What does NFT stand for in art
Even tweets or GIFs that all Internet users may have seen are put up for auction. And all this is because of the NFT.
A simple description of NFT, or Non-Fungible Token, is a unit of account that creates a digital copy of any item. Any unique file with artistic value, history, or interest for collectors can become an NFT token. For example, a digital analog of a real picture or digital art, a GIF, a music track, a video clip or a movie, a logo, and so on. Digital art NFT examples include the famous "Black Square" by Kazimir Malevich and his other works. And then there are also NFT items for blockchain games (Crypto Kitties, Decentraland). They are of great value among collectors, gamers, and art lovers.
These tokens are stored in the so-called blockchain – a huge chain of blocks, each of which contains information. Unlike, for example, servers, where data is stored in one place, these blocks can be located on many devices in various parts of the world. This type of encryption makes the blockchain very difficult to hack because, at best, you can hack just one block of information, not the entire chain. That is why most cryptocurrencies work on the blockchain system.
NFT video meaning
We already know that a video can also be an NFT. Does it make it any different from image NFTs? Not at all! It's almost interchangeable with GIFs since any moving image NFT is also considered a video NFT.
As an example, take the famous film by Quentin Tarantino, "Pulp Fiction". Recently, the director announced that he plans to sell cut scenes and parts of the original script and audio commentary in the form of NFTs. The person who purchases it will receive a unique digital artifact, which they can use as they wish within the platform.
How to make NFT blockchain video
Everything seems pretty straightforward, so you may wonder how to make your own NFT. Nowadays, there are several ways to do this, and the simplest one does not require special knowledge and skills in blockchain development. The process is as easy as it gets – it is enough to upload the future token to one of the marketplaces (e.g., Opensea, Binance), and the platform will generate NFT itself, writing data about it to the blockchain network.
If we go into detail, to create your own NFTs, you need three things:
- Create a file with digital content: any format from PNG to MP4. Note that file requirements may vary by platform, for example, on Foundation, files should not be larger than 50MB;
- Get a wallet in the Ethereum system – this is a cryptocurrency and a blockchain platform;
- Register on one of the marketplaces and create a collection with files. Come up with a name for each, or, even better, add a description of the work. In most cases, the platform will automatically create an NFT token from your content and send it for verification.
Each marketplace has its own conditions for placing users' creations. This may be a commission when exhibiting works – the so-called gas fee. Gas fee is debited in cryptocurrency from your wallet when you "mint" your NFT; on some marketplaces, a commission is charged not when exhibiting a creation but when it is bought. Gas fee can be either a fixed amount or a percentage of the value of the token.
It's also important to note that recently, cases of scams have become more frequent when users sold other people's work, logos, or just pictures from the Internet under the guise of their NFTs. Collectors have become more attentive and if you were to consider buying NFTs, remember to verify the uniqueness of the item you are interested in.
In terms of creating NFTs, making a token from something of your own is always better. Sure, the prospect of taking something already made and selling it can be tempting. However, it is better to spend time creating a video for your own NFT clip than to be exposed and ruin your reputation, which will make it harder to sell your truly unique work later.
