What is NFT, what does it do?

NFT is one of the most interesting digital data in recent years. NFT, whose application is very different from traditional cryptocurrencies, is a concept that can be of interest to many professions in the digital environment.

With the concept, which has been making its way since 2015, you can improve your existing digital assets or acquire new collections for yourself. To understand it all in detail, let's take a look at what NFT is, how you can benefit from it, applications of NFT and some examples.

What is NFT?

NFT stands for "non-fungible token". In Turkish, this word can be translated as "non-fungible token" or "non-fungible money". NFT is essentially cryptocurrency. But in this definition, money can be any asset that has a value beyond the definitions we know. In other words, an NFT is a digital asset that has value and can be redeemed. Assets that can be considered NFT can be artwork, videos, tweets, websites, images, stories created on social media, etc. All of these digital assets can be NFTs if they meet the necessary conditions.

We can also define NMT as a reflection of an asset that can have collectible value under normal conditions in the digital world. For example, business cards and soccer cards, which were very popular and collectible in the 1990s, might be good examples of such assets. The difference between NFTs and digital currencies is that all NFTs are structured differently. This characteristic makes them unique and unchangeable.

What do NFTs do?

NFTs exist on a blockchain just like other cryptocurrencies. In other words, NFTs are entirely digital assets. So what does an NFT do in this case? One can think of NFTs in the following way: just as cryptocurrencies or bitcoins have a monetary equivalent, NFTs also have analogs created in a digital environment. This could be an art form, a photograph, a work of literature, and more. The value of NFTs comes from their uniqueness. Therefore, when you buy an NFT, you own a digital asset that no one else has. Owning an NFT can be thought of as obtaining the original code in a digital environment.

How is NFT used?

NFT is created using the ERC-721 standard, which is an Ethereum-compliant code generally created by the creators of CryptoKitties. In addition, another standard, ERC-1155, was recently developed. This new standard also opens up new possibilities for collaboration. This means that NFT blockchain, which is a unique asset, is compatible with each other and can be easily transferred between different applications.

The first Ethereum-based NFTs appeared around 2015. CryptoKitties, meanwhile, made a name for itself in 2017 with its immutable token technology. Since then, the NFT sector has grown rapidly. NFT, which can also be called an immutable token, can be traded on trading platforms such as OpenSea, Nifty Gateway and SuperRare.

When you want to store your NFTs and build a collection, you can use wallet apps like Trust Wallet. That way, your NFT and other blockchain tokens you use are at a specific address. In addition, NFTs cannot be copied or transferred without the owner's permission.

The areas in which NFTs can be used are as follows:

1. Gambling,
2. CryptoKitties world,
3. Digital Art,
4. Various other applications.

Examples of domestic and foreign NMTs

The work of Beeple, a digital artist, is a combination of several of his works. Beeple, who has long shared artwork on his Instagram account, is one of the pioneers of NFT recognition. Mesut Ozil's drawings of "Future Boots and Soccer Jerseys" are also among the works sold by the NFT. The Associated Press, an international news agency based in the U.S., also made NFT history as the first news organization to sell to NFT.

Conclusion

Finally, in addition to these NFT-related activities, there are examples of projects. Here are some NFT projects:

CryptoCrystal: is a cryptocurrency mining game. The game features Bitcoin or Ethereum-style mining. Users of the game mine crystals by buying coins from a company called pico.