In short, a blockchain is a database containing information about the purchase and sale of a digital item, whether it be one NFT digital token or one Ethereum. It is incredibly difficult to fake or change this data, but access to this information is open, so anyone can use it to confirm the authenticity of a digital item.
“This is a digital certificate of authenticity that proves the origin of an item, reveals who the creator was, when the auction took place and the history of the transaction,” explains the founder of the Museum of Crypto Art Colborne Bell.
Participants’ obligations are spelled out in a smart contract (an algorithm that automatically monitors and enforces obligations). Thanks to a smart contract and distributed storage, information about a non-fungible token and its owner is always available and reliable.
The parties conclude an agreement on the blockchain, the execution of which is completely controlled by the algorithm. It spelled out obligations in the “if-then” format, and the transaction occurs automatically when all the specified conditions are met. The code in which these conditions are spelled out is the smart contract. It can involve two or more participants, they can be both individuals and entire nft marketplace development services.
How to get the safe benefit of a new trend
The first to appreciate the benefits of the new technology were creative people, primarily designers. First, tokens allow works to be digitalized. The author confirms the rights to the image, video or track he created and gets the opportunity to earn money by selling NFT tokens. In addition, if, after the sale, the buyer resells the property to the new owner, the author will receive royalties. Thus, with the help of the popular token, you can provide yourself with passive income.
The question of how to make money on NFT is of interest not only to authors, but also to buyers. There are several ways:
- Purchase NFT from a media person or a famous artist and wait for the asset to rise in price in order to resell it.
- Buy tokens and immediately resell them for Ethereum e-currency at a higher price. Suitable for those who are ready to promote their NFTs in the communities of cryptocurrency owners on Discord, Telegram and Reddit.
- Build a basket from NFT in the same way as a basket of securities and receive dividends.
Where is it safe to buy NFT
NFT token transactions take place on specialized marketplaces, most of which are located on the Ethereum blockchain supply chain development service. There are quite a few of them, but not all of them can be trusted. Among the trusted sites: Opensea, Rarible, Nifty Gateway, NBA Top Shot, SuperRare, CryptoPunks.
In parallel, the Free TON blockchain platform is actively developing. The NFT-marketplace Grandbazar, which operates on the TON electronic currency, has recently been launched. What is its peculiarity? This is the first platform where you can create, buy and sell NFT tokens for the TON cryptocurrency. All operations take place in the user’s wallet (TON Token Wallet), through smart contracts, without direct interaction with the marketplace. After a user signs up through a Google or GitHub account and connects the TON e-wallet, he can start transactions with NFT tokens. The platform interface is intuitive and suitable for both beginners and pros.
There are differences between sites. For example, Rarible and OpenSea allow anyone to register. However, many marketplaces have face control and need invites that are difficult for beginners to get.
