NFT

I often hear the word NFT these days, and even though I was aware that it was a new speculative product related to art works, I had no idea what it exactly meant.

This time, I would like to write about NFT by chewing it as much as possible.

What Is NFT?

As usual, when I looked it up in a dictionary, I found the following explanation.

NFT (Non-Fungible Token)

Digital data such as a certificate that proves digital data as “unique digital data” by authentication technology using blockchain. Basically, in the world of digital data that can be easily duplicated and tampered with, it has become possible to distinguish between copies and originals, and as a result, non-fungible (= irreplaceable) asset values ​​can be found in original data.

実用日本語表現辞典

I understand it somehow, but let’s dig a little deeper.

First of all, Fungible Token means something like cryptocurrency such as Bitcoin and Ethereum, and since it is not possible to distinguish between Bitcoin owned by Mr. A and Bitcoin owned by Mr. B, there is substitutability.

By adding Non to the Fungible Token, it became possible to distinguish it, that is, by eliminating the substitutability, it seems that NFT has become able to own something unique digitally.

In the past, digital data was not considered to have asset value like actual paintings and jewels because it can be easily copied and tampered with, but NFTs give digital data a unique value.

It seems that NFTs basically use the Ethereum blockchain, and this technology gives individual digital data an identifiable code so that each NFT can be identified as unique.

Blockchain including Ethereum records transactions executed on communication in “block” and manages it in a form shared by each user, and since users share all transaction history, even if someone edits the data, you can easily find the fraud and it can be said that the data cannot be tampered with.

In addition, the NFT created uses blockchain technology to record the creator of the NFT to prove that the digital data is genuine, to record the purchaser of the NFT to reveal the ownership, and so on. It is possible to record various information.

How to Sell NFT

Recently, news about NFT art works is increasing, such as NFT works of unknown artists sold in millions dollars, and companies with famous character rights have converted characters to NFT.

So, how do you actually list and sell NFT artwork?

First of all, it is necessary to create an art work, but it seems that this can be done by selling digital art works to NFT market places, such as Coincheck NFT, OpenSea, and Rarible.

To sell at a market place, you basically need Ethereum, and you need a wallet of virtual currency to manage it.

Once the Wallet and NFT markets have been linked, digital art works will finally be available for sale in the market.

The sales method depends on the sales office, but it seems that OpenSea allows you to sell NFT art works at a fixed price or sell them by auction.

Postscript

This time, I briefly introduced NFT, but how was it?

If you have a digital art work, why not try selling it once using the auction function?