Getting Started - NFT
Basic information about using the NFT platform
Non-fungible tokens or NFTs are digital tokens designed to function as digital certificates of ownership of physical or virtual assets such as photos, videos, tweets, codes, etc. Each NFT is a unique, immutable and indivisible digital asset.
NFT’s only has one official owner, and the transaction and contract are secured and recorded on the blockchain network.
When an NFT is created or “minted,” it creates a smart contract recorded onto the blockchain. This contract is managed through a uniqueID (or address) that displays who the current owner is. A single person can only own an NFT, and the record of the sale, price, and ownership all exist on a public ledger (blockchain).
PFP stands for Profile Picture. It’s the profile picture that you might use on Twitter or other social media sites.
Typically a PFP NFT project is a collection of avatars, usually about 10,000, where each avatar has a combination of unique attributes. These attributes are randomly generated for each avatar and, hence, these projects are generally categorized as “generative art”.
Rather than use any old photo or JPEG that you find on the Internet for your profile pic, with an NFT, you can prove that you actually own it. People are not only proudly using their avatar NFTs as their profile picture, but they are also following others that have avatars from the same project. In other words, your PFP NFT gives you access to a community. And with high-value NFTs, a certain level of status.
- Indivisibility: Non-fungible tokens cannot be split into smaller pieces.
- Authenticity: Their authenticity can easily verify information about tokens and their owners.
- Non-interoperability: Each token is unique and cannot be exchanged for these items.
- Traceability: NFTs can be traded on various cryptocurrency exchanges. Thus, owners can benefit from these advanced trading systems. The grouping, trading and market selling capabilities open up endless possibilities for NFT holders.
- Interactivity: Thanks to the ERC 721 token, it is possible to interact with multiple ecosystems, allowing for the creation of NFTs for digital collectables.
- Liquidity: The fact that non-fungible tokens can be traded instantly increases liquidity. The target audience of various NFT trading platforms ranges from beginners to hardcore traders. This means more buyers can use digital assets.
- Programmability: Non-reversible tokens are fully programmable, just like any other digital asset. Today’s NFTs often involve complex mechanics that can include fabrication, forging, and random generation. The design space has endless possibilities.
- Scarcity: Smart contracts allow developers to severely restrict NFT proposals. Coders can apply certain properties that cannot be changed once the NFTs are launched.
NFT Marketplace is an online marketplace that sells various high-priced cryptocurrency items through auctions. In this Marketplace, producers sell non-fungible virtual products, and buyers or investors use cryptocurrencies such as Ethereum or Polygon to purchase them.
On the NFT Marketplace, buyers can bid on hosted auctions to purchase different types of artwork, in-game assets, fashion accessories, memes, and many other items on the Internet.
NFT rarity rankings measure how rare an NFT is in a particular collection. all NFTs have a different combination of traits, thus being unique. Well, while the combination of traits is different, one trait can apply to many NFTs. So, NFTs with uncommon traits are likely to have a higher rarity ranking.