What is NFT?
Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.
Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions.
Simply put, an NFT is a digital asset that can come in the form of art, music, in-game items, videos, and more. They are bought and sold online, frequently with cryptocurrencies, and they are generally encoded with the same underlying software as many cryptos.
When was the first NFT created?
On May 3, 2014, digital artist Kevin McCoy made ‘Quantum’ on the Namecoin blockchain. It is represented by a digital image of a pixelated octagon that changes color and pulsates.
After a lot of experimentation on top of the Bitcoin blockchain, developers eventually conceded that Bitcoin isn’t ideal for supporting NFTs and moved on to create Ethereum—a new type of blockchain that set the stage for the NFT explosion that followed.
How do NFTs Work?
NFTs are created through a process called minting in which the information of the NFT is published on a blockchain. At a high-level, the minting process entails a new block being created, the information of the NFT being validated by a validator, and the information being recorded. This minting process often entails incorporating smart contracts that assign ownership and manage the transferability of the NFT.
As tokens are minted, they are assigned a unique identifier directly linked to one blockchain address. Each token has an owner, and the ownership information (i.e. the address in which the minted token resides) is publicly available. Even if 5,000 NFTs of the same exact item are minted (i.e. general admission tickets to a music festival), each of the tickets has a unique identifier and can be distinguished from one another.
Differences between crypto and NFT
Like physical money, cryptocurrencies are usually fungible from a financial perspective, meaning that they can be traded or exchanged, one for another. For example, one bitcoin is always equal in value to another bitcoin on a given exchange, just like how every dollar bill of U.S. currency has an implicit exchange value of $1. This fungibility characteristic makes cryptocurrencies suitable as a secure medium of transaction in the digital economy.
However, because of blockchain’s ability to store and publicly communicate transaction history, not every token or coin of a given cryptocurrency is the same. For example, people may pay a premium for owning a bitcoin that was previously owned by Elon Musk or a coin that had never been traded before. Similar to how a 1944 U.S. steel wheat penny is only worth $0.01, collectors are willing to pay much more for something unique.
For this reasons, NFTs shift the crypto paradigm by making each token unique and irreplaceable, thereby making it impossible for one non-fungible token to be equal to another. They are digital representations of assets and have been likened to digital passports because each token contains a unique, non-transferable identity to distinguish it from other tokens. They are also extensible, meaning you can combine one NFT with another to “breed” a third, unique NFT.
Why are NFTs Important?
Non-fungible tokens are an evolution of the relatively simple concept of cryptocurrencies. Modern finance systems consist of sophisticated trading and loan systems for different asset types, ranging from real estate to lending contracts to artwork. By enabling digital representations of physical assets, NFTs are a step forward in the reinvention of this infrastructure.
To be sure, the idea of digital representations of physical assets is not novel nor is the use of unique identification. However, when these concepts are combined with the benefits of a tamper-resistant blockchain of smart contracts, they become a potent force for change.
Perhaps, the most obvious benefit of NFTs is market efficiency. The conversion of a physical asset into a digital one streamlines processes and removes intermediaries. NFTs representing digital or physical artwork on a blockchain remove the need for agents and allow artists to connect directly with their audiences. They can also improve business processes. For example, an NFT for a wine bottle will make it easier for different actors in a supply chain to interact with it and help track its provenance, production, and sale through the entire process. Consulting firm Ernst & Young has already developed such a solution for one of its clients.
Non-fungible tokens are also excellent for identity management. Consider the case of physical passports that need to be produced at every entry and exit point. By converting individual passports into NFTs, each with its own unique identifying characteristics, it is possible to streamline the entry and exit processes for jurisdictions. Expanding this use case, NFTs can serve an identity management purpose within the digital realm as well.
How to Buy NFTs
If you’re keen to start your own NFT collection, you’ll need to acquire some key items:
First, you’ll need to get a digital wallet that allows you to store NFTs and cryptocurrencies. You’ll likely need to purchase some cryptocurrency, like Ether, depending on what currencies your NFT provider accepts. You can buy crypto using a credit card on platforms like Coinbase, Kraken, eToro and even PayPal and Robinhood now. You’ll then be able to move it from the exchange to your wallet of choice.
You’ll want to keep fees in mind as you research options. Most exchanges charge at least a percentage of your transaction when you buy crypto.
—
References: Investopedia, meetdapper and Forbes
A decade after Kyoto University biologist Shinya Yamanaka was awarded a shared Nobel Prize for discovering a cocktail of proteins that reprogram adult cells into versatile stem cells, two teams argue that the proteins can turn back the clock for entire organisms, perhaps one day humans, by reprogramming adult cells into versatile stem cells.
A nine-person jury was seated Tuesday to hear whether Tesla CEO Elon Musk defrauded investors by claiming in 2018 tweets that he had secured financing to take the electric automaker private. In the case of Tesla, Musk’s tweets fueled a stock price rally that abruptly ended a week later when it became clear that Musk did not have the funding for a buyout after all.
Tômtex- a company owned by a Vietnamese turns seafood shells and coffee grounds into garment leather
Tômtex, a flexible bio-material created by Vietnamese designer Uyen Tran from seafood waste, is a substitute to leather that can be embossed with a variety of designs. The word “Tôm” in its name, which in Vietnamese means “shrimp,” alludes to the leftover food that is combined with coffee grounds to make the textile.
According to reports, Vall-E, a new language model from Microsoft, can mimic any voice using only a three-second sample
Shopee Express won The Best Delivery Application award at the recent Vnexpress Newspaper’s Tech Awards 2022, beating out other nominees like Giao Hang Nhanh, Giao Hang Tiet Kiem, Lazada Logistics, and Ninja Van.
The company that owns Uniqlo, Fast Retailing Co, announced on Wednesday that it would increase yearly pay for full-time workers in Japan by up to 40% in an effort to retain and inspire personnel as the nation deals with the fastest-pacing inflation in decades.
Goldman Sachs has just published its “Global Economics Paper: The Path to 2075 — Slower Global Growth, But Convergence Remains Intact” which reveals the organization’s projections on the global economy’s major themes and EM and DM growth to 2075.
The effects that ChatGPT has had on us seem to be continuing to grow and develop in more intriguing ways every day. Tarry Singh, CEO of Deepkapha AI Lab and an AI researcher, recently shared his findings on the several apps that used ChatGPT to simplify our lives.
The Tesla and Twitter CEO lost so much of his fortune in the last year that Guinness World Records recognized him the person with the “largest loss of personal fortune in history.
Son Doong Cave in Vietnam, known as one of the largest caves in the world and for its unique beauty, has been selected as one of the most incredible caves in the world by The Travel a Canadian Magazine-.
-
Cultural differences between the East and the West
-
Vietnam received recognition in the 29th World Travel Awards in numerous categories
-
Vietnamese dishes that fascinate foreigners
-
First NFT vending machine in the world is now operational in New York
-
The LEGO Group today began construction on a new $1 billion factory in Binh Duong, Vietnam
-
19 DeFi Startups To Watch

Google followed Microsoft’s announcement of a 10000 employee layoff with a 12000 employee layoff

Casio’s stock price plummeted after announcing the brand’s partnership with Gérard Pique

Google followed Microsoft’s announcement of a 10000 employee layoff with a 12000 employee layoff

Two research teams reverse the signs of aging in mice, raising the hope for similar results in humans.

Most popular Christmas sweets in the world

American Thanksgiving traditions and festivities

Son Doong Cave in Vietnam was selected by The Travel as one of the Top 10 Most Incredible Caves in the World

Things you should know when visiting Sapa, Vietnam

Vietnam’s Tech Awards 2022: Shopee Express won The Best Delivery App award while Lazada was recognized as The Best E-commerce Platform in 2022

Uniqlo owner increases pay in Japan up to 40%

Talks with Leaders, Ep8: 1st AI Doctor Assistant in Vietnam provides 90+% correct diagnosis within 5s

Talks with Leaders, Special episode: Blockchain meets Metaverse, featuring business leaders, investors, tech experts and global influencers

This innovative AI can imitate your voice of any tones and emotions using just three seconds of your audio.

Google followed Microsoft’s announcement of a 10000 employee layoff with a 12000 employee layoff

Nike has unveiled “.Swoosh”, a new web3 platform to sell NFT-based products and virtual clothing

Polygon claims 2022 a “Breakout Year” and predicts major trends for 2023

The crypto lender Genesis Global Capital is in danger of going bankrupt. The crypto market is waiting in fear for another dump.

Son Doong Cave in Vietnam was selected by The Travel as one of the Top 10 Most Incredible Caves in the World

Tômtex- a company owned by a Vietnamese turns seafood shells and coffee grounds into garment leather

Estée Lauder- the story and philosophy behind the success of a leading beauty brand

Is OEM advertising the next disruptive solution that helps businesses win customers?

Estée Lauder- the story and philosophy behind the success of a leading beauty brand

Most popular Christmas sweets in the world

American Thanksgiving traditions and festivities

Vietnam’s Tech Awards 2022: Shopee Express won The Best Delivery App award while Lazada was recognized as The Best E-commerce Platform in 2022

Uniqlo owner increases pay in Japan up to 40%
- Google followed Microsoft’s announcement of a 10000 employee layoff with a 12000 employee layoff - January 21, 2023
- Casio’s stock price plummeted after announcing the brand’s partnership with Gérard Pique - January 19, 2023
- Two research teams reverse the signs of aging in mice, raising the hope for similar results in humans. - January 19, 2023