What is an NFT and How it is Traded?

The abbreviation is NFT, which stands for Non-Fungible Token, verifies the authenticity of a digital asset. It is non-fungible which means it cannot be traded with another non-fungible token or replaced with something else.

20 May 2022 ・ Author: Speaker Agency

These unique assets are saved on a digital log on blockchain, only which can be accessed by those who are provided with the code. The definition of non-fungible token -  an NFT is a one-of-a-kind asset, which means they can be used to represent items including works of art, photos, videos, audio, and other types of digital files.

How to Sell NFT

Non-fungible means non transferable. An NFT can give proof of ownership - because they allow anyone to view them -  but at the same time, allow the creator of the item to maintain copyrights, if he or she wishes to do so. The production of NFT occurs on blockchain environments such as Ethereum, Smart Chain, Polkadot and Binance. The first thing to have when creating an NFT (an art work, tweet, photograph, video or a song) is an account linkining you to a wallet. Once you have and account, hence a wallet, you need a marketplace for your digital art work. The most common marketplaces for NFT are OpenSea, Axie Marketplace, Rarible and  SuperRare. Each marketplace and each digital wallet might be operating on different procedures of approval and registration and also sale procedures. You can upload the work(s) which you wish to be NFT onto the marketplaces of your choice including the related information (explanatory information and copyright information). The marketplaces where your items are for sale, allow you to make changes if and when you need. Your items on the marketplace now can be bought by others and the only valid currency is Ethereum (ETH). Once the item is sold, the total is paid to the digital wallet of the seller which concludes the transaction.

Where Do We Find or View an NFT?

Digitalization and cognitive Technologies have brought new products in our lives and NFT is one of them. We find NFT in many sectors including cinema and music, pretty much all entertainment industry. Being almost a digital autograph, an NFT can be used for patenting purposes, with academic articles and for intellectual property. It seems possible to use it in real estate industry as a way of digital follow-up or digital proof (proof of ownership, proof for transfer of title). Each NFT is unique which makes it possible to act as a ticket for concerts, films or other performances. It can even be a wedding invitation. It will be possible to attend events and even to travel by trading NFT. In the future, we will experience more examples of unique digital assets created by using cryptography and cryptographic technologies.

What are the Advantages of NFT?

At the time and age that we live in, it is possible to make a digital copy of various works of art easily. Intellectual property and copyright issues are being discussed more than ever. To protect the copyrights and the extended rights of intellectual property,  NFT is a tool to serve the purpose. NFT is a verification of the authenticity of a digital asset. The market places where NFT is sold and bought, protect the rights of the artist. On top of this, the artist continues make earnings whenever the NFT is purchased by another buyer. This allows the digital property to have a sustainable existence on the market. As well as protecting the copyrights of the artist, NFT is known for increasing the market productivity for entertainment, health and education industries. Unlike the physical assets, NFT offers possibilities in a wider range for those who are in business of transforming physical assets into digital assets.

If you’d like to know more about how NFT works and  get a better undertanding of one of the most interesting aspects of digital transformation, please refer to our website and learn from our expert speakers like Mehmet Unal, Nicolas Nova, Sadie Clayton. Speaker Agency works with keynote speakers who are experts in their fields to make sure you’ll find the information you need.

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