What is NFT?

[Pffrt]

I have been watching the term NFT in different projects listed on uniswap but I can't figure out what actually does it mean. There's something like NFT price which is probably greater than the token price. So, what's it exactly? How it is related to the project token?

[1714899035]

1714899035

[1714899035]

1714899035

[1714899035]

1714899035

[1714899035]

1714899035

[1714899035]

1714899035

[ice098]

I have been watching the term NFT in different projects listed on uniswap but I can't figure out what actually does it mean. There's something like NFT price which is probably greater than the token price. So, what's it exactly? How it is related to the project token?

Correct me if I'm wrong , I just observe this in one defi project I invest last month, they use NFT in farming , they will sell NFT ( Non-Fungible Token) in big parts not that are cannot be divided or by parts, then this will be use to farm another such as ETH or another token, they created dAPP wherein you will needed to exchange that NFT , it is commonly used now in farming and gaming. You may buy NFT and sell it in easy and faster way. Their tokens can be sell in uniswap, but in order to buy this NFT to them, you should be in the whitelist, since they sell it in few people only.

For more information and enlightenment you may refer with these articles:

https://cointelegraph.com/explained/non-fungible-tokens-explained
https://bravenewcoin.com/insights/what-is-an-nfta
https://www.coindesk.com/crypto-nft-trading-rari-yield-farming

I am new in NFT and in DeFi as well.

[Jawhead999]

There's something like NFT price which is probably greater than the token price.

Because it's non-fungible as NFT mean, it's not like Bitcoin or fiat that we know the value. Probably this site would help you to understand and differentiate between fungible and non-fungible [1]

[1] https://cointelegraph.com/magazine/nonfungible-tokens/#fungible-vs-non-fungible

[bitbollo]

I love to have a look on opensea.io since there are a lot of nice NTF including some digital art works.
Just as example most of the famous are cryptokittens and austrian stamps token. there are even some hype for some digital artwork or the land with sandbox.
It's a new market for sure, austrian stamps have a good success.
some others (what you can generate like cryptokittens) are probably over valued since there are too many pieces around and everyone can create it.

[zasad@]

I have been watching the term NFT in different projects listed on uniswap but I can't figure out what actually does it mean. There's something like NFT price which is probably greater than the token price. So, what's it exactly? How it is related to the project token?

Explore this topic
Everything you need to know about NFTs tokens
https://bitcointalk.org/index.php?topic=5274952

This is the ultimate guide to answer all your questions.
https://opensea.io/blog/guides/non-fungible-tokens/

This is a very promising direction
https://axieinfinity.com/
in a few years there will be a lot of such games

[Pffrt]

How the token itself can be connected with the NFT? I just had read a few of the above suggestion but didn't get any idea about this one (will check once again) as I barely had invested in such NFT. Is it some sort of ICO?

[Slingshot]

As there's always debate regarding Defi and NFT but I fee NFT is more professional and could perform better with its characteristics. But I always tell people that NFT would supers Defi projects soon. Defi can be minted but NFT isn't same way because all tokens can be sold out. Defi Mints tokens once tokens in farm pools are farmed finish and alot that could crash the coin.

[zasad@]

Highlights

1. NFT is (Non-Fungible Token), but each token can have many copies. And the more copies, the less its value.

For example, this token has 500,000 copies
https://opensea.io/assets/0x0760abbcade5fe056bbd79a625ca2e18c17dc0e8/1

2. The creation of new NTF tokens is costly. I wrote about the cost of creation in this post.
https://bitcointalk.org/index.php?topic=5274952.msg55176945#msg55176945

3.
It is much easier to create your own NTF token than ERC-20 token.
You need to upload your image and click a few buttons.
https://app.rarible.com/create

[pedrillo0]

I have been watching the term NFT in different projects listed on uniswap but I can't figure out what actually does it mean. There's something like NFT price which is probably greater than the token price. So, what's it exactly? How it is related to the project token?

There are 2 types of tokens

* Fungible ERC-20 and ERC-1400.
* NonFungible ERC-721

The first tokens are those of utility or security and are used for payments, legal processes or financing projects.

NonFungible tokens represent something unique, such as some valuable object, asset or real life services. They are the future ..

[BryanJohn]

(NFT)
Nonfungible Tokens
NFT is a crypto token that is used in the gaming industry, art, collectible transactions, and many other areas. Supported coins: Ethereum, Tron, EOS, NEO

[btcltcdigger]

2. The creation of new NTF tokens is costly. I wrote about the cost of creation in this post.
https://bitcointalk.org/index.php?topic=5274952.msg55176945#msg55176945

This bullet is not true anymore.
If you want to collect a NFT on Rarible, it will cost you roughly $5.
If you want to create a new collection, it goes up to $50, but no where near 0.6 ETH it was before

[Harrison chinoye]

I think a non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens that are fungible in nature.

[btc_angela]

(NFT)
Nonfungible Tokens
NFT is a crypto token that is used in the gaming industry, art, collectible transactions, and many other areas. Supported coins: Ethereum, Tron, EOS, NEO

I think this is where NFT will be used as I have seen art, regardless of digital or even the old and traditional now being sold or auctions with the help of this so called NFT. I'm still trying to learn it myself, but others have been calling it the next hype after the DeFi, but we will have to see.

[sotoshihero]

I have been watching the term NFT in different projects listed on uniswap but I can't figure out what actually does it mean. There's something like NFT price which is probably greater than the token price. So, what's it exactly? How it is related to the project token?

There are 2 types of tokens

* Fungible ERC-20 and ERC-1400.
* NonFungible ERC-721

The first tokens are those of utility or security and are used for payments, legal processes or financing projects.

NonFungible tokens represent something unique, such as some valuable object, asset or real life services. They are the future ..

This is something new to me this ERC - 721. Though I am familiar with some NFT tokens,  other possible uses are waiting to be develop or discovered.  Saying that they are the future what excites me. Decentraland for example is another good NFT  project which garnered $26M from ICO.

From wikipedia

Growth and mainstream appeal
Non-fungible tokens made their way into mainstream news when CryptoKitties went viral[10][11] and subsequently raised a $12.5 million investment.[12] RareBits, a Non-Fungible Token marketplace and exchange, raised a $6 million investment.[13] Gamedex, a collectible cards game platform made possible by NFTs, raised a $800,000 seed round.[14] Decentraland, a blockchain-based virtual world, raised $26 million in an initial coin offering,[15] and had a $20 million internal economy as of September 2018.[16]. Nike holds a patent for its blockchain-based NFT-sneakers called ‘CryptoKicks’.[17]

[Febo]

I have been watching the term NFT in different projects listed on uniswap but I can't figure out what actually does it mean. There's something like NFT price which is probably greater than the token price. So, what's it exactly? How it is related to the project token?

Gold is fungible. 1 ounce of gold is totally identical to other ounce of gold. Even if have a stamp on it or is in a shape of rare coin you can still met it down and will look juts like any other ounce of gold. 
Mona Lisa painting is not fungible. There is only one. If you try to copy it many will see it is a fake replicate.

[Sayeds56]

I have been watching the term NFT in different projects listed on uniswap but I can't figure out what actually does it mean. There's something like NFT price which is probably greater than the token price. So, what's it exactly? How it is related to the project token?

NFT is an attempt to create hype in crypto space as most of DEFIs projects have started losing their ATH price. Following the footsteps of DEFIs , NFT space has also started issuing governance tokens, this may help industry to gain traction in the Liquidity space.

[BryanJohn]

I think a non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens that are fungible in nature.

yes is a Nonfungible Tokens
NFT is a crypto token that is used in the gaming industry, art, collectible transactions, and many other areas. Supported coins: Ethereum, Tron, EOS, NEO

[chinkson]

Sorry I am a bit late to the conversation.

As other have stated, an NFT or non-fungible token, is a token or a digital representation of a unique real-world asset. Stepping away from cryptocurrencies for a second, a $1 bill is fungible since it is interchangeable with other $1 bills. For example, if you lend your friend a $1 bill, he does not need to give you back the same $1 bill. In other words, all $1 bills are the same.

On the other hand, a car is non-fungible. If you lend you friend your car, he has to give you back the same car since cars are not interchangeable. NFTs works this way. therefore 1 NFT token cannot be traded for another since they represent unique things. This makes NFTs great for digital artwork, gaming items, and other collectibles.

If you want to learn more about NFTs I explain them a bit more here:
https://cryptodefinitions.com/dictionary/non-fungible-token-nft/

[manfredmann]

I think a non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens that are fungible in nature.

yes is a Nonfungible Tokens
NFT is a crypto token that is used in the gaming industry, art, collectible transactions, and many other areas. Supported coins: Ethereum, Tron, EOS, NEO

So after Defi projects here comes the NFT projects. What could really be the difference of these type of project to ICO, STO, IEO AND.DEFI?

I do not understand they created that much projects but really not working. There may be few that are actually good but in the long run it had develop problems in their platforms and scammers are everywhere ruin the kind if fundraising activity. You see that scammers too could create their own defi projects and being run by a newbie. There are many of this in the altcoin and bounties section.

Anyway, I a hoping that NFT will shows a good way of fundraising activity and that scammers could not make it to this kind of crowdfunding or will be distinguish if ever they will also create their own NFT projects.

[jamkesmas]

I have been watching the term NFT in different projects listed on uniswap but I can't figure out what actually does it mean. There's something like NFT price which is probably greater than the token price. So, what's it exactly? How it is related to the project token?

I have also participated in a project like that which issued an NFT to mine and get stake every day, but I did not continue it because it needed too much capital.