What is NFT? – Future Content Market

NFT

It would not be wrong to say that the NFT, whose name we have heard quite often in recent days, has become more and more popular. In case the technology, which stands for ‘non-Fungible Tokens’, actually summarizes the topic to us. It’s like we’re going to hear more about the concept of NFT, which we know as’ irreplaceable tokens.” In fact, these tokens, which are much more than this acronym, find quite a lot of buyers. The most prominent of these may have been the purchase of Jack Dorsey’s first tweet for $ 2.5 million. After that, the question “why a Tweet can be so expensive” will come to mind. Let’s all take a look at why a tweet is so expensive and the answers to the question “what is NFT?”

What is NFT?

NFT or irreplaceable tokens (Eng. Non-Fungible Tokens) is a technological development that enables digital content to be transformed into unique, verifiable and one-of-a-kind elements thanks to blockchain technology.

After seeing so much of NFT technology, the question of “what is NFT” also began to increase. As mentioned earlier, it is a unique digital technology. And the reason we say that is actually very simple. Let me explain with an example.

The reason the purchased tweet differs from other shares is that it is the first and only one. In this way, you buy something unique that will never happen again. Thus, the Tweet gains value and is sold as a digital token.

We see many examples of this, and we seem to see plenty in the future. Because the firsts on the internet are attracted by some people. In this way, firsts gain value and become unique. The interest in works of art is similar to that.

On the other hand, the NFT is not just about products that are the first. For example, in an online game you play, External skins that we know as ‘skins’ are sold for a fee. In fact, the reason the players get them is the same as the NFT. Because, thanks to a purchase made in the game, you receive a special product. It makes you feel different and special.

A random file that appears in a digital environment can be valued as an NFT. For example, a JPEG file, a Tweet, a prepared video, and more. On the other hand, the price of these NFT products depends on how special they are. For example, while the Gun costume you get in a game is a small sum, an NFT representing Elon Musk could be worth a million dollars.

All these purchasing processes and the NFT system are essentially based on the Ethereum blockchain. However, thanks to developments, it is also possible to shop with other cryptocurrencies.

How Can A Digital Product Be Unique When There Is A Risk Of Being Copied?

You can buy a replica model of a famous table. You can even take a picture and get the pleasure you want artistically. What’s the point of paying millions for something, especially in a place where everything can be copied, like the internet? The answer is also quite simple.

In the example of the painting we gave, we can take the painting that we photograph, anyone with a phone like us, while we can’t have the brushstrokes that the artist gives that painting a rarity. In fact, we copy a product that is easily accessible to everyone with a photo. But we can neither hang this original painting in our home nor physically make contact. More importantly, we can’t have this artifact. We can only have one copy.

In short, we can call this example an increase in value arising from rarity.

This is not much different when it comes to NFT technology. It is the artist’s signature that makes a painting special. NFT’s signature is Blockchain technology. A product produced in a Tweet or internet environment is made unique by Blockchain technology. How is this happening? ‘I can copy this digital product, but why can it still remain unique?”we can hear what you’re saying.

Blockchain, in short, is a technology that provides security on the internet and makes the situation Special. All information and details of a product can be stored in this safe environment. Computers, perhaps spread all over the world, confirm the information in the product, and its accuracy becomes waterproof. So, this information is protected in a way that cannot be changed. Because it’s almost impossible to destroy the same information from millions of computers.

As you can see, an NFT is verified by many computers and has the signature of those computers. If it is the content that you copy, the copy becomes worthless because the product’s information is not protected and is open for modification.

How do I buy NFT?

There are many websites available for the NFT market. The most reliable of these are” nifty Gateway, MakersPlace, SuperRare, OpenSea, Decentraland and Rarible”. However, many different markets are also available, and thousands of people have already begun to buy NFT as an investment tool. So, for many people, the question of “what is an NFT” has disappeared.

In the NBA scene, the NFT, which is growing in popularity, has seen a market flow of about $ 230 million. An important one among them was that a video of LeBron James dunking sold for $ 200,000.

How can I make and sell NFT?

If you’re a person who enjoys producing content, you can also reserve your place for NFT. It is possible through internet sites to convert content that you have prepared to be compatible with NFT technology. For example, with the Nifty Gatewat site, you can produce and sell your unique NFT content for certain fees.

The NFT you produce can be from a picture or various contents. NFT can be a great opportunity for you if you consider yourself adequate in the field of digital painting. However, NFT products sold in examples to date are mainly filled with content from people who have gained a solid place in the internet environment. On the other hand, with good advertising, you can also sell your content on the sites we mentioned earlier.

What is the downside of NFT technology?

Although, as we mentioned, NFT may seem to be one of the technologies of the future, it can cause us a great deal of trouble. The Blockchain system we are talking about is a very energy-consuming system, and the increase in NFT content may pose an energy problem in the future.

During the verification of NFT production, sales and information, processor computers need a large amount of energy. Increasing popularity is also likely to damage nature, as it will require more energy. For this reason, an alternative energy source will be required for the NFT.

Especially the fact that products that become worthless during production will increase with popularity is a problem that scares experts. An energy deficit can occur because we provide some of the energy we use through nature. For this reason, the greenhouse gas that occurs in energy production and use will cause great damage to nature.

On the other hand, minimizing the energy levels that will be used for NFT will eliminate this problem. Perhaps the expansion of NFT technology could accelerate our new energy source research. However, experts have already started working on this issue.

What do you think of NFT technology?

It’s almost impossible to ignore this technology, where many celebrities follow and their content sells for millions of dollars. According to us, it is likely that we will see even more products in terms of art in the future. Because pictures make up a lot of the NFT content. As for the videos, their popularity on a platform like the NBA may be one of the biggest proofs of how diverse areas we’ll see in the future.

So, what do you guys think of the NFT? Do you think the will be able to achieve greater things in the field of art? Will we see more NFT content in the future? What do you think of the NFT’s impact on nature? How can Energy Use be reduced in NFT technology? You can share your views with us in the comments section.

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