21 May 2022
The term NFT, which stands for "Non-Fungible Tokens," has sparked a huge buzz these days. It is a digital asset that simply ties ownership to digital or physical resources such as real estate, works of art, music, films, and so on.
iFour Technolab, a reliable Blockchain development company in USA, hosted a meetup on NFT for Marketplace on 21st May, 2022. The main objective of this meetup was to educate employees on what NFT is and how it allows them to build, purchase and sell their own NFTs in an auction.
The meetup began with a discussion on blockchain fundamentals, its use cases, and an overview of a smart contract with a demo.
To demystify NFT, our professional explained them what exactly is a blockchain.
What exactly is a Blockchain?
Blockchain is a mechanism for preserving data in a way that makes it impossible to manipulate, hack, or defraud the system. It is a distributed ledger technology with a growing list of digital blocks that are linked together. It is a next-level solution for security challenges.
Several blockchain use cases have been proposed but the prominent ones include – Gaming, real estate, security, finance, art, and insurance.
Around 80 employees participated enthusiastically in this meetup, thanks to this emerging topic that captured everyone's attention.
One of our engineers provided an overview on how NFTs differ from cryptocurrencies. This stimulated everyone's interest in learning how to buy and sell NFTs.
How is NFT different from cryptocurrency?
Both NFT and cryptocurrencies are digital data units stored on a blockchain, however, they differ in interchangeability and value. To understand the key difference, two cryptocurrencies might be identical, but two NFTs can never be comparable. Cryptocurrencies are fungible, while NFTs are fully unique and non-fungible.
In this meetup, our software experts have explained how NFTs (Non-Fungible Tokens) are often brought and sold online on various platforms using cryptocurrencies.
How to buy and sell NFTs?
The majority of NFTs are based on the Ethereum blockchain; however, individuals may learn about NFT trading using a variety of test platforms before making a move.
Marketplaces, where NFT collections can be explored, are –
Everything from drawings, pictures, and videos to GIFs, music, games, and even tweets can be turned into NFTs and traded.
While everyone excitedly discussed their opinions about NFTs, another expert demonstrated this topic with a live demo.
For instance, when you get started with Opensea, you will find various collections over there. All you need to do is set up an official account and link it to your wallet.
Some of the popular wallets include –
Now, explore various NFTs from the collection and pick the best one. Besides, you can also mint your own NFTs and trade them in the auction. To add more, you can also check the NFT rankings on the Rarity tool.
In addition, our NFT experts have also described the test networks, how smart contracts and NFTs can interact with one another, and how to mint art NFT tokens.
To conclude this 2-hour meetup, Mr. Dhawal Desai, Delivery Manager at iFour Technolab, expressed his views –
“We are immensely proud and delighted to host this exceptional meetup. I'd like to express my gratitude to our software experts for putting in their efforts and interest which made it successful. Looking forward to your unwavering commitment to learning and development. Thank you for all the support.”