{"id":13831,"date":"2021-10-12T15:46:08","date_gmt":"2021-10-12T10:16:08","guid":{"rendered":"https:\/\/zebpay.com\/?p=13831"},"modified":"2025-02-14T06:50:18","modified_gmt":"2025-02-14T06:50:18","slug":"everything-you-need-to-know-about-nfts","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/everything-you-need-to-know-about-nfts","title":{"rendered":"Everything you need to know about NFTs"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/everything-you-need-to-know-about-nfts\/#What_is_an_NFT\" title=\"What is an NFT?\">What is an NFT?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/everything-you-need-to-know-about-nfts\/#How_does_the_technology_work\" title=\"How does the technology work?\">How does the technology work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/in\/blog\/everything-you-need-to-know-about-nfts\/#History_of_NFTs\" title=\"History of NFTs\">History of NFTs<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zebpay.com\/in\/blog\/everything-you-need-to-know-about-nfts\/#2014\" title=\"2014\">2014<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zebpay.com\/in\/blog\/everything-you-need-to-know-about-nfts\/#2016\" title=\"2016\">2016<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/zebpay.com\/in\/blog\/everything-you-need-to-know-about-nfts\/#2017\" title=\"2017\">2017<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/zebpay.com\/in\/blog\/everything-you-need-to-know-about-nfts\/#2018_to_Date\" title=\"2018 to Date \">2018 to Date <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/zebpay.com\/in\/blog\/everything-you-need-to-know-about-nfts\/#Future_of_NFTs\" title=\"Future of NFTs\">Future of NFTs<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"has-text-align-left\"><strong>Welcome to the world of NFTs, the hottest new craze today. Everyone is hopping on board from companies like CocaCola to sports leagues like the NBA and so on. So what are NFTs? Why are these little JPEGs so highly valued all of a sudden?<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-an-nft\"><span class=\"ez-toc-section\" id=\"What_is_an_NFT\"><\/span>What is an NFT?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>NFT stands for non-fungible token. Now what does non fungibility mean? It is simply the property of uniqueness. Its non fungible hence it cannot be replicated or exchanged. An NFT is as unique as your fingerprint or a snowflake, absolutely one of a kind!&nbsp; Taking a picture or screenshot of an NFT does not mean you now own it, only the owner of the NFT will enjoy true ownership as he possesses the cryptographic token.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-does-the-technology-work\"><span class=\"ez-toc-section\" id=\"How_does_the_technology_work\"><\/span>How does the technology work?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>NFTs are tokens built on the blockchain using complex algorithms. An NFT has an individual digital signature and a cryptographic algorithm that defines its uniqueness and scarcity. It is immutable by nature meaning it can\u2019t be altered or duplicated. The transaction is shared with all the nodes and computers in the network.<\/p>\n\n\n\n<p>The tokens are locked safely in the blockchain network and can never be deleted. Every computer and node in the network would have to be wiped to destroy any token or information.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-history-of-nfts\"><span class=\"ez-toc-section\" id=\"History_of_NFTs\"><\/span>History of NFTs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Coloured coins were the very first NFTs to exist, which were the smallest denominations of <a href=\"https:\/\/zebpay.com\/in\/blog\/bitcoin-price-prediction\">Bitcoin<\/a> called Satoshis. Sadly, it was very short lived as it could only represent certain values if everyone agreed on their worth. This didn\u2019t sit too well with everyone, and there ended the legacy of the coloured coins. However, it did open up the doors for experimentation that ultimately led to the creation of NFTs. The amazing potential of issuing assets on blockchain was slowly presenting itself over time.\u00a0<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-2014\"><span class=\"ez-toc-section\" id=\"2014\"><\/span>2014<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Three bright individuals Adam Krellenstein, Evan Wagner, and Robby Dermody started the company Counterparty. A peer to peer open-source platform that allowed asset creation. Counterparty was truly the stepping stone for the beginning of the NFT revolution. As the creation of tokens bore no restrictions, experimentations were happening in full swing. The commonly traded assets started out with memes and gaming cards back then.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-2016\"><span class=\"ez-toc-section\" id=\"2016\"><\/span>2016<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>NFTs started to really pick up and gain hype when Counterparty started to issue RarePepes as assets. There were even Pepe experts in place who verified the rarity of the Pepe. This was the turning point when people started to experience FOMO (fear of missing out) and wanted to get their hands on these one of a kind pieces.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/zebpay.com\/wp-content\/uploads\/2021\/10\/pepesales-1024x576.jpeg\" alt=\"\" class=\"wp-image-13834\" srcset=\"https:\/\/zebpay.com\/in\/wp-content\/uploads\/2021\/10\/pepesales-1024x576.jpeg 1024w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2021\/10\/pepesales-300x169.jpeg 300w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2021\/10\/pepesales-768x432.jpeg 768w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2021\/10\/pepesales.jpeg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">(Source: <a href=\"https:\/\/www.rarepepe.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">RarePepe<\/a>)<\/figcaption><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-2017\"><span class=\"ez-toc-section\" id=\"2017\"><\/span>2017<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p> it was the creation of CryptoPunks that was the defining moment for NFTs. Two creative techies, John Watkinson and Matt Hall created unique characters generated on the Ethereum platform. They created 10,000 extremely unique CryptoPunk NFTs. Fun fact, the creators actually opted to let anyone with an Ethereum wallet claim one for free! Owners also started a secondary resale market that is still thriving today.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"700\" height=\"350\" src=\"https:\/\/zebpay.com\/wp-content\/uploads\/2021\/10\/60f19a6f71757b0018c69ff1.png\" alt=\"\" class=\"wp-image-13835\" srcset=\"https:\/\/zebpay.com\/in\/wp-content\/uploads\/2021\/10\/60f19a6f71757b0018c69ff1.png 700w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2021\/10\/60f19a6f71757b0018c69ff1-300x150.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><figcaption class=\"wp-element-caption\">(Source: <a href=\"https:\/\/www.larvalabs.com\/cryptopunks\" target=\"_blank\" rel=\"noreferrer noopener\">CryptoPunks<\/a>)<\/figcaption><\/figure><\/div>\n\n\n<p>CryptoKitties was another hot craze after CryptoPunks. Users rushed to collect cats with unique&nbsp;characteristics from the blockchain. They would even go further on and mate them to create their own little offspring sharing similar traits to the parents. &nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/Li5x9Df74zoB4LgslfFLNtO4uAGVejqIr-JQ7Z9ZZIol9aoV-2N2u7k-5IB42QkCImM3_2oMtaodW8kR0ecl-gLA0TLfp-qIiY22-EAFEvqMemg_wAhZ8jYzmuFaVq2h09g6vH8c=s0\" alt=\"\" style=\"width:722px;height:361px\"\/><figcaption class=\"wp-element-caption\">(Source: <a href=\"https:\/\/www.cryptokitties.co\/\" target=\"_blank\" rel=\"noreferrer noopener\">Crypto Kitties<\/a>)<\/figcaption><\/figure><\/div>\n\n\n<h4 class=\"wp-block-heading\" id=\"h-2018-to-date\"><span class=\"ez-toc-section\" id=\"2018_to_Date\"><\/span>2018 to Date <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Now the real NFT explosion is taking place before us, as we see an influx of NFT projects and marketplaces. The space has become more innovative than ever with crazy creativity as NFTs expanded into gaming, virtual lands, digital avatars and so on.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-future-of-nfts\"><span class=\"ez-toc-section\" id=\"Future_of_NFTs\"><\/span>Future of NFTs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Now that we\u2019ve discussed how NFTs have risen up through the years, let\u2019s see what the future holds for NFTs.&nbsp;<\/p>\n\n\n\n<p>This crazy journey is just starting. After all, NFTs widespread adoption only began 4 years ago in 2021. The future of NFTs is looking bright as it is a gateway to democratising assets and protecting its authenticity.<\/p>\n\n\n\n<p>The phenomenon of tokenisation can also make life better by removing the middleman. For example, tokenization of the film industry is something that may be in store in the near future. Wherein the production house of the film directly sells the movie as a token to the consumer i.e. the viewer. Thereby cutting out all middlemen involved while preserving authenticity that eliminates all piracy.&nbsp;<\/p>\n\n\n\n<p>There are really <a href=\"https:\/\/zebpay.com\/blog\/from-online-gaming-to-luxury-goods-the-nfts-doing-it-all\/\" target=\"_blank\" rel=\"noreferrer noopener\">no bounds to the applications of an NFT<\/a>, tomorrow a newborn baby\u2019s birth certificate might be an NFT or even your vaccine passport!&nbsp;<\/p>\n\n\n\n<iframe width=\"620\" height=\"444\" src=\"https:\/\/strawpoll.com\/embed\/p57y214wk\" style=\"width: 100%; height: 444px;\" frameborder=\"0\" allowfullscreen=\"\"><\/iframe>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Welcome to the world of NFTs, the hottest new craze today. So what are NFTs, why are these little JPEGs so highly valued all of a sudden?<\/p>\n","protected":false},"author":1,"featured_media":13868,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[14],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/13831"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=13831"}],"version-history":[{"count":1,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/13831\/revisions"}],"predecessor-version":[{"id":31633,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/13831\/revisions\/31633"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/13868"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=13831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=13831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=13831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}