ᐅ NFT tokens: what they are and how to ⚡ use non-fungible assets

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Non-fungible tokens NFT – what are they?

Non-fungible tokens NFT – what are they?

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Блокчейн позволяет не только проводить различные транзакции, но и создавать предметы искусства. С недавнего времени любые произведения творчества могут быть оцифрованы и навечно размещены в блокчейне. Музыка, изображения и видеозаписи смогут там существовать, пока не исчезнет сам Интернет. Детальнее оценим NFT-технологию далее.

Blockchain allows not only various transactions but also the creation of art pieces. Recently, any creative works can be digitized and permanently placed on the blockchain. Music, images, and videos can exist there as long as the Internet itself exists. Let's evaluate NFT technology in more detail below.

What are NFT tokens for

NFT or non-fungible tokens — are unique digital keys created on the blockchain network. They confirm ownership of a specific digital asset — a track, image, video, or gif animation. Such a token secures ownership rights, with information stored openly on special blockchain platforms. No user can modify the token or dispute ownership.

A significant disadvantage of NFTs is the lack of regulations governing ownership of virtual tokens. However, several countries have already begun developing legislation in this area.

What can be done with such a token

You can create a token using a special platform. Simply open the website and specify the path to the file on your computer, then a unique token will be created. This service is paid. The owner has the following powers regarding the token:

own and generally dispose of it at their discretion;
buy and resell;
gift tokens.

It's worth noting that other people can listen to the track from your token or watch the video. You own the original — others are using only copies.

Why tokens are sold and what can be purchased

This idea came from games where users can collect items. NFTs gained popularity for the following reasons:

the trend of blockchain technologies;
in the future, original owners will be able to receive royalties from the sale of electronic copies or usage permissions, just like token creators;
high value of NFTs on exchanges, as it is assumed that people will spend most of their time in metaverses where they will need various items.

What tokenized goods can be purchased now:

art pieces;
game characters and their items;
domain addresses;
metaverses;
tags and words.

The future of the technology remains unclear. An NFT token stores only a short key or serial number. Storing video on the blockchain is prohibitively expensive, so the digitized art piece itself is stored on a random web server.