What are NFT’S?
NFT
A non-fungible token (NFT) is a digital asset based on a block chain that can be used to represent ownership of a variety of digital assets including art, photography, music, and more.
Block Chain
A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format.
DeFi
DeFi is an abbreviation of Decentralized Finance, or an open financial system that doesn’t rely on centralized authorities or intermediaries like banks to conduct financial activities.
Gas
Gas is a unit of measurement that represents the computational effort required to complete a transaction. How much a user spends to complete a transaction is determined by the total amount of gas multiplied by the gas price.
Gwei
Gwei is the smallest denomination of ETH that is equivalent to 1/1,000,000,000 of 1 ETH (1 ETH = 1,000,000,000 Gwei).
Smart Contracts
A smart contract is a piece of code that executes according to it’s instructions exactly like a traditional contract between two people would be executed. Smart contracts are used by developers to build decentralized applications on blockchain networks like Ethereum.
Click the link below to go to the full Glossary
NFT stands for “Non Fungible Token”
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with a Cryptocurrency. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends.
They’ve been around since 2014. Sotheby’s made headlines last year when it sold Kevin McCoy’s Quantum (2014), which some have regarded as the first-ever NFT, for $1.47 million during its “Natively Digital” auction. This little fact blew my mind.. 2014.. 1.47 million.
Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. They’re also equal in value—one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin.
NFTs are different. Each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible).
An NFT is created, or “minted” from digital objects that represent both tangible and intangible items, including but not limited to:
• Art • Film
• GIFs • Videos and sports highlights
• Collectibles
• Virtual avatars and video game skins
• Designer sneakers
• Music
• The only real limit is your creativity! Endless possibilities.
A Note on Licenses & ownership
Here are some examples of the catagories.
•Art- Chain: RavenCoin – Platform: Ravenist
•Film- https://www.keepersoftheinn.
unwokefunding.com
•Collection-Rarible- WomenRise
•Fashion- SuperGucci
•Music- RvnBeats NFT Music
– Coachella
NFT’s Come with some interesting questions. Like Copyrights/Licenses How can you use it? How do you own it? As an artist, I found this topic very important to understand. Not only for myself in creating NFT’s but for buying. I don’t want to invest in things that might not be legal, Nor do I want to short-change myself on financial boundaries.
Buying one does not mean the NFT owner is receiving any rights to the tokenized artwork or recording. NFT’S can have contracts and Licenses attached which give the NFT owner specific rights and ownership. In terms of art it is easiest to think of NFT artwork the same as you would buy an artists Artwork Prints or CD/Recording of their artwork.
Here Is a link to a very informative Youtube Video about putting a License on your work. I found it very useful. License Video
NFTS- Crypto & Philanthropy
This is an area I find very important I think its exactly why NFTS will thrive and survive the many many evolution’s Web3 will undertake in its development. I found this site that I find incredibly interesting.
Fantastic place but doesn’t take any Ravencoin because its not available on the Gemini platform. Gemini needs to catch up!
If you want to give, but aren’t sure how, where there is a will there is a way. The easiest when you think all is lost, is find how you would convert to cash and donate that cash.There are ways to convert one crypto into another. If you are giving to a charity, do not be afraid to have a conversation with the charity about authenticating your donation. This can be a simple letter, tweet, video, photo, or even a recording. People like to know the money is going where you advertised. Having the charity acknowledge on social media not only gives them a promotional post, but you one as well. It’s a win win for you both and goes a very long way to help you, and your community see results. Think of it as your community being involved on another level, acknowledgement of them.
Still not sure? Contact me, lets chat. I’m sure we can find a way through. The world is better with art in it,leap!
Fly with me!
Want to make-mint-create NFTS and have no idea where to go?What do do?
Here are some great places to check out that will make life very simple for you,and happily bring into a great community!
RVNFT.COM – This is hands down the best place to land if you want help. Their twitter @RVNFT_ART
Once you have your piece ready for release, they will consult with you and guide every step. You wont have to be a coder,or have storage accounts waiting, they have your back. Best of all, at no extra cost to you. Consult and discuss the different options/parameters of the NFT you wish to create before issuing your assets. This might be a new world, but we are still human. RVNFT treats you like one. I literally was beside myself the word consult was used and there was no additional fee’s.
Want something different? Maybe a market for a collection? Ravencoin has multiple market places, I have used the above and The Ravenist. I like both these because they take the time to talk with you. Do not be afraid to ask as many questions as you need to. That’s refreshing. They offer a discord for support. Their community is always happy to help each other.
An additional place they have to offer is Ravenmint.com. I’ve only traded here,but my experience so far has been positive.
What is a utility NFT?
An NFT assigns a use to the digital asset outside of owning a piece of artwork. A utility NFT can be where someone receives a physical piece of art that matches the NFT they purchased, unique access to an event, exclusive in-person memberships, or future use in the MetaVerse/digital world. The options are as open as your imagination!