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What is NFT ?
An NFT(non-fungible token) is a digital representation of asset ownership powered by smart contracts on the Ethereum blockchain with ERC-721 and ERC-1155 token standards. Digital assets that represent real world objects like art, music, data, in-game items and videos. It is bought and sold online, frequently with cryptocurrency, and generally encoded with the same underlying software as many cryptos. It can only has one official owner at a time and it is secured by the Ethereum blockchain – no one can modify the record of ownership or copy and paste a new NFT into existence. it is not interchangeable for other items because it has unique properties.
NFT Key Attributes
The transferability, adaptability and scarcity of NFTs are leading to the adoption of NFT technology to tokenise a wide range of assets. They can be used to create digital twins of physical assets, simplify transactions, remove intermediaries and improve business processes. Key attributes of NFTs include:Unique
NFTs can be used to create one-of-a-kind digital assets. No two NFTs are the same and each individual NFT token is provably-unique and visible on the blockchain.
Traceable
Ownership, source and movement of each NFT is visible on the associated blockchain, giving a transparent and traceable overview of NFT assets in real-time.Authenticated
NFTs cannot be forged or replicated. Each token is underpinned by an immutable digital ledger and decentralised network, allowing tokens to be authenticated.
Adaptable
Non-Fungible Tokens are highly adaptable, powering a large number of NFT use cases and applications. They can be purchased or traded across various DLTs.
NFT Works
NFT can represent a unique object, a piece of art, or a digital artifact. In fact, what each NFT represents is all cryptographically programmed to be unique, whereas cryptocurrencies are created equally. Hence, non-fungible tokens are each unique and limited in quantity.
StandardizationGenerally, those who want to create NFTs can use the Ethereum blockchain. Common non-fungible token standards are ERC721 and ERC1155. NFT developers can build common, reusable, inheritable standards relevant to all non-fungible tokens. These include ownership, transfer, and access control.
● ERC-721:
ERC-721 was the first standardized interface for creating NFTs. It’s the most widely used. It is immutable, transparent in ownership and security. Hence it is Non-fungible, a true NFT. It can’t be divided and represents a single asset that is in interchanged. It’s great for creating and tracking unique NFTs. Although transferable, trying to transfer an entire collection with it can be slow and inefficient.
● ERC-1155:
ERC-1155 is a unique token that supports non-fungible (NFTs) and fungible tokens. It’s faster and more efficient to use in batch token transfers. ERC-1155 can use a single contract to make various types of NFTs. Gas fees are cut by 90%, making it an affordable way for anyone to start minting on blockchain.
Interoperability
The issuance of NFTs allows for a higher degree of interoperability. This will certainly benefit the crypto users holding them. It basically means that unique digital assets can be transferred between different applications seamlessly. NFTs to move easily across multiple ecosystems. Interoperability means the assets can come from any chain or from multiple chains. Different blockchain-based virtual worlds can enable specific assets to function within their environments.
Tradeability
Non-fungible tokens can be bought, sold, and traded on top NFT marketplaces like OpenSea, Rarible and others Marketplace. These markets connect buyers with sellers, making the value of each token unique. Similarly, NFTs are prone to price changes in response to the market’s supply and demand. Without a doubt, the ability to be traded freely on open marketplaces is one of the most attractive features of NFTs. You and I can now move items (either physical or digital in nature) into marketplaces where we can take advantage of trading opportunities.
Liquidity
The tokenization of real-world assets could introduce some well-needed liquidity to these markets. In this way, previously untapped revenue streams are opened. Fine art, real estate, and rare collectibles are just some of the most liquid and profitable NFTs. Moreover, the instant tradability of NFT will lead to higher liquidity. NFTs truly offer investors additional liquidity over their assets when they need it.
Immutability and Provable Scarcity
NFTs are provably scarce assets. Each non-fungible token contains a code that indicates its specific digital identity. Hence, creating unique digital goods can be used to represent rare physical assets with a trackable history of ownership. As all NFTs are created on the blockchain, it is immutable in nature. Smart contracts allow developers to enforce persistent properties that cannot be modified after issuing NFTs. In this way, properties do not change over time by encoding them on-chain.
NFT for Healthcare
If you believe that problems and opportunities in healthcare are largely centered around data, including patient sovereignty over data, Non-Fungible Tokens (NFTs) may have a critical role to play in the advancement of the healthcare industry and legal framework surrounding that industry.Lifetime Medical Record
Due to the fragmented nature of the healthcare ecosystem, we have never had the technology to consolidate a person’s slew of medical records into a master document safely and efficiently shared between the relevant caregivers. Nor were we able to figure out a solution for such record’s custody, updating and maintenance. In fact, much clinical documents are produced every year worldwide, however, that data is unstructured or locked away. Additionally, unnecessary treatments, many of which stem from misdiagnosis, or redundant treatment due to poor data management. NFTs have the potential to solve these various problems – giving the power of medical records back to the patient and streamlining the healthcare experience.
Think about what could be possible if primary care physicians can exchange real-time updates with other healthcare specialists, allowing for easier collaboration and more patient-centric care. NFTs could allow patients to access medical tests results as soon as they’re available, along with access to their complicated (and many times disparate) medical histories instantly and easily, without having to spend time and energy explaining their that history to doctor after doctor. With NFTs, all of this sensitive and critical information would all exist in one place – a patient medical “passport” that’s secure and accurate.
Pharmaceutical Manufacturing
NFTs and blockchain can support the fight against counterfeit pharmaceuticals by streamlining the authentication process. NFTs create digital footprints or a “token ID” that attaches to a particular item throughout its lifespan. The uniqueness of each NFT is specifically defined by the information stored within the NFT’s metadata – pointing to valuable digital resources that are updated in real-time on the blockchain. NFTs provide an immutable record on the ledger reducing, and potentially eliminating, discrepancies and outright fraud. In the case of pharmaceuticals, NFTs have the ability to secure and streamline the tracking process – enabling the immediate identification of issues. That means that problems can be resolved much more rapidly, including the identification of black-market prescriptions and eliminating them from the system.
Blood Donations
Much like a patients’ unique health history and data, NFTs can be used for the tracking and management of blood donations. Blood donors are given a unique token that is then tracked throughout the system. From the time the blood is drawn to its travels to the the blood bank, and to its eventual recipient, NFTs can be an integral part of the tracking process. The technology can also be used to register it in a digital “blood bank,” where the demand for specific blood types may be tracked via a blockchain system and distributed to where it is most required.
Fitness and Health Data
As wearables, at-home workout equipment and other tracking devices gain popularity and mass adoption, many question how to harness health data efficiently while managing it responsibly. Seeing an opportunity, entrepreneurs are leveraging NFTs as a way to decentralize data collection, optimize access, and give patients back control of their health records.
Genomics NFT
The human genome is “inherently non-fungible” as a “non-changing representation” of an individual’s “most fundamental and personal data.” From this perspective, a genome is well-suited to be an NFT because tokenizing it allows a person greater control over the monetization, ownership, sharing, and access to their genetic information. This can be especially relevant in the context of the pharmaceutical industry. The complexity of patient access to medical data and the extent to which such information is useful for biotech and pharmaceutical companies. Cancer Patient's genome NFTs could be a useful mechanism to draw attention to key issues of ownership, use of, and compensation for personal data and creative work.
Storing NFT Data using IPFS
The web is controlled by centralized servers and accessed by location-based addressing. With that comes potential issues in the chance that a server is hacked, or if it happens to crash. This would leave the user that is requesting the data with nothing but an error page. That’s where IPFS can be of assistance.What is IPFS?
IPFS (InterPlanetary File System) is a decentralized storage solution for blockchain-based content. IPFS uses a P2P (Peer-to-Peer) network model for file sharing that is decentralized and distributed across many computers or nodes. Files are broken down into different parts and stored across a network of nodes, that track the file by hashes. When the parts are assembled together, based on their hash value, it recreates the original file. IPFS is a protocol for storing, addressing, and transferring data. It uses content-addressing to uniquely identify and link to information. It is one of the leading protocols of Web3, crypto, and the decentralized web movements.
IPFS Stack
IPFS is the result of combining multiple blocks commonly used to build distributed applications into a distributed-storage application IPFS uses libp2p, IPLD and Multiformats to provide content-addressed decentralized storage. libp2p is the peer-2-peer network-layer stack that supports IPFS. It takes care of host addressing, content and peer discovery through protocols and structures such as DHT and pubsub. IPLD (InterPlanetary Linked Data) provides standards and formats to build Merkle-DAG datastructures, like those that represent a filesystem. Multiformats provides formatting structures for self-describing values. These values are useful both to the data layer (IPLD) and to the network layer (libp2p).
IPFS WorkFiles uploaded to IPFS are split into smaller chunks, distributed across multiple computers, and assigned a hash to allow users to locate them. Rather than use a familiar location-based link like the normal web, IPFS links are based on the unique hash identifier of each item. That helps locate which node or nodes have the file or website available; it’s then served to the user via a peer-to-peer connection, similar to BitTorrent technology. IPFS isn’t based on blockchain, but it is similarly immutable: the contents cannot be changed, otherwise the hash itself would also change. However, IPFS has a versioning system that lets you add a new version of a file and connect it to the previous one, ensuring that the entire history is maintained.
Store NFT Data on IPFS
The IPFS is a peer-to-peer protocol to share and store files. IPFS uses content-addressing to uniquely identify each file in a global namespace that is important for NFTs to link the NFT metadata to the place where the asset or artwork is stored. IPFS can be seen as more persistent with data pinning when compared to centralized services. When creating an NFT, it needs to use an URL link that references an asset. This URL will be included in the metadata of the NFT. The NFT data is immutable and it will live forever in the blockchain, so it’s also essential to find a nice home for the asset or image related to the NFT. IPFS works with content identifiers called CID, which references content as hashes. These CID are part of the URL, and the URL won’t change if the content doesn’t change. The image behind a certain CID and respective URL will always be the same image, giving us a certain degree of immutability to the NFT data stored off-chain.
IPFS decides to move data around the network and find what you ask for using its content address with its file versioning advanced features and data structures. The following three fundamental steps build upon each other constitute an entire IPFS ecosystem:
1) Content Addressing through unique identificationOnce the users upload NFT data on IPFS, they receive an IPFS hash of the content, known as a CID. CIDs are unique identifiers or addresses of the NFT data used to reference the content irrespective of how and where it is stored. CIDs are created from the content. So, using CIDs to reference NFT data prevents issues like fragile links and rug pulls. IPFS follows particular data-structure preferences, conventions, and IPLD from raw content to an IPFS address that uniquely identifies content on the IPFS network. The next step explores how links between content are embedded within that content address through a DAG data structure.
2) Content Storage and Linking through DAGs
IPFS provides decentralized data storage and retrieval ways to preserve NFT data for the long term. The permanence layer in IPFS uses cryptographic proofs to ensure the durability and persistence of the NFT data over time. When it comes to NFT data linking, IPFS uses a Merkle DAG optimized for representing directories and files. It is possible to structure a Merkle DAG in numerous ways. For building a Merkle DAG representation of your stored NFT data, IPFS initially splits it into blocks. Splitting it into blocks implies that different parts of the file can come from different sources and be authenticated quickly. Merkle DAGs also provides another important feature: if you have two similar files, parts of different Merkle DAGs are used to reference the same subset of data.
It results in transferring different versions of large datasets (such as genomics research data) more conveniently. The reason behind it is that you only need to transfer the newly changed parts instead of creating entirely new files each time. Therefore, the entire NFT data gets linked and represented through Merkle DAG.
3) Content Retrieval through Distributed hash tables (DHT)
IPFS adopts a distributed hash table to find which peers host the NFT data. A hash table represents a database of keys to values. This hash table is split across all the peers in a distributed network where the libp2p handles connectivity and interactivity between peers. The libp2p queries the DHT to know and find which peers store each of the blocks that make up the NFT data. After finding the content, you need to connect to that content (NFT data) and retrieve it. IPFS uses the Bitswap module for this purpose to establish connections with peers and send a want list (a list of all blocks containing required NFT data). After receiving the blocks of requested content, they can be verified by hashing and comparing their CIDs. These CIDs also assist in block deduplication.
How to Buy NFTs
● Purchase EthereumSince most NFTs are Ethereum-based tokens, most marketplaces for these collectibles accept only Eth tokens as payment. If you already have an account(Coinbase and Biance are good options for beginners) with a cryptocurrency exchange, you can purchase Ethereum on it and send your crypto to your MetaMask wallet.
● Connect your MetaMask to OpenSea Marketplace
There are many marketplaces to buy and sell NFTs. Depending on which marketplace you choose, you’ll be able to purchase different types of collectibles. MetaMask is an Ethereum wallet available via chrome extension and mobile app. To sign on to OpenSea (and other NFT platforms) you'll need an Ethereum wallet. For maximum security, link your MetaMask to a Ledger hardware wallet to mitigate the risk of hacks. Simply TechNews MetaMask, set up a wallet and send over the ETH you just purchased from Coinbase.
● Buy Your NFT
It’s an easy process to buy an NFT once you’ve funded your account. Most marketplaces are in an auction format, so you’ll need to submit a bid for the NFT you want to purchase. A benefit of purchasing an NFT from the primary marketplace is the potential resale value directly after the product goes on sale.