NFTs, or non-fungible tokens, are a type of cryptocurrency created on a smart contract platform such as Ethereum. They are unique digital objects that can be cool to own or even profitable to trade. Think of them as digital collectible cards. They typically start out as something only enthusiasts care about, but if you get a rare one, it could be worth a lot one day.
How do NFTs work?
It really depends on the platform. But given the vast majority of NFTs are created and traded on Ethereum, we’ll focus on that.
NFTs are created on Ethereum’s blockchain, which is immutable, meaning it cannot be altered. No one can undo your ownership of an NFT or re-create that exact same one. They’re also “permissionless,” so anyone can create, buy, or sell an NFT without asking for permission. Finally, every NFT is unique, and can be viewed by anyone.
So yes it’s like a unique collectible card in a forever-open store window that anyone can admire, but only one person (or cryptocurrency wallet, to be exact) can own at any given time.
In a practical sense, an NFT is typically represented by a digital artwork, such as an image. But it’s important to understand that it’s not just that image (which can easily be replicated). Its existence as a digital object on the blockchain is what makes it unique.
How do I buy or trade NFTs?
NFTs are bought and traded just like any other cryptocurrency based on Ethereum, only instead of buying some amount of tokens, you buy a single token.
To do that, you should start by installing Metamask, a browser extension that lets you interact with various facets of Ethereum, such as exchanges and dApps (decentralized apps). MetaMask is also a digital wallet for Ethereum and all the tokens created on Ethereum (both fungible and non-fungible).
After installing the extension, you should buy some Ethereum (you can do it directly in MetaMask with a debit card or Apple Pay by clicking on “Add Funds”). But be very careful with your funds store your MetaMask password and your wallet’s private key somewhere safe. Then, when you visit a website that sells NFTs (such as NBA Top Shot) or an exchange where you can trade for them (such as Uniswap), connect your MetaMask wallet to the site (only do that on sites you know are safe), and buy your first NFT.
Why do NFTs have value?
Of course, before you buy anything, you’ll probably want to know why it’s a good purchase. Indeed, why would anyone buy an NFT and why should there ever be a buyer willing to spend even more money down the line?
Ideally, the value of NFTs doesn’t just come from a game of digital hot potato, in which you purchase something hoping you’ll sell it for more later. And so on, until the whole thing crashes. Ideally, the NFT should be valuable to you because… you like it. If you’re an NBA fan, you might want to have an official NFT representing your favorite player. Or, perhaps there’s a digital cat that you really like.
Sure, in some ways, many NFTs are just a digital image that you can easily right-click and save to your computer. But NFTs also reside on the blockchain, which makes it extremely hard to truly copy them in their entirety. The blockchain entry also transparently tells you who created the NFT. If a famous musicians says: “Yes, that’s my Ethereum address that created this digital image of a possum.” Then that can be verified on the blockchain.
Some NFTs can be valuable in other ways. Say, for example, you buy an NFT related to an online game. Perhaps that NFT will one day give you special prestige in the game, or it could even be the basis for you getting some other, hard-to-get object; something that only you can have because every NFT is unique. If you’ve ever played World of Warcraft or a similar game, you know how valuable a piece of armor or a weapon can be. Now, with NFTs, no one can take it away from you, not even the game’s owners.
HOW ARTDECO WILL DISTRUPT NFT MARKETPLACE
ARTDECO is a marketplace aiming to link sellers (typically content creators such as digital artists, model creators or meme makers) with buyers who can select pieces they wish to purchase. To turn their work into an NFT, creators must first “mint” a token using ARTDECO’s Dapps. Similar to other tokens on Binance, the NFT can be transferred between wallets using ARTDECO’s software.
As the developers of the project say, ARTDECO NFT was inspired by Elon Musk, his creative and scientific enthusiasm in the desire to simplify complex things.
The main mission of the Web 3.0 Dapp ARTDECO platform is to provide tools convenient for each creator for minting and selling new NFTs, and for users – the ability to directly purchase the desired tokens(network will enable trade NFTs without a middleman).
Central to the platform is ARTDECO, the platform’s cryptocurrency. By owning ARTDECO tokens, users can vote on proposals that affect the platform, moderate creators, and curate featured artwork.
ARTDECO is evolving towards a Decentralized Autonomous Organization (DAO), where all decision rights will belong to the platform users!
Artdeco is currently conducting a public sale of 10% of its Total Supply on Bounce Finance at the price of $0.0003.