Home Technology A no-frills Guide on Non-fungible tokens (NFTs)

A no-frills Guide on Non-fungible tokens (NFTs)

NFT India

Non-fungible tokens are digital assets with unique identifiers stored in smart contracts. Each NFT is unique due to this information, and as a result, they cannot be directly replaced by another token. Because no two NFTs are alike, they cannot be switched like for like. NFTs are deemed collectibles, which can include art, cards, and rare items.

Some investment analysts believe a non-fungible token (NFT) that holds a patent or copyright is an investment tool. Take the Amitabh NFT auction, for example, which generated hefty ($966000 to be precise) from various sales of NFT collections. But wait – what would have happened if there was no investment value attributed to Amitabh NFT?

But then, if you wonder – whose lives do NFTs upend? NFTs will hold vital strings in the development of anonymous musicians/artists. As they don’t have to deal with any kind of middleman, NFTs serve as a digital stage for those who are yearning for recognition. Moreover, NFTs bestow them with high selling power, which they were denied by traditional music labels. As a result, these self-releasing artists get undeniable control.

Fungible vs. Non-fungible token

Any fungible asset, in general, is interchangeable with another asset for the same value. Divisibility is another important component of fungibility. Cryptocurrencies, like Bitcoin, are divisible into smaller fractional quantities, much like cash – you can obtain fractions of a Bitcoin back after making a purchase, just like cash change (although being digital, cryptocurrency coins can be divided into far smaller amounts).

On the other hand, NFTs serve as unique bellwethers of non-fungibility as they are non-interchangeable with any other assets. Non-fungible tokens derive value from real-world goods they carry or represent. However, like cryptocurrencies, NFTs also rely on Blockchain networks like Ethereum, Polygon (Matic), and much more. Most importantly, NFTs create viable opportunities for people to maintain digital identity (of literally anything)!

Safeguarding NFTs from duplication

Non-fungible tokens generally carry the emotional value of the creators. So, it becomes of utmost importance to safeguard that from the right-click savers. Once a creator or developer has created an asset, it goes to the minting process, e.g., the process of registering the token on the Blockchain network. However, it also leaves the space wide open for replicators to imitate the token. But wait – shouldn’t there be an escaping route?

Well, there aren’t many, but Guardian Link’s Anti-rip AI Spyder technology stands out of few. This one-of-a-kind algorithm constantly monitors the web for duplicates once the token is minted. As a result, the token owners (like you) tend to receive instant alerts in case of any duplication.

No-code NFT launchpad

For creators, in addition to building non-fungible tokens (that represent their memorabilia), there is also the option to have their dedicated launchpad – a no-code NFT launchpad.

Perhaps most importantly, owning a no-code NFT launchpad makes you eligible for exciting functionalities. If you take Guardian Link, for example, they tend to include a legitimacy protocol for NFT with their launchpad. Ensure that you have a trusted crypto wallet (in place) before you indulge with the no-code NFT launchpad.

On a concluding note,

We are fortunate enough to have covered (in brief) almost every aspect of non-fungible tokens in this post. 

Remember that whether or not you create a non-fungible token, you would (still) hover a lot around NFT content in the Internet (such is their relevance today). And, of course, don’t be afraid to ping us whenever you need assistance.