🖼️ NFTs | Non Fungible Tokens

Fungible: "Which can be replaced or replaced by another of the same nature (species, quality and quantity), especially speaking of goods, furniture, etc."

NFT (non fungible token) is a unique record in the blockchain that can be used to register a collectible, to authenticate an item, or to own some property.

The REAU, for example, is a fungible token because, in all, there are a quadrillion units and each one of them assumes the same value as each other. A REAU will always be worth a REAU, and there are many available to trade based on the amount of tokens entering or leaving. This doesn't happen with NFTs.

An NFT is a single-record token in the blockchain that does not have an intrinsic value, that is, it does not directly correspond to a value unit. This allows you to store a contract/document as NFT so that the tamper-evident record of the file on the blockchain proves its authenticity.

This authenticity applies to collectible art pieces as well, and this has opened the door to a billionaire market for non-fungible artistic tokens.

Recently, more than 3,500 Brazilians were introduced to the world of NFTs thanks to probably the largest distribution of NFTs in Brazil. Everyone who contributed to the cryptomoonwatch vote received a unique blockchain-registered item in their wallet.

This marketing action was not a simple distribution of digital assets. For each of those distributed NFTs, fractions of the BNB consumed by the blockchain were spent to fabricate a single, unchanging record on the network.

In the case of this collection of 3,500 NFTs, they all point to the same commemorative illustration, but each contains a unique serial number. The scarcity of a collectable NFT can be measured in both its number of copies and its serial number: For example, NFT number 1 can be more valuable than number 357.

How to check my NFT ID?

To find out the ID, simply log into BSCScan and search for the BSC address where the NFT is located. Then go to the "ERC-721 Tokens Txns" tab and you will find the token ID column.

To know your position within the collection itself, simply subtract your token ID from the collection's initial ID. For example: If the collection starts at 2500 and you have the 2505 token, your NFT is the 5th of that collection released in blockchain.

The use of NFT technology in collectibles is just the spearhead of this technology. As it symbolizes a unique and immutable record, the NFT can be used to record the authenticity of a physical asset or its ownership. The value of an NFT depends only on what they are willing to pay. Thus, many investors see NFTs as a great investment opportunity, as several tokens of this type have already moved millions of dollars in cryptocurrencies.

In a futuristic scenario and still difficult to materialize, it would be possible to register all real estate and personal documents in NFTs and move them through portfolios when making purchases and sales.

In practice, the use of NFTs as collectibles is still taking its first steps to conquer the huge market. Some digital wallets (such as Metamask) are still adapting to display collectibles correctly and some exchanges are starting to make NFT marketplaces available.