{"id":28726,"date":"2023-03-29T06:23:09","date_gmt":"2023-03-29T06:23:09","guid":{"rendered":"https:\/\/www.reliablecounter.com\/blog\/?p=28726"},"modified":"2023-03-29T06:23:09","modified_gmt":"2023-03-29T06:23:09","slug":"nft-for-rookies-explained","status":"publish","type":"post","link":"https:\/\/www.reliablecounter.com\/blog\/nft-for-rookies-explained\/","title":{"rendered":"NFT for rookies: Explained"},"content":{"rendered":"\n


<\/p>\n\n\n\n

NFT\n(Non-fungible token) is a non-interchangeable token that is “tied” to\na single object, this object can be: a photo, a picture, a gif, a video, a\nmusic track, a character in a game, etc. digital content.<\/p>\n\n\n\n

In simple words,\nan NFT is a unique token, it’s like a digital record in a blockchain registry\nthat gives you the rights to own a unique object in the digital space. This\ndocument is stored in the user’s cryptocurrency wallet, just like another\ncryptocurrency.<\/p>\n\n\n\n

Any unique\nobject can be turned into NFT. It doesn’t matter if it’s a BMW logo<\/a>, a work by Van Gogh, or an\nunknown author. But a drawing by an unknown author can be of little interest to\nsomeone, although there are exceptions. This is why objects that have value are\nusually translated into NFT, otherwise, there is simply no point.<\/p>\n\n\n\n

NFT and\ncopyrights<\/strong><\/strong><\/p>\n\n\n\n

The rights\nof the NFT owner are spelled out in the smart contract and are generally\nlimited to the ability to buy, own and sell. Thus, by purchasing an NFT, the\ninvestor does not become the owner of the exclusive rights to the digitized\nobject of art in this way. Moreover, all relationships of this nature are\ndistributed and regulated only within a specific blockchain network.<\/p>\n\n\n\n

Thus, our\nexpert Aleksei Titov explains it in more simple terms. “Usually buyers get\nlimited rights: for example, the owner of an NFT pink dog can use it in a game,\nthe owner of an NFT Mike Shinoda can listen to tracks as long as he wants, the\nowner of an NFT tweet can post it online, for example, on his social network\npage. They can also sell their tokens to other people.” Just like the\nowner of a Ferrari car admires the Ferrari logo<\/a> every day, but is not the\nrightful owner of the emblem.<\/p>\n\n\n\n

The most\ncommon question about the NFT is, of course, “Why to buy it when you can\nfind it all for free on the Internet?” Here it’s simple. As Aleksei Titov\nsays, Reproductions of paintings can also be seen on the Internet, but\ncollectors still buy the originals. And so is NFT: if you buy, for example, a\ntoken of a famous meme, it will continue to walk around the Internet, but its actual\nowner will be you. It’s a matter of prestige and belonging to the art: many\npeople like to own the original.<\/p>\n\n\n\n

How to\nbuy or sell an NFT<\/strong><\/strong><\/p>\n\n\n\n

To be able\nto buy NFT, first of all, you need a cryptocurrency wallet with the necessary\namount on your account. Recently, the list of supported cryptocurrencies has\nexpanded significantly, but Ethereum remains the most popular. The list of\nwallets also differs from site to site, but almost all work with MetaMask and\nTrust Wallet.<\/p>\n\n\n\n

After\nregistering and funding your wallet, you need to choose and register with a\nmajor marketplace. For beginners, it is recommended to choose OpenSea, which is\none of the popular services today. When registering it is necessary to specify\nthe wallet used.<\/p>\n\n\n\n

This is\nenough to go to the catalog and select products.<\/p>\n\n\n\n

Perspectives\non the use of NFTs<\/strong><\/strong><\/p>\n\n\n\n

NFTs open\nthe way to a decentralized economy – an economy without intermediaries such as\na bank or the state. In the future, they could completely change markets such\nas real estate, because not everyone on the land has legally registered rights\nto their land and property, and with NFT they have the opportunity to sell it.<\/p>\n\n\n\n

NFT also\nsolves a lot of copyright issues, which is not unimportant for art creators.\nThanks to blockchain technology, records of the creation and ownership of work\nremain in the database forever.<\/p>\n\n\n\n

Anyway,\nNFT and other areas in the field of cryptocurrency, such as accepting\ncryptocurrency payments, is a very promising topics that will surely develop in\nthe future.<\/p>\n","protected":false},"excerpt":{"rendered":"

NFT (Non-fungible token) is a non-interchangeable token that is “tied” to a single object, this object can be: a photo, a picture, a gif, a video, a music track, a character in a game, etc. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-28726","post","type-post","status-publish","format-standard","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/www.reliablecounter.com\/blog\/wp-json\/wp\/v2\/posts\/28726"}],"collection":[{"href":"https:\/\/www.reliablecounter.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.reliablecounter.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.reliablecounter.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.reliablecounter.com\/blog\/wp-json\/wp\/v2\/comments?post=28726"}],"version-history":[{"count":1,"href":"https:\/\/www.reliablecounter.com\/blog\/wp-json\/wp\/v2\/posts\/28726\/revisions"}],"predecessor-version":[{"id":28727,"href":"https:\/\/www.reliablecounter.com\/blog\/wp-json\/wp\/v2\/posts\/28726\/revisions\/28727"}],"wp:attachment":[{"href":"https:\/\/www.reliablecounter.com\/blog\/wp-json\/wp\/v2\/media?parent=28726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.reliablecounter.com\/blog\/wp-json\/wp\/v2\/categories?post=28726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.reliablecounter.com\/blog\/wp-json\/wp\/v2\/tags?post=28726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}