NFT News

NFT News – We are your top source for daily NFT Crypto News, plus, learn what’s NFTS. Discover, fresh NFT News as it happens, plus, learn how to invest in NFTS! Non Fungible Tokens are based on the Ethereum Blockchain & popularised via NFT Crypto Art.

NFTS - Non-Fungible Token

A non-fungible token (NFT) is a special type of cryptographic token that represents something unique. Different to cryptocurrencies, such as, Bitcoi, plus, many other utility coins, however, NFTs are not mutually interchangeable.

A fungible object such as cash can be offered for another. Hence a traditional legal tender can be traded, as long as it has the same value. NFT News: The infungible items are like works of art, rare objects, unique examples, etc.

The non-fungible token represents something specific and individual and cannot be replaced.

NFTS Non Fungible Tokens

Non-fungible tokens are utilised to make confirmable digital rarity, including digital proprietorship and the possibility of asset interoperability across multiple platforms. NFTs are used in many applications that require unique digital items such as cryptographic artwork, crypto-collectibles, and encrypted games.

NFT Art

One of the first cryptoarts that gained significant traction was the "Rare Pepes", they operated with a blockchain system that was created to keep digital scarcity verifiable, making it possible to trade, sell and buy "Rare Pepes". NFT News analysed Later, this cryptoart would be used to generate games like Rare Pepe Party. The blockchain system was instrumental in increasing buyers' freedom and privacy, as digital art was previously managed through Digital Rights Management (DRM), criticized for possibly monitoring user data, concentrating power in the publisher's hands, and limiting the consumption of content.

NFTS: Axiom Zen, a Vancouver start-up, proposed a new standard in the Ethereum blockchain, the ERC-721 that provides a technological framework and a best practice for creating and issuing NFT tokens. This pattern allowed developers to create NFTs that can be swapped and cracked on the blockchain. NFT News analysed the new possibilities offered by such a standard attracted art enthusiasts to integrate blockchain into their business model, such as Left Gallery, a German digital NFT art gallery offering multimedia art to be purchased and managed via blockchain.

Based on the CryptoPunks model, DADA art was built and launched the first marketplace for rare digital NFT art in October 2017.

NFT Games

The first use of game-related NFTs was crypto-collectible card games. Projects such as Age of Chains and Rare Pepes have been using the Counterparty platform protocol to issue blockchain trading cards as NFTs since 2016.

Later, popular blockchain games like CryptoKitties used non-fungible tokens in the Ethereum blockchain. NFTs are used to represent assets in the game and are controlled by the user, rather than the game developer. This allows assets to be traded on third-party marketplaces without the game developer's permission.

NFT News, can also mention the game Axie Infinity, which uses the NFT to create unique Axies (Nomenclature given to characters), each with a combination of accessories, different abilities, and different appearances.

The domestic market for the purchase and sale of Axies NFTS moves large amounts, reaching an appreciation of 7160% in 2021 alone.

Sports NFTS

In the field of sports, NFT News can mention the most famous profitable initiative, NBA Top Shot.

It consists of an NFT buying and selling platform with a partner the American Basketball League

(NBA) and American Basketball Players Association

Within the platform, there are two types of sales: Direct sales from the platform, which offer special player NFT cards and short videos with important moments, whether current or historical. The second type of marketing is secondary NFT sales. Made among the users themselves, 5% of these NFT sales are transferred to the company Dapper Labs, the platform's developer.

Music NFTS

In the music market, NFT News reports, the use of NFTs is growing more and more being a good alternative for medium-sized artists to get a new source of income. This is such a powerful and profitable market that it is possible to exemplify with the case of DJ 3LAU.

Just before the album's 3rd anniversary, “Ultraviolet”, 3LAU released a collection of NFTs containing 33 items on its website. NFT News analysed, it lasted four days, and the auction made a total profit of $11.7 million, with one of its items purchased for $3.6 million.

Brazilian NFT Market

In the Brazilian NFT market, we have a lot of interesting examples, as NFT's are becoming popular. In the NFT music market, we can mention the “All Be Tuned” platform.

Developed here in Brazil, the platform is intended to help independent artists. The main products are exclusive NFT Art content and small percentages of music distribution rights.

On the sports field, we have football clubs that are already betting on the NFT market. NFT News can mention Atlético Mineiro that already sells NFT'S, the main example is the art made for Victor's defence against Tijuana in the quarterfinals of the Libertadores 2013.

Finally, we have the Império Serrano samba school, which sold some advantages together with NFT's in 2021. Within this package, there were digital versions of tickets and cryptoarts from the Rio de Janeiro samba school.

Intellectual NFT Property

Copyright, when it comes to Intellectual Property, is a legal science that protects the author and the work from the risks that its circulation brings, and everyone has this right in Brazil (Article 5 of the 1988 Constitution).

NFT News analysed, when it comes to art, which is most talked about when it comes to NFT, it is considered the materialization of the artist's feelings through the way he manifests it, whether written, spoken, painted, carved, sung, played, etc. And the author has the right to register that work as his own, with the government validating his authorship and possession, he also has the right to authorize the exhibition or transmission of the NFT art through a third party communication vehicle, within the limits, agreed between the parties, and there is the right to transfer ownership.

The latter does not mean that the author "no longer the author" of the work, but that he is just no longer the owner of the original piece, for example, Romero Brito paints a painting and sells it to a Museum, Romero now he no longer has the right to demand that he be asked to authorize the exhibition of the painting, as it is no longer in his possession, even if he is still the author of the work.

The NFT “digitizes” this entire process that was already happening outside computers, now the works are digital and the records are the tokens, which are transferable of ownership through purchase, exchange, or some other agreement. As much as digital NFT arts are easily subject to copying and/or piracy, only those who have the token of the original NFT work can truthfully claim to be the owner of the original version, due to the blockchain verification.

NFT Patterns

NFT News noticed, token-specific patterns were created to support blockchain usage in games, this includes the CryptoKitties ERC-721 standard and the later ERC-1155 standard.

ERC-721 standard

ERC721 was the first standard to represent non-fungible digital assets. ERC721 is an inheritable Solidity smart contract standard, which means developers can easily create new ERC721 compliant contracts by importing them from the OpenZeppelin library.

ERC-1155 Standard

ERC1155 brings the idea of semi-fungibility to the world of NFTs, as well as providing a superset of ERC721 functionality, which means that an ERC721 asset can be built using ERC1155.

NFT History

Black and White Striped Banner (in free translation: Streamer with Stripes Black and White), an NFT art example produced by Bullet based on the state flag of Sao Paulo.

In 2014, the first NFT was created, by artist Kevin McCoy and entrepreneur Anil Dash, during an event at the Museum of Contemporary Art in New York that was the stage for new ideas that connected innovative technologies and art. In this context, Anil Dash worked on a project that intended to give artists additional sources of income, in addition to having greater control over their work. As a demonstration, together with McCoy, they created the first NFT on the blockchain called Namecoin, to record a video clip that his wife made.

NFT News reports, in 2015, shortly after the creation of Ethereum, the first NFT project of its blockchain called Etheria, which was presented at DEVCON1, appears. However, the vast majority of its tradable hexagons remained intact until 2021, a period in which there was a significant increase in NFT appreciation. All hexes were sold for 1.4 million Ethers and the cost at the time of their creation cost around 1Ether per hex!

In 2017, Larva Labs launched for the first time the CryptoPunks which boils down to a project of several unique NFT characters, on the Ethereum platform. Altogether there are 10 thousand NFT pictures and one of them was sold for 917,000 dollars. Still, in 2017, the game CryptoKitties appears which is a collectible of kittens, also on Ethereum. Each NFT cat has its attributes and rarity that make them desirable and therefore marketed for a price stipulated by buyers.

The Decentraland virtual world was created in 2008, based on a blockchain that had an initial offer of coins of 26 million dollars and an internal savings of 20 million dollars, in September of the same year.

NFT News reported, in 2019, Nike, Inc. patented the blockchain system called CryptoKicks, in which the brand can verify the authenticity of shoes through NFTs. And even so, it is possible to give a digital version of the sneaker as a gift to the buyer.

In 2020, the same developer of the CryptoKitties game, Dapper Labs, in partnership with the NBA and its players, launches the beta version of NBA NFT TopShot, a game in which small videos and best moments of NBA players and plays are collected, all of this registered in the blockchain. Later, the project was opened to the public who spent more than 230 million dollars by February.

Current NFT Market Perspective

Currently, professionals who experience this universe more closely are betting that the technology associated with the blockchain is here to stay, investing in more accessible NFT platforms, with curatorship, and even in face-to-face experiences linked to the sale of virtual NFT works to familiarize the lay public. Although there is a discussion about the values of the items, there are those who believe that certain NFT arts, as they demand little cost and labour time to be made, are not worth the price being paid.

NFT NEWS analysed, it has also been a great form of income for independent designers, many designers who had difficulties in fitting into the job market, or having their art valued and recognized on the internet, are currently managing to sell their crypto NFT parts to whoever is interested.

On May 12, 2021, the first physical festival of NFT cryptoart in Europe, the "Rare Effect vol2 - an NFT Festival", is born in Lisbon, Portugal.

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