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Non-fungibol tokens(NFT)

  • Na one way wey yu fit reprisent anytin wey dey unik as Ethereum-based asset.
  • NFTs dey give more pawa to kontent kreators pass any taim bifor.
  • Na smart contracts on top of Ethereum blockchain dey give di pawa.
Eth logo wey wi dey yus hologram show.

What are NFTs?

NFTs na tokens wey ish dey unik on im own. Ish NFT get im own difren propatis (non-fungibol) and e dey very skarse. E dey difren from tokens such as ERC-20s wey be say evry token wey dey one set dey look di same den kom folow get di same propatis ('fungibol'). Yu nor dey kare for wich partikular dollar bill yu get for yor wallet, bikos dem bi di same tin and dem get di same worth. Anyhow e bi, yudey kare for wich spesifik NFT yu get, bikos dem bi pesina propatis wey make dem fit stand out from odas (''non-fungibol).

Di unikness wey ish NFT karry dey enabol make dem fit get yus token do tins like art, kollectibols, abi even real estate, wia one spesifik unik NFT reprisent some spesifik unik real world abi digital item. Ownaship of tins dey sekure by di Ethereum blockchain - norbody fit shange di rekord of ownaship abi kopy/paste a new NFT to existens.

Intanet wit difren assets

NFTs and Ethereum dey solve some palava wey dey di intanet today. As evrytin dey turn digital di more, e dey impotant to replikate di propatis of fisika items like skarsity, unikness, and pruf of ownaship. for way wey one sentral organizashon nor fit kontrol. For eksampol, wit NFTs, yu fit own muzik mp3 wey nor dey spesifik to one kompany's spesifik muzik app, abi yu fit own soshial media handol wey yu fit sell abi swap, but nor fit dey komot from yu by platform provida.

Si as intanet of NFTs dey compia to di intanet wey plenti of us dey yus today...

One kain komparison

One NFT intanetDi intanet tuday
Na yu get yor own assests! Na only yu fit sell abi swap dem.Yu go rent asset from one organizashon.
NFTs dey digitally unik, nor two NFTs dey di same.Yu nor fit distinguish one kopy of entity from di original.
Ownaship of NFT dey store for di blockchain for anyone to verify.Ownaship rekords of digital items dey store for servers wey institushons dey kontrol - yu supose biliv dia word for am.
NFTs na smart contracts on Ethereum. E mean say wi fit yu dem izy for oda smart contracts and apps on Ethereum!Companis wey get digital items usually rikwaya dem own "walled garden" infrastructure.
Kontent kreators fit sell dem work anywia and dem fit enta one global market.Kreators dey dipend on di infrastructure and distribushon wey di platfoms wey dem yus provide for dem. Dis platfoms dey always subjet to terms of yus and geographical restricshons.
NFT kreators fit retain ownaship rite ova dem own work, and program royaltis directly into di NFT contract.Platforms, like muzik streaming savis, dey kip di majority of profits from sales wey dem make.

Hau NFTs dey work?

Like any token issue on Ethereum, NFTs dey issue by smart contract. Di smart contract dey folow one of several NFT standads (normally ERC-721 abi ERC-1155) wey define di funshon wey di contract get. Di contract fit make ('mint') NFTs and give dem to one spesifik owna. Ownaship dey define for di contract by mappin spesifik NFTs to spesifik address. Di NFT get one ID and metadata normally wey join wit am, and dis one make Di spesifik token dey konfam.

Wen pesin kreate abi mint one NFT, e mean say dem dey do one funshon inside di smart contract wey go assign one spesifik NFT to dia address. Dis informashon dey store inside di contract's storaj, wey bi part of di blockchain. Di pesin wey kreate di contract fit add extra logik for di contract, for eksampol dem fit limit di total supply abi define royalty wey dem go pay di kreator anytaim pesin dey transfa di token.

Wetin NFT dey for?

Dem fit yus NFTs for plenti tins like:

  • pruf say yu go event
  • proof say pesin finish a kourse
  • ownabol items for games
  • art wey dey digital
  • tokenizin asset wey dey real-world
  • pruf of identity for online
  • e dey kontrol asess to kontent
  • e good for ticketin
  • e dey for desentralize intanet domain names
  • e dey for kolateral for DeFi

E fit bi say yu bi artist wey wont shia yor work yusing NFTs, witout luzin kontrol and sakrifisin yor profits to intamediaris. Yu fit kreate one new contrat and specify di nomba of NFTs, dia propatis, and one link to some spesifik artwork. As di artist, yu fit program inside di smart contract di royaltis wey yu supose dey paid (for eksampol, transfa 5% of di sale price give di contract owna anytaim pesin transfa di NFT). Yu fit always pruf say yu kreate di NFTs bikos yu get di wallet wey dey diploy di contract. Yor buyas fit izily pruf say dem get audintik NFT from yor koleshon bikos dem wallet address join wit one token for yor smart contract. Dem fit yus am akross di Ethereum ecosystem, and dem go get konfidens for di audinticity.

Abi tink about one ticket for sporting event. Just like hau di organizer of one event fit shuse hau many tickets dem wan sell, di kreator of one NFT fit deside hau many replicas wont dey exist. Somtaims dem fit be exact replicas, like 5000 General Admishon ticket. Somtaims e dey mint several wey dey similar wella, but ish one difren smoll, like one ticket wit one assigned seat. Pipol fit buy and sell dem peer-to-peer witout paying ticket handlas and di pesin wey buy go always get asurans for di ticket audinticity as dem shek di contract address.

For ethereum.org, dem dey yus NFTs to show say pipol don kontribute to awa GitHub repository abi attend kolls, and dem even get awa own NFT domain name. If yu kontribute to ethereum.org, yu fit klaim one POAP NFT. Some crypto meetups don yus POAPs as tickets. More to dey kontribute.

ethereum.org POAP

Dis website folow get alternative domain name powered by NFTs, ethereum.eth. Our.orgaddress dey sentraly manaj by one domain name system (DNS) provida, but ethereum.eth don regista on Ethereum via di Ethereum Name Servis (ENS). And na wi own and dey manaj am. Yu fit shek awa ENS rekord(opens in a new tab)

More on ENS(opens in a new tab)

NFT sekurity

Ethereum's Sikurity dey kome from Proof-of-stake. Di system dey design to ekonomikally komot bad akshon, e dey make Ethereum tamper-proof. Dis na wetin wey dey make NFTs possibol. Wons di block wey dey kontain yor NFT transakshon don finalize e go kost attacka millions of ETH to shange am. Anyone wey dey run Ethereum software immediately fit sabi dishonest tamperin wey dey wit one NFT, and dis bad pesin go ekonomikally dey penalize and eject.

Sikurity issues wey rilate to NFTs dey often rilate to phishin skams, vulnerabilitis wey dey smart contracts abi user errors ( such as private key to dey ekspose), wey dey make good wallet sikurity kritical for NFT ownas dem.

More on sikurity

Further reading

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Website last update: 19 Jun 2024

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