What is NFT?

[Jollier]

Introduction
I was flipping through this Medusa today and noticed a very interesting text about the wife of everyone's favorite Martian. Usually, such loud headlines (about fabulous riches sucked out of my finger) perfectly trigger me to write various posts. You can already find out this fact by reading several posts from the # schemas series. In short, the topic of NFT is not exactly new - I heard about it a year ago, but then I didn't really delve into it. Now nfts are on the crypto market like CLubhouse on the stock market, so I think it will be useful for everyone to learn at least what these nfts are.

What is it?
Do you know what annoys me the most about this whole crypto movement? All the products that are created in this market, as if on purpose, are trying to confuse the average layman. It takes people weeks to understand the same blockchain and smart contracts, although in essence the technology is not that super complex. Nevertheless, in order to explain its meaning, you need to sweat quite a bit. It's the same story with NFT. These are non-interchangeable tokens. A unique coin with some information that doesn't look like any other coin. Understand?" Probably not. I explain it on my fingers.

What for?​

NFT is primarily a tool. A tool that gives any digital or even offline item unique properties. Imagine that you wrote a cool bit. But how do you indicate that you made it and that a particular version of the bit is the original one? What to do if, say, your work is mixed. This is where NFT comes to the rescue. You simply issue a token and link your work to it, thereby confirming the fact that this particular track is original and that you are the owner of it.

A freebie?
But as you might have guessed. No one cares about the deep thoughtfulness and limitless possibilities of this technology. People are only interested in easy profit and endless manipulation on the stock exchange. What we have now. Money literally comes out of nothing. Second-rate shit that can't even be called content sells for hundreds of thousands of dollars. Memes, gifs and other jokes are now gaining in price and are being traded on the stock exchange with the help of those very nfts. Is this a good thing or a bad thing?

P.S. The other day I plan to file another post about NFT in which I will share my personal thoughts on this technology. I also plan to write a couple of lines about smart contracts in the near future, so if you are interested in reading it, please unsubscribe in the comments.

 

[Jollier]

How will NFT kill the economy?

In a previous post, we learned what NFT is and what it is eaten with. For those who missed it, nfts are tokens that are linked to certain unique digital objects (for example, images, videos, and audio) and grant the token holder the right to own this object with the possibility of further sale. At the same time, this does not mean that digital objects can no longer be distributed for free after the release of NFT. So, so far, things are arranged as follows.

Let's say you have an NFT of a certain image from the Internet, such as a popular meme. You are, in fact, the sole owner of this meme and its first original copy. Yet your legally purchased meme is freely surfing the Internet and being shared by hundreds of thousands of people. And the most annoying thing is that you can't do anything about it, that's the way the Internet works. This, in my humble opinion, is the main drawback of NFT - it is simply useless.

So far, in my understanding, this is just a typewriter for printing money out of almost nothing, which in itself is a controversial phenomenon from the point of view of Economics. Now I will try to convey my idea to you. Here we have, for example, Tesla-a company that makes electric cars, that is, creates a certain value. It is obvious to everyone that the company's share price is too high, since Tesla simply does not show normal financial reports.

I just burn up with the fact that, for example, the first tweet of the head of Twitter is estimated at 2 lakh dollars. Of course, in the form of an NFT token. Tweet! And then what to do with it? Print it out and put it in a frame? So this, so, any of us can do just by taking a screenshot from Google. In short, I suggest that you take a look at the NFT rarible sales site yourself, evaluate the "art" presented there, and Express your authoritative opinion in the comments.

 

[Jollier]

Creating an NFT token​

Introduction
The process of creating NFT tokens is as simple as possible, but first you need to make sure that you really need a token, because it costs a lot of money.

STEP 1
Creating an Ethereum wallet is most convenient right in the browser. Nothing complicated here, I use MetaMask.

Step 2
Register for Opensea or Rarible. These are the two main platforms for creating and selling NFT tokens. In principle, there is no big difference between them, but I recommend Opensea, as It is generally friendlier for beginners and much cheaper than Rarible. In Opensea, you pay only once, for the first token placement, and in Rarible, among other things, you will need to pay a Commission for each transaction. The registration process itself takes place in a few clicks. You only need to enter the password for your ether wallet.

Step 3
The NFT creation process itself is completely free. First, click on Create collection and create a collection for our token (roughly speaking, a folder). Adding an image, name, and description. In parallel, you will need to sign all actions in the wallet.

Step 4
Adding the artwork itself. Just upload the required file and fill in its characteristics: name, description, additional link for review. As an additional feature, you can add "private content" - information that will only be displayed to the token owner. Click create and the token is ready!

Step 5
Sale. This is where the most unpleasant part begins. Putting up a token for sale costs quite a lot of money. The price can vary from $ 80 to $ 170, depending on the workload of the blockchain. The sales settings are also quite extensive. You can immediately set a fixed price, or create an auction.

Earning money
As you already understood, you will not be able to cut down money for free with a random image from the Internet. You simply won't take out the commission. So NFT is an option for selling something really valuable. According to the market, of course. The odds increase with your weight in society and the more popular you are, the higher your chances of profit. On these platforms, there is another nice option - accrual of royalties. You can set a percentage that will automatically accrue each time your token is re-sold.

That's it for me. If someone has already tried selling nfts on these platforms, please share your experience in the comments.