What are the application scenarios of fanatical NFT? How to achieve it with technology?

 

In the past few weeks, you may have imagined the reasons behind the high value of these digital images. NFT is a unique entity and cannot be replaced by other things. These tokens are a unit of data on the blockchain, and each NFT represents a unique digital item. It has gained a place among artists, game developers, and other professionals who deal with the author's work . This concept is also useful for other problems. We introduce you to some of the possibilities of this technology and how to apply your own NFT.

Stimulus

After reading the news that Grimes received millions of dollars or Nyan Cat was sold, you may have imagined the reasons behind the value of these digital images. We have seen several news articles explaining what NFT is. What few people have discussed is that this technology is more than just swapping digital images for large amounts of Ethereum .

NFT can represent digital files, such as art, audio, video, props in video games, and other forms of creative works . They are a unit of data on the blockchain, and each NFT represents a unique digital item. This concept is useful for several practical problems.

The main advantage of this technology is to ensure authenticity, and this does not mean additional costs or the need for a regulatory agency . NFTs can help solve existing intellectual property issues. Not only that, they can also generate income for parts that are difficult to control ownership today. In this article, we will introduce you to the possibilities of this technique and how to apply your own NFT.

NFTs

In September 2020, artist Matt Kane sold a piece of art for $100,422. This was almost impossible to make news, but because of the right time and place, this event attracted attention because it became the first encrypted art creation that crossed the $100,000 barrier. Each NFT is a unique token on the blockchain. Most NFTs are implemented based on Ethereum, but this is not required .

Ethereum is a decentralized platform that can execute smart contracts and decentralized applications using blockchain technology. They are in full accordance with application programming work, without any review, the possibility of fraud or interference of a third party, because the contract can not be changed .

Generally, these NTFs use the same token structure. The ERC-721 standard is a token created for the Ethereum network under its smart contract standard. This model aims to create interchangeable tokens, but has unique and irreplaceable characteristics.

NFT is a unique entity and cannot be replaced by other things . For example, a unique trading card is non-homogeneous. If you replace it with another card, you will have something completely different. NFTs can be any number of things, but now many exciting things around using the technology to sell digital art .

Encryption art

Cryptographic art is a term used to distinguish all artworks sold on the blockchain. NFTs caused a huge sensation in the art world . An artist named Beeple recently sold an NFT for $69 million, and in the sports world, the NBA-licensed Top Shot card has generated total sales of $230 million.

You can copy a digital file as you like, including the art contained in the NFT. But NFT is designed to give you something that you cannot copy: ownership of the work . The important thing is that artists can still retain copyright and reproduction rights, just like physical works of art. From the perspective of physical art collection. Anyone can buy Monet's prints. But only one person can have the original . In addition to the content stipulated in the contract, you can of course also enjoy the fun of the work in your encrypted asset portfolio for anyone to watch. It's like having an art gallery in your pocket. This can be said to be very valuable for collectors.

For digital artists, the appeal of using blockchain lies in the simplicity of ownership . Cryptographic art is more secure under the threat of copyists than anything else published on the Internet. One can easily record a video or screenshot an image and proudly display the copy on their desktop. But with NFT, the owner purchases a verified token and provides digital evidence that the artwork is theirs. It's kind of like an artist's signature. The idea is to provide a certain degree of authenticity, and this authenticity is naturally given to physical art .

Outside the art world

Any NFT is just a digital souvenir, no more, no less. In this case, NFT is a digital souvenir on a valuable platform. It can work like other speculative assets. You buy it and hope that one day its value will rise so that you can sell it for a profit. Technically, any number can be sold as an NFT. International DJ deadmau5 has sold digital animation stickers. There have been some attempts to associate NFT with real-world objects, usually as a verification method. Nike has applied for a patent for a method of using the NFT system to verify the authenticity of sports shoes, which it calls CryptoKicks .

One of the most interesting aspects of NFTs is how they are used in games. There are already games that let you use NFTs as props. One game even sold virtual land as NFTs. There is an opportunity for players to buy a unique in-game gun or helmet or something as NFT, which will be a flexibility that most people can appreciate.

Another use that is becoming popular is in the music industry. Kings of Leon released a new album, which includes the NFT version, which has certain exclusive benefits, such as privileged locations for live performances, special albums, and different arts. These tokens will be sold for two weeks, and then become collectibles, and their owners can trade. Anyone can hear the band’s hit songs, but only buyers will have the original files.

Try it yourself

Now we introduce to you a solution for creating NFT using standard ERC-721. For this, we need to write code in Solidity. This is an object-oriented programming language for writing smart contracts . It is used to implement smart contracts on various blockchain platforms, the most famous being Ethereum. We created a file containing the interface of this token model. This is the interface of our token. The main difference about homogenized tokens is that each token has a unique ID.

In the next document, we will create a product ownership structure. Modifiers are used to change the behavior of the function. This contract is a statement modifier sole owner , it checks whether the contract with the interaction of the account is the owner of a specific product. If the condition is not met, the required function will throw an exception.

The NFT interface has the methods and events that our tokens must implement, the ProductFactory has a data structure and the function of creating new products, and the ProductOwnership contract implements the methods of the NFT interface.

Summarize

NFT is a boom, it has already occupied the elite of Silicon Valley . Its biggest difference is that it can become a unique entity that cannot be replaced by other things . They can be used to represent digital files, such as art, audio, video, props in video games, and other forms of creative works. Using the ERC-721 standard, we propose an application method to create your own NFT. Now you just need to imagine new possibilities for use.