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NFT: What are they, and how do you want to stay longer in the market?
Non-fungible "tokens" are positioned in so many ways to be perennial, that we will tell you some of them that you do not know
Ethereum since 2015 started a new market, not only to mine its cryptocurrency (ETH). If not also to create the high impact, unique and scarce technological business of digital art. The feedback that is generated infinitely between the platform, its token and the NFTs — with the help of the miners — tries to make the application stronger and stronger.
These various actions are of the utmost importance for a digital work to be irreproducible, and for the user who is interested in this product to be sure that by purchasing it, they will have the original work for themselves.
Remaining as an asset that does not wear out with use, because it is something not palpable; it cannot be ruined, stolen, broken, or made a copy that can take its place.
It is practically impossible to fake.
Remove the perennial fear that every art buyer: that the work that cost him so much to buy suffers an attack or has an accident.
Although NFTs have been around for a long time, many people still don't know or fully understand what it is. And in this article we are totally dedicated to explaining the world of this market.
What does NFT mean?
The expression NFT has its acronym for "Non-fungible tokens" or in Spanish, token or non-fungible asset.
The expression "Non-Fungible" is applied to a property owned that cannot be spent or ruined by use. Without any action being consumable at any time.
This word was not widely used before, until recently it was considered an outdated term, before it was positioned in technology in this way.
How can this happen?
It is the most frequently asked question, since an object that is physically present can undergo any type of modification over time. This is completely normal, and it is what we are used to because of our human growth. Well, things change if an object is protected within the screen of our computer or any of our devices, insured from any destructive external agent.
But there is still the doubt or fear of the digital asset that it could suffer a cyberattack.
Can the digital file undergo some kind of internal change?
To this is added being hacked or deleted from our computer, which usually generates a lot of concern if you read it without knowing more.
The truth is that both situations are totally unlikely, since everything is meticulously encrypted. This is basically encrypting the data in a file so that the content cannot be read with the naked eye.
It can only be decrypted with a code that only you can have when obtaining the asset, that is, this code is impossible to guess.
What is an NFT?
Non-fungible tokens are based on the HPFS (High performance file systems) file system from IBM and Microsoft.
It was mutually developed by both companies.
IBM (International Business Machines), in Spanish: International Business Machines, sells hardware and software for computers, taking adequate time to exploit the technology of other companies, renewing their systems and products.
Offering services of: consulting, infrastructure, and internet hosting.
For Microsoft, IBM was a good ally for a long time.
It is also necessary to emphasize, the influence that the HPS file format has had, designed by the apple company.
This was created for the explicit purpose of serving the OS / 2 operating system, to boost and enhance FAT files. They help process long numbers, security information, and metadata.
How Ethereum works
Its token (ETH) works as a unit created to give it a value determined by the same company for its own product. It is something very interesting, technically what they do is not be governed by an entity external to them –such as a bank, for example–, but rather be owners and controllers of everything related to their assets.
It is a power of monetary freedom, they designed their currency so as not to suffer the collapse of any other currency in the world.
If the token suffers an inflation they will be sure that it is their responsibility, not anyone else's. It makes its control and maintenance much easier.
Ethereum is the market for buying and selling non-fungible tokens, these digital assets can be: animated GIFs, video game elements, songs and works of art sold in millions of dollars, with the ETH currency.
It is for this currency that we can obtain or sell NFT, thanks to the flexibility of the smart contracts of the Ethereum system.
Knowing its value and capitalization in the market is one of the pieces of information that you must understand and constantly review when entering the business of non-fungible tokens.
Cost of an ETH and an NFT
Oddly enough, the monetary value of an ETH will depend on the market capitalization. Today it is ranked # 2 with a price tag of $3,604.45 per ETH.
But the price of the NFT will depend on the value that its creator wishes to place on it. It's not like saying: "GIFs cost 0.2 ETH" or "Artwork 1 ETH",
The price is fluctuating and nothing generic standalone if they look the same thing.
Do these assets really cost their value?
The value will also depend on how popular the product is, it is what usually happens with any object for sale. The more demand the more expensive.
It is nothing new, it is just one more market.
If you want that something that everyone wants you must be prepared to pay a high sum, because after all, this is still a game of chance.
You may have bought an NFT that is a good investment in the future, that you get what you paid for before, or simply be the opposite.
A bet where you could win and lose. Remember at all times that this is the way the cryptocurrency market works.
How are NFTs positioning themselves to last?
The first successful asset was Nyan Cat. An animated GIF that went viral in 2011. In 2016, it sold at an online auction for 300 ETH, today that would be more than $1,000,000.
At this time the use of NFT has been intensified in various games, applications, cards, videos and so on.
Some of these are: Crytokitties, NBA Top Shot, Superare, Axie infinity, Sorare, Dragonary. Among others.
Especially games have become very popular, it is currently considered the most fun way to earn NFT and therefore ETH.
Do not expect a faint wave of taste towards new ways of using NFTs, this has already been shown to position itself well in the market.
And now much fewer stops, since the programmers of the social network Instagram are looking to integrate non-expendable assets into it. Like a gallery of collectible artwork.
