A new one has been added to cryptocurrencies, real lives intertwined with virtual and digital innovations that we cannot keep up with. Non-Fungible Token, or NFT, has recently been frequently mentioned by big brands and names with their marketing activities! So what is NFT, and how does it work?**
What is NFT and How Does It Work?
NFT, which means Non-Fungible Token, is actually a cryptocurrency on blockchains. However, the most crucial point where it differs from cryptocurrencies is that it cannot be bought, sold, or exchanged financially equivalent. Think of it this way: like physical money, cryptocurrencies can be traded. The value of one Bitcoin will always remain financially equivalent to another Bitcoin.
What differentiates an NFT from a digital currency is that each NFT is uniquely designed. This means that financially, the value of one NFT is not equal to another NFT. The current cryptocurrency, which got its name thanks to this feature, attracts attention with its unique and unchangeable feature. Each NFT, with its different structure, allows for tokenizing real-world tangible assets. For example, this could be a physical medium such as real estate or a work of art, or it could be a digital tweet or a website.
**Now that we've answered the question of what is NFT, we can take a detailed look at the NFT market. So, let's take a closer look at what is available in the NFT market, which is becoming increasingly known with the marketing of celebrities and brands.
What is in the NFT Market?
Most of the NFTs that attract attention are centered around digital artworks, cards, and collectibles in the art and fashion world because it is difficult to imitate the game, music, or artwork produced. Different trading platforms have even started to be published for each field.
So which NFT marketplace can you publish your digital asset on after the production of an NFT? In fact, you can consider the market in question as an online marketplace. Thus, you can decide on which platform you want to offer your product for sale.
In this direction, your primary criterion should be the type of NFT you want to sell. You can define everything that is digital; video, artwork, Instagram stories, and so on on the blockchain. After opening an account for trading, you can take the first step by connecting your wallet to the NFT market. To answer our question, here are a few of the markets where you can sell NFT artworks with a sales volume of $21 billion in 2021:
OpenSea, the popular marketplace in the NFT world, has all kinds of digital assets. In this sense, it offers a wide range for both buyers and sellers. The platform, which currently supports more than 150 different tokens, also provides convenience in the payment step. Therefore, we can say that it is one of the reliable points to enter the NFT world.
In addition to being a curated art curation platform, Nifty Gateway is also part of Gemini. This means that NFTs are stored in a secure wallet powered by Gemini's latest custody technology. Therefore NFTs are not stored in your own wallet but are reserved for you by Nifty Gateway and Gemini.
3. Axie Marketplace
Closely under the scrutiny of video gamers, the Axie Marketplace is actually the online store for the Axie Infinity video game. Axies are digital game creatures that can be trained, purchased, and compete against other players Axies for rewards. In the Axie Marketplace, players can also purchase meta items, such as accessories, terrain, etc., that they will use in the game..
On the platform, you can buy, sell or create all kinds of artwork, videos, collectibles, and music. Rarible is similar to OpenSea in this respect, but unlike OpenSea, it is built exclusively on the Ethereum blockchain.
Cryptocurrencies are now accepted by large corporations and even governments. Leading cryptocurrencies such as Bitcoin and Ethereum are among those that have supported this rise in the creation and development of new digital assets. And now they are being followed by the unique token NTFs, which is already cementing its place among these names.
What are the NFT Works of Brands?
NFT technology has been prepared and developed by Ethereum blockchain developers since 2014. There is no doubt that one of the reasons why NFT was the most curious subject in 2021 is the actions of celebrities and global brands supporting and PRing the NFT market. For this very reason, we have listed the works that will open your horizons and unveil the secrets of NFT technology for you below.
NBA Top Shot, one of the significant initiatives that elevated NFT projects, is an NFT collection that transforms unforgettable iconic moments in NBA history into NFTs. This innovative initiative by the NBA, an organization with a particularly close following, has paved the way for basketball fans to have a collection all to themselves.
A Fashion Initiative: SuperGucci
In June 2021, Gucci, the luxury Italian fashion brand, auctioned a newly printed NFT inspired by its Fall/Winter 2021 collection on the digital catwalk. It also partnered with the digital character brand Superplastic to launch the SuperGucci collection in 2022.
Metaverse & NFT Move by Ray-Ban
Designer sunglasses brand Ray-Ban continues to increase and protect its brand value with its current actions. Launching a Meta project with AR Glasses, Ray-Ban released its first and only NFT featuring Aviator sunglasses. Created by German artist Oliver Latta, the NFT was auctioned at OpenSea.
While evaluating the NFTs that stand out in terms of authenticity with McRibs, McDonald's released a collection of 10 different NFTs with McRibs that it brought back to its menu in November. It opened this collection only to those who ReTweeted its tweet. With more than 21,000 RTs in just a few hours, it was a tremendous organic launch for the collection.
**Tweet link: https://twitter.com/i/status/1455174998264586243
NFT Award-Winning Project: Clinique
Global beauty brand Clinique announced its first limited edition NFT set, MetaOptimist, in October 2021. The brand followed a different path instead of selling its NFTs with an offer system. At this point, it organized a contest with 3 NFTs prizes for its members who shared their stories of optimism that will give hope on Tiktok and Twitter with #MetaOptimist and #Cliniqe hashtags on social media. In addition to digital, the winners also won free Clinique products.