What is NFT (Non-Fungible Token)? Non-Fungible Token or NFT is a digital asset based on blockchain technology
Sciencelovers - Marvel Entertainment collaborated with Orbis Blockchain Technologies Limited to release their first collaboration in the form of a Non-Fungible Token (NFT) by making Spiderman their first collaboration.
The NFT Spiderman is available in the form of a digital statue available on the Veve Digital Application and consists of 5 versions of the NFT which are available in various quantities and prices based on their exclusivity.
Launching CBR, Monday, Spiderman is a character from Marvel comics who has many fans and is the most famous from the Marvel Universe, so it is against that background that Marvel and Orbis decided their first NFT collaboration to choose the character from Queens.
"We can't wait to bring this great news to Marvel fans and collectors alike on this exciting and unexpected," said President of Marvel Entertainment Dan Buckley.
This will be Marvel's first official memorabilia released in its most sophisticated form and interestingly anyone with internet access and the VeVe app can certainly own this artistic asset.
For the regular collection, "Spider-Man, The Amazing Spider-Man" is sold at a price of 40 US dollars and is limited to 32,000 pieces, then for the "Spider-Man, Hangin' Out" product, it is sold for 50 US dollars and is limited to 16,000 pieces, then for the rare series “Spider-Man, Jump Into Action” retails for US$100 and is limited to 9000 products, the ultra-rare series “Spider-Man, Animated” retails for US$250 limited to 2500 products, and finally the secret collection.” Ultimeted Animated” retails for $450 and is limited to 1000 products.
NFT is known as a new type of product development in the blockchain or crypto currency system which is also known as a certificate for a digital asset that cannot be hijacked or duplicated.
Buyers who become NFT collectors are usually people who like works of art, especially those related to digital art products.
The collaboration with Orbis Blockchain has been announced since June 2021 and within a month the two of them managed to create a digital 3D statue and digital comic for later trading on the Veve application.
The app is available on both iOS and Android.
US & Sony Cinemas Give Free NFT to "Spider-Man" Pre-Order Tickets
The enthusiasm for NFTs and cryptocurrencies continues to grow. The theater network in the United States, AMC, is again using blockchain to give free gifts to those of you who pre-order tickets for the upcoming Marvel Studios film.
AMC and Sony Pictures awarded 86,000 NFT to Stubs Premiere, A-List and Investor Connect members who purchased or booked tickets for Spider-Man: No Way Home, which premieres on December 16.
All you have to do is exchange the code via a dedicated website and you will get one of the 100 designs available via the Wax blockchain.
First, shoppers must pre-order tickets via the AMC Theaters website or mobile app when pre-orders launch from November 29.
If eligible, buyers will receive the code on December 22nd and have until March 1, 2022 to claim the NFT.
This is the first event for AMC to give away NFT. Due to the company's crypto enthusiasm, AMC's chairman, Adam Aron, said moviegoers and shareholders were attracted to NFT.
This step can also be considered as an experiment. AMC and Sony will find out how many viewers want to own the digital collection.
Even so, there's no guarantee the promotion will result in more ticket sales, but it might be a new business if anyone is interested.
What is NFT (Non-Fungible Token)?
Non-Fungible Token or NFT is a digital asset based on blockchain technology that is currently popular in the crypto world because its value can reach tens of millions of US dollars. Most NFTs are traded using ether (ETH), the coin created by Ethereum.
To understand NFT, we first need to look at the two keywords in its name, Non-fungible which comes from the words Fungibility and Token.
Functionality is the ability of an asset to be exchanged or replaced with similar assets that have the same value. For example, you can exchange a $10 thousand note for two $5 thousand notes and the value remains the same.
Meanwhile, tokens are digital assets that represent goods, services or other forms of value.
So, a Non-Fungible Token (NFT) is a digital asset that represents a valuable item with a value that cannot be replaced or exchanged.
Each NFT has transaction log data in the blockchain. This data contains the creator, price, and ownership history.
How is NFT different from other crypto assets?
In essence, an NFT is an asset that evolves from cryptocurrency. However, it has a different purpose, form, and use from crypto assets like Bitcoin, for example.
Each NFT is only created once and it cannot be exchanged or traded with other NFTs because their value is not worth it.
The unique NFT data works like a fingerprint which makes it easy for the system to verify ownership. The owner or creator may also store certain information in it. For example, creators can attach a signature to their artwork by including it in the NFT metadata.
In addition, NFT ownership is absolute, meaning that whoever owns it has full ownership rights.
The copyright to reproduce the work remains with the author, but the owner is the only one who owns the original work.
NFT also cannot be divided into smaller denominations like satoshi BTC or wei ETH. They exist exclusively as a whole.
Why is NFT so popular?
NFT actually became popular in 2017, when the first NFT game was launched, namely CryptoKitties.
CryptoKitties itself is an Ethereum blockchain based game that allows players to adopt, raise and trade virtual cats.
The NFT market is experiencing rapid development starting at the end of January 2021.
One of the reasons for the increase was the launch of NBA Top Shot created by Dapper Labs, creator of CryptoKitties.
This product is suddenly popular and shows the power of NFT as a digital collection medium.
For enthusiasts and users, NFT represents a new era of digital collection. It's a new way to support artists, athletes and musicians without going through a third-party intermediary.
For creators, artists and musicians, NFT allows them to profit directly from their work as there are no cuts from third parties such as record companies, distributors, publishers and others.
The popularity of NFT is still very limited to the arts, hobbies, and entertainment industries. However, many observers of the crypto world see the great potential of NFT applications in many sectors.
What is NFT used for?
1. NFT in the Artwork Industry
The characteristics and uniqueness of NFT re-evaluate the digital arts sector. NFT offers the security needed for works published online, where content can be freely distributed and can be claimed easily, causing harm to the creator.
NFT and blockchain technology provide guarantees for artists to own their work.
This is an innovation for digital artists who have always struggled against plagiarism and creative theft.
NFT's smart contract system also allows artists to write down a royalty percentage each time their work changes hands.
In addition, the price of NFT assets can reach very high numbers.
The most expensive NFT work, by Beeple under the title Everydays—The First 5000 Days, sold for $69 million dollars in March 2021.
This shows that the appreciation of NFT assets is as high as that of physical works of art.
2. NFT in a business context
Property, asset and license certificates
NFTs can link physical assets such as proof of ownership of a house or other property. Physical ownership deeds can be stored more securely in the blockchain with a fast verification process. You don't have to worry about valuable certificates being lost or stolen by others because the ownership data is on the blockchain.
Unfortunately, the implementation and development of NFT in the above cases is still very limited. However, as its popularity increases, the application of NFT will expand.
Ticket and membership industry
The ticket industry has several problems. First, there are often touts trying to buy as many tickets as possible to resell at a higher price. Second, cases of fraud through brokers or other services also often occur, especially if tickets are easily counterfeited. NFT offers a solution to overcome the two problems above with a verification and identification system that cannot be changed.
In the context of membership or digital membership, NFT can be used as a digital identification that represents a person's membership. This is especially advantageous for its members because they don't have to worry about data being lost, changed, or stolen by others.
One company that uses NFT as a membership card is Kraken Kratom, which has printed five NFT images to give its users lifetime discounts or special discount coupons.
Sports and fashion industry
The first NFTs entered the sports industry through collectible cards from NBA Top Shot where fans could collect key footage of their favorite matches. Belgian soccer league Jupiler Pro League has partnered with gaming company Ubisoft and startup Sorare to launch a fantasy soccer game that uses NFT.
Additionally, Nike patented the CryptoKicks authentication system in 2019. Every purchase of a custom shoe will generate an NFT with unique information about the item including material, place of manufacture and more.
CryptoKicks owners can then combine their digital shoe designs to create a new pair of shoes that can be purchased in physical form.
3. NFT in the hobby and entertainment industry
Collectibles
NFT opened the market for collectibles which turned out to have great potential. The NFT market is now dominated by goods whose purpose is to be collected.
Some of the popular collectibles are snippets from NBA Top Shot, Virtual Cats from CryptoKitties, and quirky avatars from CryptoPunks. Items from all three platforms can cost up to millions of dollars.
NFT Games
The gaming market based on NFT and blockchain is one of the promising sectors in the crypto world. Two very popular NFT games are CryptoKitties and Axie Infinity. Cryptokitties requires you to collect, raise and breed unique digital cats.
In Axie Infinity, players collect NFT-based digital pets called Axies with the main goal of fighting other players. Most NFT games use a pay-to-earn scheme where you can earn tokens by playing the game.
Axie Infinity and CryptoKitties both use the Ethereum blockchain within their network. In the context of Axie Infinity, both tokens (SLP and AXS) have an ERC-20 standard that you can exchange for other crypto assets.
This reason makes many people play NFT games to earn tokens which they can then exchange for other assets.
In fact, some people think that NFT games are an investment and can finance their lives, as this documentary shows.
List of NFT Coins By Market Cap
1. Axie Infinity (AXS)
Axie Infinity is a blockchain-based game that combines elements of NFT, gaming and DeFI. The game is inspired by Pokémon and Tamagotchi in which players must collect, breed, raise, battle and trade token-based creatures known as Axies. Each Axie is an NFT that has its own unique attributes.
Currently, according to Coinmarketcap, Axies Infininty has a market cap of $8.9 billion dollars at a price of $145.70 per 1 AXS. Coinmarketcap also ranks Axie Infinity at number 1 in the NFT transaction category.
2. Tezos (XTZ)
Tezos is a cryptocurrency with a blockchain system that uses a proof-of-stake (PoS) system. Tezos also has smart contract programs like Ethereum which allow it to have its own DeFi and DApps ecosystem.
The Tezos NFT ecosystem is quite large because thanks to the PoS system it makes the transaction fees to sell and buy NFT much cheaper than Ethereum. Tezos market cap is $5 billion dollars at $5.78 per 1 XTZ. Coinmarketcap places Tezos at position 4 in the NFT transaction category.
3. The Sandbox (SAND)
The Sandbox is a blockchain-based game that focuses on leveraging the use of NFT in its various game assets.
In the Sandbox, you will play in a metaverse world and interact with thousands of other players. The Sandbox already has partnerships with many big companies such as Atari and even the metal band Avenend Sevenfold.
According to Coinmarketcap, the SAND token has a market cap of $2.2 billion dollars at a price of $2.56 dollars per 1 SAND. The Sandbox ranks 8th in the NFT transaction category.
4. My Neighbor Alice (ALICE)
My Neighbor Alice is a multiplayer builder game, where anyone can buy and own a virtual island, craft items, and meet other players.
It is inspired by games like Animal Crossing and combines virtual life play with collecting and collecting NFT.
ALICE tokens are used for various in-game activities including buying goods and assets on the Alice world market.
According to Coinmarketcap, the ALICE token has a market cap of $307 million at a price of $13.38 per 1 ALICE. My Neighbor Alice occupies the 17th position in the NFT transaction category.
How to buy and sell NFT
You can buy and sell NFT in many scattered marketplaces. These digital marketplaces offer NFT in various forms.
The crypto assets used to buy NFT usually depend on the platform we choose. For example, CryptoPunks, OpenSea and Rarible only accept payments using Dollars and ETH. In contrast, sites like NBA Top Shot give users the freedom to pay using several types of crypto assets.
Own crypto assets to buy NFT!
The first step to buying and selling NFT is to have a crypto asset that matches the marketplace you are aiming for. One way to own crypto assets is to buy them through the Opensea app. You can buy Ether (ETH) which can be used in NFT marketplaces such as Rarible and OpenSea.
