs? - Il blog della Insight Adv Ltd - Insight adv - creative solutions

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What are NFTs?

 


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An NFT (non-fungible token) is a special type of token based on the blockchain that allows you to create and then buy and sell, in a certified way, digital works of art embedded within the blockchain. The system is based on this technology precisely to guarantee the uniqueness of each of these non-interchangeable files.
To better understand how these non-fungible tokens work, let's try to imagine a 20 euro banknote, we can easily exchange it for another 20 euro banknote because its value is identical, so in this case the money is fungible;
if, on the other hand, I take the 20 euro banknote and make it unique, for example by affixing a signature to it, I make that coin unique and in the specific case I add non-material value to it assuming that my signature as a work has a value. A work of art is unique and cannot be exchanged or replaced with another good of the same value, therefore NFT tokens are said to be non-fungible.

the current boom of ntf is due to the artist Beeple who sold one of his works for 69 million dollars!

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It should be clarified that when you purchase an NFT you do not obtain any copyright license nor can you modify the work but you automatically become a verified holder of the object and therefore of its sale value.

NFTs can be purchased exclusively via Ethereum cryptocurrency, therefore the first step to take is to create a wallet and buy Ether, the easiest way to do this is to contact an online wallet, the most popular and reliable of which is Coinbase
You will be required to complete ID verification with documents before you can start using the wallet features such as buying, selling and making transfers.
There is also another wallet that can be used and which, although not very easy to use, integrates perfectly with many sites and makes transfers immediate, we are talking about Metamask. To use it you will need to download the browser extension, the download is available here for the most popular browsers: https://metamask.io/download.html

If, on the other hand, you want to free your wallet from online access as cryptocurrency professionals teach, the simple and relatively cheap solution is a hardware crypto wallet like this one:
https://amzn.to/2PXvTgu

It is always recommended to buy a little more ethereum to have more leeway on any fees you may encounter when creating or buying an NFT token.
The next step is to choose the platform in which to operate: the marketplace.
Among the most popular are: OpenSea, Rarible, Mintable, Async and MakersPlace.
From here, with just a few clicks, you will be able to connect your wallet and create your account to start selling or buying NFTs.

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Literally anyone can create an NFT in a few minutes but not everyone is able to sell them and see some profit, the fundamental thing that cannot be missing is the idea of what you want to sell and the more particular this idea will be, the higher the chances of selling . If the idea is not lacking, you can proceed with the creation of the token, we'll see how to do it below.
First of all, it will be enough to log in to the marketplace with your wallet associated with your account and create a collection using the wizard that the site offers.
The collection requires a name and a logo, then it will be possible to enter a description, a sales tax and, very importantly: your own Ethereum address where to receive the buyer's payment.
After creating and customizing the collection, you can then create an 'item' which can be an image, a gif or a video. Once the content of this NFT has been loaded, all that remains is to personalize it by inserting the characteristics and choosing the 'total supply' or the number of copies of the work. To be non-fungible, the total supply must remain at 1 in order to have a single copy available.

At this point you just have to give a sale price to your NFT, you can choose between 3 options:

➡ Fixed price: The price is decided by the seller
➡ Asta: No need to explain this, right?
➡ Bundle: Sale of multiple grouped items

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Minting an NFT, as with all actions performed on the blockchain, requires electricity and therefore, just like on Bitcoin, here too there are fees to pay in order to register the work on the blockchain.
While some marketplaces require the payment of fees in advance, other platforms simply take a percentage of the sale, according to a calculation made by the blog Marginal Revolution on a sale of $2300 the percentage taken by the Mintable platform was 2.5%.

However, it should be kept in mind that no gain is guaranteed and that this so strong and sudden 'explosion' of non-fungible tokens could be yet another bubble destined to burst, as some experts say. We therefore urge you to be cautious about investing in this new technology as its future is very uncertain.

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Precisely because of this sudden explosion in popularity of NFT tokens, new frauds were born and continue to appear every day that we want to warn you about.
One of the most frequent scams in this market is phishing, cyber criminals create an identical copy of a marketplace and as soon as you log in, your account credentials will automatically be stolen and saved on their servers.
To avoid this type of scam, we need to pay particular attention and check that the marketplace site we want to log into is original, there are some alarm bells that we can easily notice in a phishing site:
The url usually has a different extension or some letters are missing and replaced with others, an example with rarible.com could be 'raribie.com'.
The lack of the SSL certificate and therefore of the green padlock next to the url, this indicates that the connection is not secure and that the data sent to the site will be visible in clear text without any encryption.

In addition to these scam techniques that now adapt to any online context, there have been cases of impersonation.
Artist Derek Laufman has received multiple emails from his followers asking questions about his NFTs, however he hadn't started selling NFTs yet and has in fact claimed that the seller's profile is a fake, although it was verified by Rarible.
However, after various reports from users, the Rarible platform intervened and removed the scam profile.

 

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