Non Fungible Token (NFT)

Here is a non technical article on NFT which serves as an introduction to the NFT topic.
NFT properties

  • Each token is unique
  • Cannot be replaced
  • Cannot be subdivided

For example, a plane ticket is unique — it specifies a specific seat, on a particular flight, at a specific time.

NFTs enable owners of a unique item to prove their ownership and the authenticity of an item.

NFTs live on a distributed ledger (DLT) within an associated account. The original creators of the NFT control the private key of that account where the NFT lives, and they are free to transfer that NFT to any account.

The buyer of the NFT owns a “token” that proves they own the “original” work.

NFT use cases

  • Digital art
  • Collectibles
  • Tweet
  • Video
  • Music
  • Gaming
  • Sports footage, NBA top shot
  • Watch, Breitling
  • Movie tickets
  • Stimulus check ??

NFT market distribution (2020)

Source: https://art.art/wp-content/uploads/2021/03/NFT-YEARLY-REPORT-2020.pdf

Blockchain support

  • Onflow blockchain

NBA Top shot

https://www.onflow.org/post/nba-top-shot-showcases-the-new-benchmark-for-cool

  • Ethereum blockchain

ERC721, ERC1155

  • Tron blockchain (TRC 721 )

Paris Hilton launching her NFT on Tron

https://en.cryptonomist.ch/2021/03/17/paris-hilton-nfts-on-tron/

  • Tezos Blockchain (tzNFT)
  • EOS blockchain

https://en.cryptonomist.ch/2020/06/27/guide-create-nft-on-eos/

  • Binance Smart chain

NFT on Ethereum

Implementation of NFT on Ethereum

  • Cryptokitties

Link for cryptokitties’ ERC721 NFT token contract deployment on ethereum :

https://etherscan.io/token/0x06012c8cf97bead5deae237070f9587f8e7a266d

White Paper:

Create a NFT

a good tutorial of how to turn a digital artwork into NFT

NFT Marketplace (as of April 2021)

https://opensea.io/

https://rarible.com/

https://marketplace.axieinfinity.com

https://wax.atomichub.io/

https://foundation.app/

https://app.refinable.com/

Caveat

  • Trust issue:

anyone can create NFT based on digital items generated by other people.

  • Content :

a creator may mint different NFT’s for the same digital asset by making indistinguishable duplicates, such as with varying types of file (mp3 vs. mp4, png vs. jpeg, etc.)

Engineer