What is NFT? What are the key features of Non-Fungible-Tokens?

Suppose you create a piece of art in Photoshop and you want to sell it. Anyone can have a copy of your work on their computer, and by downloading that work, you will not be paid any property rights. Now imagine you have painted an oil painting and want to sell it. In the first example, the photoshop image, and in the second example, the painting, you can convert it to an NFT. With this conversion, even with the destruction of the physical product, the work itself does not disappear in the form of an NFT, and Its ownership is reserved for the original NFT owner.

If we want to explain it more simply, if the painting is turned into a photo and that photo is sold in the form of an NFT, this photo will have a unique identity card that even its copies will not be equal to the original work. This way, even a JPEG image can be converted to NFT and sold.

What is NFT?

NFT is a digital asset that can be collected like a work of art. This digital asset retains its value as a kind of cryptography. Just as a hand-woven rug or painting maintains its value over time and is an investment, the same is true of NFT, which we will explain later.

The word NFT itself means “non-Fungible Token | NFT” and is, in fact, a digital token and a cryptocurrency such as Bitcoin and Ethereum. But unlike a standard coin in the Bitcoin blockchain, NFT is unique and cannot be exchanged.

NFTs are built on a blockchain network that is a distributed public office that records transactions. This process is the basis for making digital currencies. There are a whole lot types of NFTs in the world, including but not limited to:

• GIFs
• Artwork
• Collection
• Movies and important sports items
• Video game covers
• Music

What exactly is Non-Fungibility?

Let’s give an example to explain the concept of Non-Fungibility. One Solana digital currency coin is always equal to another Solana coin, or even a 1000 dollars banknote is the same in every respect as another 1000 dollars banknote. But, for example, a Picasso painting of Cubism has a value that is auctioned off and offered to the highest bidder. You can not replace this with another painting with the same colors, style, and portions. In other words, the Solana coin is fungible, but the painting is not.

NFT is not just an asset; it includes additional information that enhances the value of NFT to more than one net currency and brings it to its actual territory. So there are different types of NFTs, but they can be dedicated to digital art, music files, videos, or anything unique that is valuable.

What are the key features of Non–Fungible-Tokens?

• Portable: Unlike tradable tokens, NFTs are traded in specific markets. However, their value depends on their specialness and uniqueness.
• Original: Irrevocable tokens are based on blockchain technology; So you can be sure of the authenticity of your NFT; Because it is almost impossible to create something fake in a decentralized distributed ledger!
• Inseparable: Although this is not a rule, most non-exchangeable tokens are not divisible into smaller units! Simply put, you either buy a digital artwork or do not buy it at all.
• Rarity: The value and price of NFT is due to their scarcity. NFT developers can create as many of these tokens as they want, but they can increase the value by building them in small numbers.
• Proprietor: This also refers to NFT’s decentralized platforms where no owner can change the data after registration.
• Uniqueness: The last feature of NFTs is their uniqueness. NFTs have a tab of consistent information about their identity. Simply put, this feature is used as a certificate of authenticity.

 

ZipClash, play2earn games and the NFT marketplace

ZipClash is a p2e game that rewards players with in-game tokens for completing daily tasks, upgrading planets, and operating interplanetary restaurants.  In ZipClasah, players can build, upgrade and sell planets and boosters in the market as NFT (non-fungible tokens). Just download and install the game and see for yourself.