What is NFT ?

As the world becomes more and more digital, the needs of pure ownership can be realized in the form of NFTs!

What is NFT ?

NFT represents a non-fungible token and it is a unique type of token. Non-fungible tokens are thus not mutually interchangeable. In contrast to other cryptocurrencies, and many network or utility tokens that are fungible, NFT has its own identity.

Just imagine that you have one erc20 token. Let’s call it NFTbase token. Your friend has 1 NFTbase token. In this case, even though you give 1 NFTbase token to your friend, and your friend gives you 1 NFTbase token, there is no difference in the fact that you and your friend have 1 NFTbase token. It’s fungible.

However, in the case of NFT, it follows the ERC-721 or ERC-1155 standard, not ERC-20 standard. It means that you and your friend have different tokens after the exchange. Then what it mean ?

The process of collecting digital art, in-game assets (swords, garments), cards and kitties is a very easy and fun concept to grasp, and it does not require any financial education. Users see their entire interaction with the interface as a fun game and are incentivized by the emotional reward of unique object ownership.

The original creator of ERC-20 and ERC-725, Fabian Vogelsteller, once said that these standards were initially created for fun community tokens — art, fashion and entertainment — rather than decentralized financial applications called DeFi, which has been incredibly successful in 2020.

The basic idea of NFTs addresses the same pattern that makes people collect digital arts, paintings and other entertaining digital assets. Through NFT, fractional ownership of high-value items is achievable and it allows partial ownership of digital or digital represented goods.

In short, NFTs can be unique digital items such as collectibles or artworks or game items. As an artist, by tokenizing your work you both ensure that it is unique and brand it as your work. The actual ownership is blockchain-managed.

As time goes by and people become more aware of the value of pure ownership, digital assets, blockchain philosophy, digital art, copyright, intellectual property. All of these trends conclude one fact that we love to own valuable things and NFT can help us.

Then why don’t we move forward to preoccupy the land of NFT earlier than others ? Buying valuable NFT items can be the greatest investment like collecting traditional physical arts or collectibles. Buying ENS domains can be an effective preoccupation of the next generation’s domain world.

You can find us here :)

Official Website: https://nftbase.ai

Twitter: https://twitter.com/BaseNFT

Official Telegram group: https://t.me/nftbase

Discord: https://discord.gg/DujYFjJXXP

Medium: https://nftbase.medium.com/

Github : https://github.com/nftbase

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NFTbase

NFTbase is the DAO based marketplace and community where you can buy, sell and create valuable digital asset. We will make a better world for artists.