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What is NFT? What are the NFT Usage Areas? Why and How is NFT Used?

In today’s changing world, many innovations are occurring. In this period when innovations in technology are important, NFT made an impressive entry into the markets.

NFT is one of the most interesting digital data of recent years. NFTs, which have a very different application than classical cryptocurrencies, is a concept that may interest many works you produce in the digital environment. With the concept that has made a name for itself since 2015, you can evaluate your existing digital assets or acquire new collections for yourself.

In order to understand all these details in detail, let’s examine together what NFT is, how you can benefit from it, the use of NFT and examples.

What is NFT?

NFT stands for Non Fungible Token. NFT is essentially a cryptocurrency. But in this definition, money can be any asset that has value outside of the definitions we know. That is, an NFT is a digital asset that has a value and can be collected. Assets that can be counted as NFTs; It can be any piece of art, video, tweet, a website, images, stories you create on social media, and more.

All these digital assets can be NFTs when they meet the necessary conditions. It is also possible to define the concept of NFT as the reflections of an asset that may have a collection value under normal conditions in the digital world. For example, cards and football cards, which were extremely popular and collected in the 1990s, can be good examples of these assets. The difference between NFT and digital currencies is that all NFTs are designed differently from each other. This feature makes them unique and unchangeable.

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NFT

How is NFT Used?

NFT is created with the ERC-721 standard, which is an Ethereum-compatible code generally created by CryptoKitties developers. Apart from this, another newly developed standard is ERC-1155. This new standard also offers the opportunity to work together with new opportunities. This means that blockchains of NFTs, which are unique assets, are compatible with each other and can be easily transferred between different applications.

The first NFTs, based on Ethereum, appeared circa 2015. Since then the NFT industry has been growing rapidly. NFT, which can also be described as an unchangeable token; It can be traded in markets such as OpenSea, Nifty Gateway, and SuperRare. When you want to keep your NFT and create a collection, you can use wallet applications such as Trust Wallet. Thus, your NFT and other blockchain tokens you use are located on a specific address. In addition, NFTs may not be copied or transferred without the permission of the owner.

 NFT Examples

The work of Beeple, a digital artist, is a combination of many works that belong to him. Beeple, which has been sharing artworks on its Instagram account for a long time, is among the pioneers in the recognition of NFT technology. Mesut Özil’s “Future football boots and jersey” designs are also among the works sold with NFT. The Associated Press, a US-based international news agency, also took its place in NFT history as the first news organization to sell NFT.

 

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