what is an NFT? – francecrypto.fr

An NFT (Non-Fungible Token) is a type of digital token that represents a single, indivisible asset, such as a digital artwork, photo, tweet, concert ticket, etc. Unlike cryptocurrencies, which are standardized and interchangeable tokens, each NFT is unique and can only be exchanged for an equivalent value. NFTs are often used to certify the authenticity and ownership of digital items, as a way to “lock” a digital file to prevent it from being copied or modified without permission.

Definition and explanation of an NFT

A non-fungible token (NFT) is a special type of cryptographic token unique and indivisible. Unlike an Ethereum token, this one cannot be split into multiple fractions.
By comparison, fungible tokens can be stacked on top of each other indistinguishable from each other. (Example: I have 10 $ETH, in this case my wallet displays 10 $ETH, instead if I have 10 NFTs my wallet will display 10 different tokens.)

Means that each fungible token has exactly the same valuewhile non-fungible tokens can each contain a level of unique value according to their individual identity.

Non-fungible tokens have many potential use cases.
One of the most common applications for NFTs is the use in blockchain-based games.

To get NFTs you will need several things. First of all from a ethereum wallet compatible, i.e. that can receive this type of token.

→ Read also: Our comparison between Trust Wallet and Money

For this we recommend using a Trust Wallet or Enjin Wallet type wallet. You will also have need ether to be able to buy your precious tokens as well as to pay the gas costs (transfer). Some companies like Binance or Coingecko they occasionally offer NFTslook closely at their social networks to start your collection (for free).

NFT tokens

One of the biggest platforms (if not the biggest) it is opensea.io where you will be able to acquire different types of tokens. If you have an Android smartphone you can do it directly from your application Trust the wallet buy or sell your tokens on Opensea and transfer them to your wallet. Unfortunately Apple has blocked this feature on iOS devices. For iPhone owners you can always buy your tokens on your favorite market and transfer your tokens to the wallet of your choice (ethereum address).

NFT standards: ERC-721 or ERC-1155

Not all NFTs are created equal. This is what we will see when comparing the ERC-721 and ERC-1155 token standards.

photo credit kriptomat.io

The token standard ERC-1155 was created to function as a vending machine, where developers could implement a single smart contract that can be used to create unlimited fungible (identical) tokens and non-fungible (unique) tokens.

In comparison, the standard token ERC-721 it only produces non-fungible tokens and requires developers to implement a new smart contract for each new token.

To put it simply, the ERC-1155 standard allows for the duplication of unique tokens within the same instance. For the end user there is no difference in the end!

Check out our tutorial on creating NFTs on the OpenSea (Ethereum) platform!

Check out our tutorial on how to create NFTs on Bakeryswap (Binance Smart Chain)!

Use cases

NFTs have many possible use cases, but here are some common examples:

  • Selling digital artworks: Artists can use NFTs to sell unique artworks online, assigning them an NFT token that certifies their authenticity and ownership. It can be a way for artists to monetize their work and ensure their art is recognized and protected.
  • Collecting Virtual Goods: Players can use NFTs to collect unique virtual items in online games, such as rare weapons or character outfits. This can add a dimension of real value to virtual goods, allowing players to trade or resell them for real money.
  • Data Ownership: Businesses can use NFTs to store and protect sensitive data, such as contracts or licenses. This can help ensure data integrity and authenticity, preventing unauthorized changes.
  • Concert ticket sales: Concert organizers can use NFTs to sell unique concert tickets by assigning them an NFT token that certifies their authenticity and ownership. This can help fight counterfeit tickets and ensure that only legitimate holders have access to events.

So rare

Sorare is a French fantasy football web-app or dApp in which you can collect players’ cards.

Furthermore, you can buy and sell cards to other players, speculate on the value of the cards but also compose a team with characteristics related to the performance of (real) players and participate in online tournaments.

NBA player cards

→ Also read: Check out our Sorare test

Non-Fungible Tokens FAQ

  1. What is a non-fungible token or NFT?

    It is simply a totally unique image (JPEG, PNG, etc.), animated image (GIF), audio or video file registered on the blockchain. This token is indivisible and can be sold on a market. Each NFT is stored in a wallet and can be transferred to anyone.

  2. How can you create a non-fungible token?

    To do this, all you need is a wallet and connect to a marketplace or an NFT sales platform (Rarible, OpenSea, Superrare, etc.) and deposit the non-fungible token you want to sell. Each market has its own conditions for selling a non-fungible token.

  3. Who can create an NFT?

    Nobody ! The uniqueness of NFTs is that anyone can create their own non-fungible token.

  4. Can I create an NFT from someone else’s work?

    It is possible to adapt or draw inspiration from an existing work. On the other hand, the copying, duplication or appropriation of an artist’s work is subject to the same penalties as a physical work.

  5. How much are the gas costs?

    For every sale on the blockchain, you will have to pay transaction fees (or gas fees). These fees vary from one blockchain to another. It is not possible to know in advance how much gas will cost.

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