NFT 101

NFT
  1. Stunning art: NFTs can be used to create art that is verifiable and provable. Nfts are currently being used as profile pics and this is becoming a hot trend after Twitter integrated NFT profile pics, we get to see crypto punks and bored apes as Twitter profile pics.
  2. Enables exclusive access: In Web3 NFTS grant you exclusive access to events and these events can only be attended by holders of a particular NFT. For example, the BAYC (Bored ape yacht club) allows holders to attend high-profile parties conducted across the US.
  3. Enables proof of presence: This essentially follows a proof of attendance protocol which basically authenticates that you attended something, just like how we keep concert tickets or a photo with a celeb. POAP enables us to verify that we were present or completed a certain course/conference.
  4. Other innovative use-cases: ENS domains are basically decentralized domains that you attach to a wallet address that will be able to shorten your wallet address that can be used as your identity on web3 for example aditya.eth is a better way to identify Aditya rather that an excruciatingly, long wallet address. Bundling of DeFi charge particle, staking an NFT to earn interest in the form of the native tokens are other cool use cases.
  1. They are easier to understand
  2. They are better than the previous tech as they enable things like royalties and proof of ownership.
Popularity of NFTs
  1. Name
  2. Collection or symbol
  3. The art for the collection (Doesn't have to always be art)
  4. Metadata of each item
  1. Upload it to IPFS which is decentralized storage.
  2. Pit it using Pinata.
  3. Put the IPFS URL of each asset in the metadata JSON file.
  4. Upload each metadata to IPFS

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Zaid Huq

Zaid Huq

Passionate about NFTs, web3, metaverse and crypto