Who created nft

A non-fungible token (NFT) is a type of authenticity certificate that certifies that a person owns a digital asset such as (digital art, a video, a GIF, or even an audio).

“Non-fungible token” is a crypto-economy that represents, in digital form, products and services from the physical (or digital) world. “Fungible” designates a good that can be interchangeable, exchanged for another identical or of the same value. A ten-dollar bill can be exchanged for the same bill or for two five-dollar bills. Therefore, non-fungible means something that cannot be fractioned or exchanged – precisely because it is a unique token.

In other words, NFTs are unique digital assets that contain data ownership information recorded on a blockchain, often used to scan and tokenize digital items such as art, collectibles, or game items. In general, NFTs are held on the Ethereum blockchain, but other blockchains, such as Flow, also support this type of token.

Briefly, blockchain technology is a system that allows you to track the sending and receiving of some types of information over the Internet. It works like a digital ledger that carries connected information – like blocks of data that form a chain – hence the name.

How does NFT work?

NFT (non-fungible token) is a digital signature registered in the Blockchain, the same Blockchain technology that registers and validates the use of cryptocurrencies. These tokens are linked to some digital art, identifying it as the original and unique art. This art can be an image, a GIF, music, or other types of digital files.

NFTs have emerged as a means of registering ownership of a unique asset, and their purpose is closely linked, but not limited, to the registration of the digital art, i.e. it is a certificate of digital ownership.

The digital asset (for example, a photo) becomes an NFT when it is registered by blockchain technology, gaining a unique cryptographic hash sequence. The asset is said to have become tokenized. Thus, anyone can verify its authenticity and ownership, making counterfeiting such an asset virtually impossible.

The more popular an asset is, the more valuable it is. Think of the Mona Lisa: you can print a copy and stick it on your wall, but this print will at most have an emotional value, as the original canvas remains unique. NFT allows you to authenticate a digital artwork, making it unique, even if there are millions of digital copies scattered all over the internet.

By buying an NFT, a person acquires a record of ownership of an asset that no one else can claim – even if it is symbolic ownership. NFTs are mainly used in the collectible goods segment.

A great example is NBA Top Shot, a platform that sells photos, game videos, and NBA highlights. By purchasing these files, the buyer becomes the owner of that token or moment.”

Sounds crazy to buy scenes from a game, or to buy original versions of memes and GIFs? For collectors, it is the emotional connection and sense of exclusivity attached to the scarcity of this digital work that counts.

When was NFT invented?

NFTs have been around since 2012 with colored coins based on Bitcoin, but they started getting attention in 2017 with the popularity of CryptoPunks by game studio Larva Labs. This is a collectible game with 10,000 algorithmically created avatars. There are avatars in human, alien, primate, and zombie forms. And none are the same as another. Thanks to NFTs, one of them, CryptoPunk 7804, was sold for $7.5 million.

In the same year, Dapper Labs launched CryptoKitties, a game in which players can collect, breed, and sell and trade virtual cats.

Ten thousand avatars were also created; one of them, Dragon, sold for about $1 million.

NFTs in the art market

Another moment of NFTs in the art world occurred in 2014 in New York at a hackathon bringing together artists and programmers. In an article in The Atlantic, Anil Dash, CEO of Glitch, tells how he and digital artist Kevin McCoy created an “early version of a blockchain-backed media to claim ownership of an original digital item.”

NFTs have been used for digital art in order to protect online copyrights. Through the nonfungible tokens and smart contracts, artists are able to include their identity in the creation.

In addition to obtaining a certificate of authenticity and ownership of the digital artwork, in some cases with the NFT the buyer secures the right to print that painting and access information and services related to it.

In addition to obtaining a certificate of authenticity and ownership of the digital artwork, in some cases with the NFT the buyer secures the right to print that painting and access information and services related to it.

Non-fungible tokens also allow the monetization of digital artworks, which until recently had no value at auctions – and are now worth millions of dollars thanks to NFTs.

The artist can sell his work as a single original and determine the number of editions, increasing the interest of collectors and investors.

NFTs are seen as a way for artists to regain financial control over what they produce. A band, for example, can sell its work by attaching unreleased or limited material to NFTs, receiving royalties without the intermediation of distributors, entrepreneurs, record labels, ticket resellers, etc.

Opportunities for businesses: Besides preventing piracy of works of art, the logic of NFTs can be used in other industries.

Let’s think about a person who owns a Ferrari car and wants to have access to a digital manual. How can he guarantee that this file is an authentic Ferrari document? By means of an NFT that is attached to that PDF.

This is not just for the luxury market. For companies, NFTs would be a way to tokenize brand experiments in the virtual world, tapping into consumers’ emotional connection or nostalgia.

Chip brand Pringles, for example, has launched a “virtual flavor” in NFT with only 50 versions available and priced from 0.0013 ether (about $2). The CryptoCrisp is represented by artwork by the artist.

Transactions with NFTs

The sale involving NFTs that caused the biggest stir was that of digital artist Beeple (Mike Winkelmann). In March 2021 he sold his work “Everydays – The First 5000 Days”, a JPEG file collage of five thousand images collected since 2007, for $69.3 million.

The transaction was brokered by Christie’s auction house. Its competitor, Sotheby’s, has also already joined the auctions of works with NFTs.

Canadian singer Grimes made about $6 million at an event with a set of digital art created by her and registered as non-fungible tokens.

Band Kings of Leon became the first band to register an album on NFT. Available on streaming platforms, When You See Yourself has gained unique tokenized versions that offer exclusive artwork and lifetime tickets to the group’s concerts to token collectors.

At an auction in February 2021, pairs of virtual sneakers designed by RTFKT Studios in partnership with crypto-artist Fewo raised over $3 million – in just 7 minutes. 600 pairs were sold; buyers got a physical copy as a “freebie”. The digital version could be used on platforms like Snapchat or in games.

Twitter CEO Jack Dorsey sold the NFT of his first tweet for $2.9 million. The proceeds were donated to the Africa Response fund to help fight the pandemic.

The NFT of a meme of a kitten, the Nyan Cat, created by American Chris Torres, was purchased for almost $600,000. As the commercialization of memes skyrocketed, Chris created “Memeconomy,” a meme auction event.

Even journalists are riding the wave. In March 2021, Kevin Roose, a columnist for the New York Times, sold an article of his (about NFTs!) for $563,000. According to the newspaper, the proceeds will go to charitable organizations.

How to Create NFTs

Creating your own NFT artwork, be it an image, a GIF, or another type of file, is a very simple process and requires no advanced knowledge of crypto-economics. NFT work can also be used to create collectible items, such as digital card sets.

Before you begin, you will need to decide which blockchain you wish to issue your NFTs on. Ethereum is the blockchain most often used by artists

when creating an NFT artwork. However, there are a number of other blockchains that are becoming increasingly popular, including:

• Binance Smart Chain
• Flow by Dapper Labs
• Tron
• EOS
• Polkadot
• Tezos
• Cosmos
• WAX

Each blockchain has standardized its own: NFT token, compatible digital wallets, and marketplaces. For example, if you create NFT on the Binance Smart Chain network, you can only trade them on NFT marketplaces that support Binance Smart Chain (BSC) assets with your BNB token. This means that you would not be able to sell them on something like VIV3 – a blockchain-based platform from Dapper Labs’ Flow – or OpenSea which is an NFT platform based on the Ethereum network.

Since Ethereum has the largest NFT digital economic innovation, here’s what you need to host your own NFT art, music, or video on the Ethereum blockchain:

Digital wallets that support ERC-721 (the Ethereum-based NFT token standard), such as MetaMask, Trust Wallet, or Coinbase Wallet.

About $50-$100 in Ethereum (ETH). If you are using Coinbase Wallet, you can buy Ethereum from the platform with US dollars, British pounds, and other fiat currencies. Otherwise, you will need to buy Ethereum from a cryptocurrency exchange.

After you buy a portion of Ethereum, there are a number of NFT marketplaces that allow you to connect your digital wallet and upload your chosen image or file that you want to turn into an NFT artwork.

The major Ethereum NFT marketplaces include:

• OpenSea
• Rarible
• Mintable

On OpenSea and many other marketplaces, you also have the option to include special features and attributes to increase the scarcity and uniqueness of your NFT. Artists still have the opportunity to include personalized content that can only be viewed by the buyer. This custom content can be anything, it could be for example passwords to access certain services or discount codes and contact information.

How much does it cost to make NFTs?

Although it costs nothing to make NFTs in OpenSea, some platforms charge a fee. The fee is simply an amount of ethereum required to perform a certain function on the blockchain-in this case, it would be adding a new NFT to the market.

The cost varies depending on how congested the network is. The greater the number of people transacting value over the network at any given time, the higher the fees will be and vice versa.

How to sell NFTs?

To sell your NFTs on a marketplace, you will need to locate them in your collection, or to a pricing page where you can set the terms of the sale, including whether to hold an auction or sell at a fixed price.

Ether and other ERC-20 tokens are the most common cryptocurrencies for which you can sell your NFTs; however, some platforms only support the native token of the blockchain on which they were built. For example, VIV3 is a platform from the Flow blockchain and only accepts FLOW tokens.

On some NFT marketplaces, you have the option to program royalties and select which ERC-20 token you want to receive for selling the NFT. Royalties allow the creators of the NFT to earn a commission each time the asset is sold to a new person. This has the potential to create passive income streams for artists and other content creators automatically, thanks to smart contracts.

Uploading your work or listing NFTs on a marketplace sometimes requires a fee to complete the process. While this is not the case for all platforms, it is something to keep in mind when creating NFTs.

How to buy NFTs

Before you rush out to buy NFTs, there are four things you need to consider first:

• Which marketplace do you intend to buy NFTs from?
• Which wallet do you need to download to connect to the platform and buy NFTs?
• With which cryptocurrency do you need to fund the wallet to complete the sale?
• Are the art NFTs you wish to buy being sold at a specific time, i.e. through a bundle or art delivery?

As you probably already know, some NFTs are only available on specific platforms. For example, if you want to buy NBA Top Shot bundles, you will need to open an account with NBA Top Shot, create a Dapper wallet, and fund it with USDC stablecoin or compatible fiat currency options. You will also have to wait for one of the card packs to be announced and try your luck trying to buy them before they sell out.

Dropped packs and art are becoming increasingly common as a method to sell scarce NFTs to an audience of hungry buyers. These drops usually require users to sign up and fund their accounts in advance, so they don’t miss the opportunity to buy NFTs when they drop. Packaging and art delivery can be over in seconds, so you need to have everything ready in advance.

Where to buy NFTs

For crypto-economy investors who are primarily interested in buying NFTs, here is a list of the most popular NFT markets in 2021:

• OpenSea
• Rarible
• SuperRare
• Nifty Gateway
• Foundation
• Axie Marketplace
• BakerySwap
• NFT ShowRoom
• VIV3

Are non-fungible tokens a good investment?

The NFT craze is far from over. Big brands and celebrities like UFC and Shawn Mendez have signed deals to launch their own non-fungible assets soon, and even Canadian singer Grimes, has entered the NFT space selling $6 million worth of digital artwork in minutes.

As more artists, brands and icons migrate to the space to create their own distinct tokens. With more blockchains competing to produce better NFT services as well and a growing range of platforms to choose from, now is a great time to join the space.

Environmental impact of the digital world

The main disadvantage of NFTs is the excessive power consumption in blockchain transactions. Decentralized, this technology requires a large number of computers to give up their processing power for the protocols and calculations in creating an NFT and verifying transactions from one digital wallet to another.

According to market data, singer Grimes’ NFT sales consumed 122,416 kilowatt-hours of electricity enough to power a family home in a developed country for 34 years. The calculation was made by Crypto art. wtf, an online calculator recently discontinued by its founder that estimated the environmental impact of crypto arts.

Most NFTs are registered on the Ethereum blockchain platform, which causes excessive energy consumption. For these and other reasons, Enjin has proposed the creation of JumpNet, a blockchain that will use energy efficiency in its transactional protocols.

But a new version of Ethereum will become more energy-efficient due to a change in its consensus algorithm from proof-of-work (PoW) to proof-of-stake (PoS). This change will allow Ethereum’s network to run on its own with less energy usage, with more renewable energy, and also with higher transaction speed.

Proof-of-stake allows network participants to “stake” their ether on the network. This process helps protect the network and process the transactions that occur. Those who do this are rewarded Ether, it works like an interest account. This is an alternative to Bitcoin’s proof-of-work mechanism, where miners are rewarded with more Bitcoins for processing transactions.

While some experts point to crypto art as a risk of a bubble in the NFT market, others say that just as cryptocurrencies continue to generate interest and profit, so should non-fungible tokens.

What was the first NFT?

The first NFT in history was “Quantum”. A digital object of certified ownership, E for $1,472,000 at Sotheby’s auction house in June of this year.

“Quantum,” by New York artist Kevin McCoy, is an octagon-shaped animation that in May 2014 became the first work to be associated with an NFT-type ownership certificate, a term that would only be coined in 2017.

“I fell in love with bitcoin in early 2013 and was interested in the

ideas that were hovering around it,” McCoy, a 54-year-old multimedia artist, told

years old, a pioneer in a world that today generates several hundred million

dollars in transactions per month.

Bitcoin and other cryptocurrencies work, as do those based on blockchain technology, which legitimizes transactions, transfers of virtual currencies, or sales of digital objects.

Why do people buy NFT?

The answer to this depends on the value you place on originality. Is seeing the original Mona Lisa the same thing as seeing a replica hanging on your wall? For some people, it might be.

The point is that digital pieces have always been very easy to copy, replicate or plagiarize. Most of the creators never make any money from what they have made.

Why does this matter? Because the main value of NFTs is based on the trust of authenticity. This collective and easily accessible record makes the task of fraudulent buying and selling information more difficult. The ownership of NFTs keeps the entire history computed.

Typically, every time there is a movement, it is recorded in a kind of official database, maintained by thousands of computers all over the world and accessible by anyone.

NFTs change this scenario. It may still be easy to copy an image or a video, but the NFT itself, that unique code with registered buying and selling, is unique. The People’s digital collage can be seen on the internet in the same way as the Mona Lisa. But the owner knows that this is the original.

Today the most common NFTs are traded via the Ethereum network, one of the most famous cryptocurrencies in existence. WePlay Collectibles is powered by Ethereum, a software platform that uses blockchain technology.