What are NFTs (Fungible Tokens)?

Nov 05, 2021 Technology

Eight-Year-Old Japanese Boy Starts Selling NFTs

ECryptocurrency is extremely popular nowadays. With rapidly developing financial Services And technologies, it’s hard to stay behind the digital currency trend.

So while people used to conservative ways of earning with crypto are searching How to Buy BTC in USA on CEX.IOOthers look for creative ways to earn extra money. What are NFTs, and how can children become rich with them? Read on to find out!

What are NFTs (Fungible Tokens)?

What are NFTs (Fungible Tokens)?

A non-fungible token is a techno-digital asset with identifying information entered into a smart contract.

  • Since each NFT contains this information, it cannot be directly exchanged with another token.
  • It is not possible to swap one NFT for another as no two of them are alike.

Tokens like bitcoin can be exchanged. One person can send you one bitcoin, and you can send them one back, and you’ll still have one bitcoin. It is also possible to send and receive small amounts of bitcoin, which are measured in satoshis (think of satoshis – smaller units of BTC-cents) because fungible tokens can be subdivided.

In the same way that non-fungible tokens are not divisible, that portion of the concert ticket will have no value of its own and cannot be redeemed. However, some investors have experimented with fractional NFTs in recent months, although they remain in a legal gray area as they can be viewed as securities.

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Unlike NFTs, banknotes, if they have the same value, can simply be exchanged for each other; For the holder, there is no difference between one dollar bill and another.

A good example of a successful non-fungible token, Beeple’s NFT collage sold for $69 million, making him the third most expensive living artist at auction after David Hockney and Jeff Koons. However, the world has recently discovered a younger NFT artist – an 8-year-old boy from Japan.

Smart and inventive Japanese kids and NFTs

Smart and inventive Japanese kids and NFTs

Pencil, brush, crayon, a piece of paper… Who hasn’t drawn in childhood! At that time, can you ever imagine that childish pictures can help you earn a lot of money? Maybe not.

If you or your kids still draw with crayons you may be missing out on a great opportunity. In Japan, eighth-graders are creating artwork digitally, converting it into non-fungible tokens (NFTs), then selling them online for relatively large Ethereum (ETH) profits.

His name appears only on social media as a zombie zookeeper on both platforms, as well as in Business Insider Japan interviews with him. He is the founder of the growing digital art empire Zombie Zoo, where secondary sales on personal items can reach up to ETH 18 (USD 61,190) on the OpenC platform.

Currently, Zookeeper is filling its rapidly growing emporium with about three new zoo-themed items a day, including dragonflies, crocodiles, and headphone sets.

With his profits, he buys some Pokémon-themed toys “on the holidays” by cranking up production to “seven to nine” items a day. However, as mentioned earlier, these super-young crypto art prodigies tend to work alone – passionate parents are often present to offer “support”.

In ZooKeeper’s case, the role is taken over by her mother, artist Amy Cusano, who runs ZooKeeper’s social media platform and oversees the technical and financial aspects of the business. Similarly, he has created digital art for sale in the form of NFTs.

In fact, since Kusano has made the clever move of allowing secondary sales of ZooKeeper products to be subsidized at a 10% royalty fee, secondary sales on OpenSea are booming.

In ZooKeeper’s ETH wallet, currently (at the time of writing) more than 3 ETH (worth over $10,000) have been removed.

By day, the zookeeper attends elementary school, but at night, he draws pixel art on his iPad with a free app his mom told him about. His rise has been meteoric.

In the first week since listing his first actions for as low as 0.006 ETH, he experienced a “low response” week before activity began on September 2. Various artists, from notable Japanese illustrators to virtual influencer Lil Mikaela creator, and Brood founder Trevor McPedridge, have been contributing to Zoo Keeper’s collection ever since.

Why are NFTs becoming so popular?

NFTs are becoming so popular

The unique features of non-fungible tokens are; Usually, they are attached to a fixed asset. From digital From game skins to physical assets such as items, they can be used to prove ownership.

Nowadays, many well-known IT companies are focused on developing specialized software to create and embed non-fungible tokens. Thus far, Twitter has announced new settings for NFT avatars, and Adobe has partnered with NFT marketplaces OpenSea, KnownOrigin, Rarible, and SuperRare.

Twitter and NFT

Twitter and NFT

Twitter is also developing a personal account with settings for the previously announced NFT avatars. As you can see, it will be possible to specify a variety of settings for each individual token – author, collection and other attributes.

Adobe and NFT

Adobe and NFT

Subsequently, software company Adobe added a new feature to Photoshop that allows images to be prepared as non-fungible tokens (NFTs) and to include additional information about the content creator (social media, crypto wallet).

Content creators will also be able to display their NFTs on their personal Behance pages with a link to the marketplace.

What can you do with NFTs?

What can you do with NFTs?
  • The public galleries available on the NFT Marketplace allow you to showcase your collection on your profile.
  • If you are a collector then you can be satisfied with just buying NFTs.
  • You can still buy NFTs and resell them later when their value as an investment increases.
  • In addition, you can give NFTs as gifts or use them in virtual games.

last word

NFTs are not guaranteed to increase in value like other investments. Most people sell them at a loss. Conversely, others have made hundreds or even thousands of dollars in Ethereum by selling their NFTs at the right time. You have to decide whether you are willing to take the risk or not.