Non-fungible tokens
NFT is an acronym shared by 'Newfoundland Time', 'National Film Theater' and the fungal sounding 'non-fungible token'. It can also to be the perfect acronym for 'non-fungal toes' although it is not used for those. NCT could have been used for 'non-commutable token' but I was not around to suggest it when 'NFT' was coined.
Tokenized representations of possessions on the Ethereum blockchain has revolutionized the way we classify and prove ownership of tangible and non-tangible objects.
Non-fungible tokens aka NFTs are the novel way to represent ownership of unique collectibles, art, music, or anything that can be tokenized. I happen to own 2.01536985 XREI which are tokens that represent real-estate.
An NFT record on the Ethereum blockchain is impervious to theft and copy pasting and is an ideal method of proving rarity as well as ownership.
NFT's are not the same as the representation of Ethereum on the blockchain and are not directly interchangeable as Ethereum is. Each NFT has an easily verifiable owner.
All files on the internet will eventually be tokenized making it impossible to copy art, music or anything that is up for grabs now. The tokenization of items is not limited only to digital media, domain names, gaming content and investments. Even physical things such as real-estate property are becoming tokenized. See the REITIS website for more info.
NFT backed loans are already a reality. It is now possible to procure a loan using NFTs as collateral. A lender is protected in the event the borrower does not come through. Collateral is automatically returned if the borrower defaults on arranged payment.
It seems that exchanges are already working on fractional NFTs which will open the possibilities of being a shareholder of a single item.
My NFTs at Mintable.App
It is beyond the scope of this article to explain the NFT creation procedures but I may write a guide for that if there is enough interest.
I wrote hundreds of poems for my wife and surprised her with over a thousand roses. A heart-themed animation accompanied every poem that was written for my current wife over the last 10 years. The animations generally took much more time than the poetry.
I decided to go with Mintable after discovering they had a gasless option in the store and minted about 42 NCTs 'non commutable token' better known as NFTs.
Feel free to check out all my NFTs by clicking the individual images or click Mintable.app to see over 40 NFTs recently added.
Here are a few of the minted animated images created and added to the gasless store:
Eternally
Golden Rust
Jalzica
December Rain
So Far Away
Zvezdjana
You Traded All Your Love Away
Though Far Away
Soon Comes The Day
I Will Be There
Without Reason Or Rhyme
Publish0x internal links
How It Works contains a list of other important resources. including Publish0x User Account Reference Guide.
See my NFT collectibles
