If you're a developer keen on Blockchain development, you must be aware of NFTs (also known as Non-Fungible tokens). In this post, we will talk about the technology behind them to help you begin building your own.
When you finish the course, you'll be able to access your personal Ethereum wallet, with a brand new NFT within it. This tutorial is easy for beginners and doesn't require a prior understanding of Ethereum or smart contracts.
The NFT contract contains only fifteen lines of code:
Minting an NFT
When you mint an NFT then you issue the token in the blockchain. The token represents an example of the Smart Contract.
Each token is unique in its token URI. It contains metadata about your asset within a JSON file that adheres to some schema. The metadata is where you save details about your NFT including the name, image, description as well as other information.
A sample from the JSON file that is used to create"ERC721 Metadata Schema "ERC721 Metadata Schema" looks like this:
{
"attributes": [
{
"trait_type": "Shape",
"value": "Circle"
},
{
"trait_type": "Mood",
"value": "Sad"
}
],
"description": "A sad circle. ",
"image": "https://i.imgur.com/Qkw9N0A.jpeg",
"name": "Sad Circle"
}
How can I save the metadata of my NFT?
There are three primary methods to store the metadata of an NFT.
- You can save the data on the blockchain or you can expand you
to store metadata on the blockchain which is costly.ERC-721 - The other option is to make use of IPFS.
- Another option is to make your API provide you with the
.JSON file
The first and third options are generally preferred because you cannot alter the fundamental JSON file. In the context of this particular project, we'll choose the third option.
How NFTs cannot be copied like other digital products
Actually, NFTs resolve this problem by embedding an
ID unique(metadata)asset's tokenidentity cardBlockchain is a type of
digital ledgerHere's a diagram of how it functions (applied to the Bitcoin transfer):
NFTs of Trade Shows, Live Shows, and Concerts
NFTs can also play a vital role in trade shows and other live events. NFTs can be used to track attendance at an event, verify the authenticity of event tickets, or provide a way to collect and redeem rewards earned at the event.
NFTs could also create a digital passport to store information about an individual's attendance at different events. This would allow event organizers to track who attended their event and reward attendees with special privileges or discounts.
Top companies that are still creating NFTs in 2022
- OpenSea( No#1 NFT company in the World)
- Larva Labs/CryptoPunks (Sold Millions of dollars)
- Mintable (Famous billionaire owner Mark Cuban)
- Mintsclub (A free platform to mint your NFTs)
- Rarible (Yums!, Taco Bell, and Adobe are partnered with this company)
Eminem paid $462,000 for a bored ape NFT.
Are all these transactions worth it?
The possibilities for using NFTs are endless and could revolutionize e-commerce, online auctions, and trade shows. They can increase security and transparency for all transactions involved with these platforms while helping artists protect their work from theft or misuse.
NFTs can also provide a safe way to verify people's identities online and track participation at live events. They could also serve as a good way for event organizers to track who attended their events and reward participants with special perks. Using NFTs might even change the art world by ensuring that an artist's work is properly attributed.
This Industry is just transforming e-commerce, online auctions, and trade shows.
What does the NFTs Market bring in?
NFTs open doors like:
- New Market
- Buyers are interested in Digital Art
- Supplies and demand is increasing
- Copyright for everyone
- Authentication in Art
New models in town! 3D NFT
3D NFTs are new entries in the NFTs industry. They are fresh and very demanding nowadays, also based on 3D models.
Examples are 3D photos, gaming assets, and metaverse
(which can change the gaming and financial Industry)NFTs will be a $2 billion industry by the end of 2022.
NFTs may be a new market for you, but the hunger is real. The market sells NFT art in the millions every year, and that stats chart speaks for itself.
Also, from DappRadar, the NFT industry generated 95 million dollars, and by the end of 2022, they will generate about $2 billion.
As I said, the stats speak for themselves.
If you still don't believe me, maybe you should consider Coca-Cola, Taco Bell, Nike, and Microsoft because they are investing in NFTs, which shows this is something more than just hype.