Today, I reached a milestone in my new quest of exploring the crypto-world. Today, is 4 months since I've started this new adventure. Daily, when I had some spare time, I was researching about crypto: the Internet was my partner "in crime", but many answers to my questions came from my friend, Paul, whom I need to thank for all his patience and not just that.
When I was thinking that I started to understand a small part of what crypto and blockchain mean, I discovered NFTs or Nonfungible tokens. So, my first source of research was Nonfungible Tokens - The Quick Guide where I could find many interesting things about this new topic.
I've learnt that besides Bitcoin and other crypto-currencies, there are many other types of digital assets that exist and are worth exploring. So far, my world levitated just around crypto-currencies, but now I've discovered the NFTs and it's not just me: millions of people are dealing, in one way or another, with NFTs.
What I liked the most while reading the Quick Guide is that
exciting use cases for non-fungible tokens (NFTs) are cropping up all the time - and they're even being touted as the future of the gaming industry, the art industry and even, in some cases, the real estate business!
What are NFTs?
Basically, an NFT is something that replaces something else, but it still has the same value as the item it previously replaced. But, unlike many other things that are comprised of a multitude of identical units or elements, each NFT is unique. Bitcoin, for example, is comprised of almost 19 million identical units (coins).
NFTs have individual characteristics that set them apart.
One of the most important lessons that I learnt is about the difference between a regular crypto-currency and an NFT. The later has three things that make it different:
1. Is unique
Deep inside a non-fungible token, metadata describes what makes this asset different from all the rest. This is a permanent, unalterable that describes what this NFT represents - almost like the certificate of authenticity that you would get with a rare painting.
2. Is rare
Scarcity is an important ingredient in the recipe that makes NFTs so attractive. While developers have the freedom to generate an infinite supply of certain assets, they also have the power to limit the number of rare, desirable items in existence.
3. Is indivisible
For the most part, NFTs cannot be split into smaller denominations - they can only be bought, sold and held whole. Remember the rules of non-fungibility: you can't purchase 10% of a plane ticket or collect 50% of a baseball card.
An NFT can be many things: crypto collectibles, digital artwork, a ticket to an event, an in-game item, an item in a virtual universe or a real-world asset. On the above mentioned website, there is even a nice test and if you answer correctly you will get even more explanations.
NFTs are also nice and interesting because nobody can steal them from you, unlike many other crypto-currencies that can be hacked, are transferable and are authentic, this means that you cannot have counterfeits.
One of the questions that arise when talking about such subjects, is if this can make you rich. The answer is simple: YES! You need luck too. For example, I've read that an NFT has been sold with $170.000.
Going back to the ways that non-fungible tokens can be used:
1. Art
Digital artists can have a nightmare protecting their copyright — and it can be difficult for talented creators to make a living. Through NFTs, someone can buy a creation and proudly showcase it in a virtual space, with blockchain offering proof of ownership. Artists can get a bigger cut of the payment, too... and even portion out a residual profit from future sales, to create a recurring revenue stream.
2. Collectibles
NFTs are being used to create entirely new types of collectibles — it’s even possible to buy tokenized versions of your favorite celebrities or sports stars. These tokens are also dragging traditional collectors’ items into the 21st century, such as baseball cards, coins, and stamps.
3. Gaming
Selling rare weapons and skins is currently prohibited by many popular titles such as Fortnite. It can also be near impossible to use these assets in other games, too. With NFTs, coveted items can be easily transferable — solving one of the biggest annoyances that avid gamers face.
4. Virtual assets
The Ethereum Name Service — which offers .ETH domains — has turned each of these domain names into non?fungible tokens so they can be bought and sold, while Unstoppable Domains has done the same for .crypto addresses. Other platforms such as Decentraland and Cryptovoxels allow you to buy plots of virtual land.
5. Real-world assets
Work in this space is at an early stage, but it’s possible to tokenize real-world assets like property, with NFTs being used to prove that someone owns a piece of land.
6. Identity
We all have attributes about ourselves that are completely unique — ranging from our appearance to our education qualifications and medical histories. NFTs could digitize all of this, and give us greater control over our data.
How did I start colleting NFTs?
Paul explained me why this new path of my crypto-experience is worth to follow so I've started to follow Robertoit and I won my first NFT following a Giveaway!
After that, I got another one bonus.
I started to like this collecting activity, so, after exploring more, I found some users that shared their work and I could claim 3 free cards.
I would say that my today's experience with NFTs is worth of the time I invested. It reminds me of my childhood when I was collecting stickers from the chewing gum.
My successful faucets!
PipeFlare & Hive ZCash - ZEC with tier 4 referral program
FreeCryptos: (DASH), (TRX), (ETH), (Cardano), (BNB), (LINK), (NEO), (LTC) & (BTC)
Free-Litecoin
Stakecube (over 20 single click faucets per day)
Coinbase easy $10
