Magzoid Magazine - Leading Art Magazine of MENA | May 2021

INDUSTRY BUZZ
not inherently monetizable? One
could make their piece an NFT. Say
if an artist has a doodle and they
want to turn into an NFT, or a comic
strip, or something like Nyan Cat,
the animated cat with a Pop-Tart
body and a rainbow trail, which just
sold as an NFT for about $580,000.
The process differs from site to
site, and some charge a fee (to
cover the computational "gas"
needed for the transaction on
platforms like Ethereum). But
they can start on platforms like
Nifty Gateway, where one can apply
to create a project to be sold as an
NFT on their marketplace. There are
a variety of marketplaces on which
to buy and sell NFTs : Nifty Gateway,
Makers Place, and Rarible are just
a few of many. For NBA highlight
collectibles, check out NBA Top
Shot - where $230 million has
already been spent trading tokens,
or "moments."
How do NFTs work?
NFTs have some special properties:
Each token minted has a unique
identifier.
They're not directly interchangeable
with other tokens 1:1. For
example 1 ETH is exactly the same
as another ETH. This isn't the case
with NFTs.
Each token has an owner and
this information is easily verifiable.
They live on Ethereum and
can be bought and sold on any
Ethereum-based NFT market.
Ethereum is an open-source,
blockchain-based, decentralized
software platform used for its own
cryptocurrency.
In other words, if one owns
an NFT:
One can easily prove one own it.
No one can manipulate it in
any way.
One can sell it, and in some
cases this will earn the original
creator resale royalties.
Or, one can hold it forever,
resting comfortably knowing their
asset is secured by their wallet
on Ethereum.
And if one creates an NFT:
One can easily prove they're the
creator.
One determines the scarcity.
One can earn royalties every
time it's sold.
One can sell it on any NFT market
or peer-to-peer. They're not locked
in to any platform and one doesn’t
need anyone to intermediate.
Benefits of Non-Fungible Token-
Digital interactions have been
transformed by NFTs. Let’s talk
about some of the advantages of
this cryptocurrency.
Limited- The value of NFTs
comes from their scarcity. NFT
developers have the ability to create
an infinite number of non-fungible
tokens, and they often change the
tokens to maximize interest.
Indivisible- Most NFTs are
indivisible into smaller units. If you
pay the full price of a digital item,
you will not be entitled to access it.
Unique- NFTs have a strong
information tab that explains their
uniqueness. This information is
completely safe and accurate.
Easily Transferable: NFTs are
purchased and sold on unique
markets. The use of NFTs is based
on their uniqueness.
Trustworthy: Non-fungible
tokens are used in blockchain
technologies. As a result, you
should be certain that your NFT
is correct since counterfeiting is
difficult for a decentralized and
permanent record.
Maintain Ownership Rights:
This refers to a network of shared
platforms the size of an NFT,
where no buyer can change the
data later.
This is often still a developing concept
however it’s one of the foremost
powerful. Original owners of Euler
Beats Originals earn an 8% royalty
every time the NFT is sold on
38 May 2021
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