What are Non Fungible Tokens (NFT)?

NFTs, or Non Fungible Token, are tokens that cannot be exchanged for another item of the same kind, because they are unique and cannot be divided into smaller parts.

In addition, they are indestructible, as they are generated through smart contracts on the blockchain where they can be verified.

How do NFTs work?

NFTs work digitally, everything is registered and obtains an identifier by storing metadata (name of the author, its initial value or its sales history) through blockchain technology, ensuring that the piece cannot be duplicated.

Non-fungible tokens are used to create verifiable digital buying and selling, provide digital ownership, and enable interoperability of assets across multiple platforms. NFTs are used in several specific applications that require unique digital items, such as crypto-art, digital collectibles, and online gaming.

Generally, NFTs are stored on the Ethereum blockchain, and the person who creates it becomes the sole owner of that token as there is a single, global record that cannot be maliciously altered.

NFTs, are assigned a kind of digital certificate or authenticity metadata, which cannot be modified. This metadata guarantees its authenticity, records the starting value and all purchases or transactions that have been made, as well as its author.

How to generate a free NFT?

To create a free NFT you can visit Apps Pie Design, a very user-friendly design platform, with a wide range of functions and specifications that anyone with a cell phone or a computer can start using to create their NFTs.

In Apps Pie Design you can generate thousands of unique NFTs, with a variable combination of all the elements, and then proceed to mint them in some of the most famous NFT marketplaces such as OpenSea.

Where can NFTs be used?

1. Art Market

In February 2021 started a hype with the work "Everydays.The first 5000 days" by the American digital artist Beeple, which was the first NFT artwork to be listed at Christie's, one of the leading auction houses. A few days later, the animated Nyan cat meme had been sold on an internet site for 600 000 USD.

2. Games

NFTs can be used to represent in-game assets, such as digital parcels of land, animals, plants, accessory characters controlled by the user rather than the game developer. NFTs allow assets to be traded on third party markets generating profits without the permission of the game developer.

3. Virtual Worlds

Virtual worlds such as Decentraland, Sandbox and Somnium Space allow users to create galleries to display NFT art and NFT game elements. NFTs have been used to auction virtual land within games. In June 2021, a virtual land parcel sized 16 acres in Decentraland sold for $913,228.20.

4. Other uses

A lot of internet memes have been associated with NFTs, which were sold by their creators. Examples include Doge, an image of a Shiba Inu dog whose NFT sold for $4 million in June 2021, as well as Charlie Bit My Finger, Nyan Cat and Disaster Girl.

In adult films, some porn stars have also tokenized their pornographic work, enabling the sale of unique content for their clients, however, the hostility of NFT markets toward pornographic material has presented significant drawbacks for creators.

Thus the reach of NFTs can extend to almost any industry.

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FTX is not the collapse of bitcoin

FTX, a cryptocurrency derivatives exchange, has recently come under scrutiny by some who claim that it is contributing to the collapse of the bitcoin market. However, these claims are unfounded and do not accurately reflect the reality of the situation.

First and foremost, it is important to understand that the value of bitcoin, like any other asset, is determined by supply and demand. The price of bitcoin fluctuates based on the market forces of buyers and sellers, and is not directly influenced by the actions of a single exchange like FTX. In fact, FTX is just one of many exchanges that facilitate the buying and selling of bitcoin, and its impact on the market is relatively small compared to the overall trading volume.

Furthermore, the claim that FTX is contributing to the collapse of the bitcoin market is not supported by any evidence. The value of bitcoin has been on a general downward trend over the past few years, but this trend is not unique to the time period in which FTX has been operating. In fact, the decline in the value of bitcoin began long before FTX was even founded, and can be attributed to a variety of factors such as market saturation, regulatory uncertainty, and competition from other cryptocurrencies.

Additionally, it is important to note that FTX is a regulated exchange that operates in compliance with the laws and regulations of the countries in which it operates. This means that the exchange is subject to strict oversight and is required to follow strict guidelines to protect its customers and ensure the integrity of the market. By operating in a transparent and compliant manner, FTX is actually helping to promote stability and trust in the bitcoin market, not contributing to its collapse.

In conclusion, the claim that FTX is contributing to the collapse of the bitcoin market is unfounded and lacks evidence. The value of bitcoin is determined by market forces, and FTX is just one of many exchanges that facilitate the buying and selling of the cryptocurrency. Furthermore, FTX operates in a transparent and compliant manner, and is actually helping to promote trust and stability in the bitcoin market.

Meet Solana and the most popular projects created on it

Solana is a blockchain network of decentralized nodes that allows the scheduling of smart contracts. This network is programmable, as it uses Proof-of-Stake and Proof-of-History consensus, to order on-chain events.

Solana's development began in 2017 when its creator, Anatoly Yakovenko, started working on a network that would be robust enough to operate as synchronously as if it were a single node.

Solana's native coin (SOL) is one of the most important cryptocurrencies in the ecosystem, behind Bitcoin, Ethereum and major stablecoins such as USDT and BUSD.

Solana uses the Proof of Stake consensus, which replaces the Proof of Work to extend its stability and security within the network, while the Proof of History increases the scalability of its blockchain, keeping its decentralization and security intact, through a history that records the events along the executed activities, thus avoiding the loss of time when performing fast transactions.

How does the Solana network works?

Solana works as a Proof of Stake recognition network independently of the validation through Proof of History, this allows its owners to participate and ensure the operation of the network by staking, with the incentive of receiving more SOL tokens in return.

SOL is mainly used to pay commissions when trading through dapps. However, it also allows fees to be paid when creating dapps, programming smart contracts, in mining NFTs or for performing value transfers on its blockchain.

Solana has a wide gallery of decentralized financial products and services (such as Orca or Solend), cryptocurrency and NFT marketplaces (Magic Eden, Solanart), as well as several blockchain games such as e.g. DeFi Land.

Here we will show you the most important projects in Solana that besides having a solid base have a great community and a team of skilled developers behind them.

Serum: It is a non-custodial decentralized exchange (DEX), which has become popular due to its high transaction speed and low fees.

Recently, the Solana community announced the launch of Vybe DEX, a data-driven trading interface powered by Serum's central limit order book and matching engine, which allows the community to query, index and share data on-chain to create dApps and web analytics3.

Raydium: It is an automated market making mechanism (AMM) and liquidity provider on the Solana blockchain for Serum. It is also the first AMM project within Serum.

Raydium's mission is to attract new and existing projects and protocols to the Solana ecosystem.

Star Atlas: Is a multiplayer navigation blockchain game, which has become one of the most promising games of the year, not only for the gameplay it offers, but for the Unreal Engine 5 and Nanite graphics engine with which it is being developed.

The game seeks to establish a metaverse with an open economy, where players can experience absolute freedom and earn ATLAS tokens by playing.

Star Atlas has strategic and economic elements that will allow players to have a fun experience while earning money.

Solarians: It is a collection of 10,000 totally randomized NFT robots made on the Solana block network. Each Solarian is different from the others, and some of these NFTs have Easter eggs that were specially drawn by the artist.

This is Solana's first on-chain generative NFT project. Another interesting fact is that his team was involved in the creation of Digital Eyes, Solana's first open NFT marketplace.