Ahmed El Sakka’s First NFT Collection Is Finally Here!

Check Out the Latest UPYO News

Explore all the latest news, articles and blogs on NFTs, web 3.0 and metaverse by top analysts and writers at UPYO.

Explore UPYO Blog

UPYO Blog is your source for emerging technology updates.

dApps

DeFi

Ethereum

Metamask

Polygon

Solana


<p>When one thinks of the non-fungible tokens, Bored Ape Yacht Club is a name that resonates with many.&nbsp;The Bored Ape Yacht Club, also known as BAYC, has many famous followers, such as Jimmy Fallon, Justin Beiber, Paris Hilton, and many more. The hype surrounding this top-selling NFT series makes it one of the most sought-after crypto assets among buyers. Let&#8217;s learn the history behind BAYC and what makes it valuable.</p>



<h2>Bored Ape Yacht Club:&nbsp;History</h2>



<p>Yuga Labs launched the BAYC collection in April 2021 by founders Greg Solano and Wylie Aronow. BAYC has two other co-founders who go by the pseudonyms No Sass and Emperor Tomato Ketchup (their identities are still unknown). The BAYC project is a huge set of 10,000 non-fungible token Apes. The collection was inspired by other NFT projects like CryptoPunks, where every NFT has a distinct look and feel.</p>



<p>The 10,000 apes have unique traits. The Ape NFTs are ERC-721 Ethereum-based tokens. Each NFT is different due to a distinctive mix of attributes such as clothes, fur color, backdrop color, and accessories, but they all have the same indifferent expression. These attributes assign a value to each ape based on how many other apes have the same traits.</p>



<p>All the apes have different style and look. The rare their attributes are, the more expensive the non-fungible token is. The primary characteristics of a Bored Ape NFT are as follows:</p>



<ul>
<li>Background</li>



<li>Eyes</li>



<li>Fur</li>



<li>Hat</li>



<li>Mouth</li>



<li>Clothes</li>



<li>Earrings.</li>
</ul>



<p>The success of the original BAYC has led to the creation of the Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club. These collections share some similarities to the original NFTs, but they were exclusive to owners of the original 10,000 NFTs.</p>



<p>The new NFT collections have helped maintain public interest in the project.&nbsp;BAYC #8817, the most costly Bored Ape, was traded for a stunning $3.4 million in 2021 via Sotheby&#8217;s Metaverse.&nbsp;The current floor price for these ape NFTs sits at 82 to 100 ETH as of March 2022.</p>



<p>BAYC is steadily inching away from non-fungible tokens and toward being an &#8220;off-chain&#8221; brand, i.e., one that exists but outside the blockchain network.&nbsp;The BAYC is assimilating into the fashion world through collaboration with famous fashion houses.</p>



<p>Adidas launched its maiden non-fungible token project, Into The Metaverse, in conjunction with many non-fungible token brands, the most notable of which was BAYC.&nbsp;furthermore, they&nbsp;also brought a BAYC NFT, which is now displayed on its Twitter feed.&nbsp;Additionally, BAYC recently launched a mobile game called &#8220;Apes vs. Mutants&#8221; on Android and iOS platforms.</p>



<p>The team also announced the launch of its native token ApeCoin ($APE) in October 2021. ApeCoin, an Ethereum token, has a total supply of one billion. It was revealed that 62% of the supply will be allocated to the ApeCoin community,16% to Yuga labs and charity, 15% to original owners of Bored Ape or Mutant Ape, 14% to launch contributors, and 8% to BAYC founders.</p>



<figure class="wp-block-image"><img decoding="async" src="https://lh5.googleusercontent.com/2CNlO_qcyBJ1Zl_AUWNFozCM7b8-k5FEwnR4jemBAgjTvv63MB50iyh4ru_M8Uq99tMyFdrhtIjPrkwWOq2BmTJZSMQxlNZ-BbQT8px0N9TDrfD5xuSLKvP_8-y9x2QcmSRTdj0t8mYoaMGOVWAJW5uQPnXtiSVAAuGnPxq75e7VpLLtkx7hZuq9cw" alt="most expensive bored ape nft"/></figure>



<h2>10 Most Expensive Bored Ape NFTs</h2>



<p>Here is a list of the 10 leading pricey Ape non-fungible tokens sold to date:</p>



<h3><strong>Bored Ape #2087 &#8211; USD 2.3 Million (769 ETH)</strong></h3>



<figure class="wp-block-image"><img decoding="async" src="https://lh6.googleusercontent.com/PIQEtQYhDjc62h2EitgeDGbjVZIsgAXXAgYEhVEUmIl7A35WL-X-IT7YClDickZYhe_1AHB67Oo_UaslTjs0i7pkgIeQP6mVlmeKAf0A8Zq0fMFwsO7ks8OvyFTWeTmiPGldtMWh5oPUAdK1HkVCouthfKKdfn9AonvZEkZLNfAM-Pk3eHzHInPqeg" alt="bored ape yacht club"/></figure>



<p>This colorful NFT with rainbow-colored fur, fierce eyes, and a cigarette&nbsp;is one more token besides #8817 that grossed a high price. It was purchased for a whopping 2.3 million dollars, i.e., 769 ETH. This non-fungible token has been traded twice in four months after its introduction.</p>



<h3><strong>Bored Ape #3749 – USD 2.90 Million (740 ETH</strong>)</h3>



<figure class="wp-block-image"><img decoding="async" src="https://lh3.googleusercontent.com/TGokrHvAgSDmTn1DTF9vKOLKG_6_EStDBT9L5iGUn65VSvmei1yzh_WZlXTXqOOlcy_sd7Pn00hdwXz0m-msxdsaY9XZHXJrrfogYzLYRqH1-AzPdSVjfZhn9O7g7AvBkcSx6T0mDrl9828lf6c-gldAdIJD_A506MGTDzfRztnOj3rcgtJdptnYvg" alt="Bored Ape #3749"/></figure>



<p>&#8220;The Captain,&#8221; a golden ape, has been sold thrice in 2022, whereas its highest last sold value stands at 740 ETH (USD 2.9 million). It is to be noted that the price of this non-fungible token surged sevenfold in 3 months. This NFT is currently owned by a wallet owner simply known as The Sandbox.</p>



<h3><strong>Bored Ape #8585 – USD 2.67 Million (697 ETH)</strong></h3>



<figure class="wp-block-image"><img decoding="async" src="https://lh4.googleusercontent.com/lrC4Mqi4oqMS56095Ja_Ghe-LAnQ7SPstAnF5uZ_xz-IDtLi9B5IDk7eP_BtC-LyXtEYNuml9SZaPyp8mAHQju-cP1-_Jr5RklerGJqCLJHgbSsscdazjOZVBCFL-W8iTsT_dRc0oi0aZFz2Tug6CHqTfOOgPUA65vKaWOcizL7BOse6icAogCitHA" alt="Bored Ape #8585"/></figure>



<p>This crown-wearing ape previously held the title of the most pricey Bored Ape, until others came along. Valued at 697 ETH or USD 2.67, this is currently the 3rd most expensive non-fungible token in this collection.</p>



<h3><strong>Bored Ape #7090 – USD 2.27 Million (600 ETH</strong>)</h3>



<figure class="wp-block-image"><img decoding="async" src="https://lh3.googleusercontent.com/MZWvllXupl8w4JsK6EGzkf38BNx25Rq43Hfye71N-UIOkBPmdyz7C0RE8xsX4IQRyfbH-cwa9GKHEDs1_4Vdhuv2oXArEysCtPnhJVFR_0Rzhtme1Ds7sWRyihkjMG_wXFzB52xrtqrn_UR_C-702_r-J1eykMX53HtzyVaYqYK0ZMttYX6MFLQQEA" alt="Bored Ape #7090"/></figure>



<p>The multi-colored grinning ape got sold at 600 ETH or USD $2.27 million.&nbsp;It has golden fur and multi-colored teeth, making it unique and valuable.</p>



<h3><strong>Bored Ape #8135 – USD 1.91 Million (550 ETH)</strong></h3>



<figure class="wp-block-image"><img decoding="async" src="https://lh6.googleusercontent.com/P-o3otof-tZpnsxRYI0JjrUvQ7RlHBHoiRNeSvTUa1iM1GXYgEhAkbHzDvXI0RwAAkfHRgjV5nQ91bjwP2Iam5izHFBT1Er3j86E9vXSdwFoG6oZgGn-W3GPqJOYLjhMe4EBUIbveDYioekgrzcUYE-7BuI5kwyvnRHWbiI4f8bV_gPws9b-diN8Rg" alt="Bored Ape #8135"/></figure>



<p>The dagger-in-mouth characteristic is an uncommon attribute in the Bored Ape collection that is shared by only 28 apes. However, #8135 is especially unusual because of the unshaven beard in addition to a dagger in the mouth.&nbsp;This ape is valued at 550 WETH or in other words USD 1.91 million.</p>



<h3><strong>Bored Ape #8135 – USD 1.60 Million (500 ETH)</strong></h3>



<figure class="wp-block-image"><img decoding="async" src="https://lh3.googleusercontent.com/UfW3xS2jDCuWQsywYUIHi7Pr1HOkCj6xnf033hWdwKFHen_CAdldyqzn81JWVA0LqKAez-RKcZw0Zz2oWOjXvfWD1Z7hnL_5OV7vtnS2lJGr4JFIvtgkOvWwX3fesAUD9Uwn2fMX4BoxuxBDj_aa95YRT32AZTdfGIf56yWAqr4NHvKPm2dALQK3Mw" alt="Bored Ape #8135"/></figure>



<p>This ape was traded for 500 ETH, i.e., approximately USD 1.6 million. It was a substantial boost from the initial 21 ETH price. Attributes like the halo, bored expression, and clothing set it apart from the other apes.</p>



<h3><strong>Bored Ape #9361 – USD 1.56 Million (500 ETH)</strong></h3>



<figure class="wp-block-image"><img decoding="async" src="https://lh4.googleusercontent.com/h1-pNYJvFI6anQjRSMSLAd1EX_1bWQWnGrx4M6D08JzBaIy5leolp6XsVhFM7NY5-GdrE-gPPwg42xCRbw12GiXHh-IJdtMmveWpUQssN2Bg69U31IOB25Sms1ONswsfK1JDXqYWLGklJEEfw22ryE4ZKhn6piZbI9wNNNGhdShZ2kLdQoeRRmG4ng" alt="Bored Ape #9361"/></figure>



<p>This colorful ape sold for 500 ETH at USD 1.56 million. This NFT has appreciated a whopping 160% since its previous sale. It was purchased by prolific NFT collector Formosa. The psychedelic, cyborg-like appearance makes it a unique token. Moreover, the unshaven bubbles characteristic of the ape is especially peculiar in this collection since only 0.65% of the collection possesses it.</p>



<h3><strong>Bored Ape #8877 – USD 1.30 Million (425 ETH)</strong></h3>



<figure class="wp-block-image"><img decoding="async" src="https://lh4.googleusercontent.com/UbjRVjV0WhYFk_INz33o936GNyPs0pabbgmXJZ5ZAdmTLUtwlKyUcKJxBojYPqY76g4BlTGQuqkAACZ4WI2NmovJltUN04PLTvZQyK1dSBlS8dTKzkXfs53BDdtIetTaYRzgCnB7vCxSX8_KcZXL9Hy57Vwl6V5agCYZk4A6ViFX0SAjEOjuKxyv6Q" alt="Bored Ape #8877"/></figure>



<p>This unshaven and bored ape was traded for 425 ETH, or $1.3 million USD.&nbsp;The ape has the somewhat common dark brown fur characteristic, shared by only 1352 tokens in the collection, and an unshaven mouth attribute. The piece was bought by a buyer named MadCam.</p>



<h3><strong>Bored Ape #5199 – USD 1.30 Million (425 ETH)</strong></h3>



<figure class="wp-block-image"><img decoding="async" src="https://lh4.googleusercontent.com/Ep15oQ9_rr4oQoCfKh0PiJDKPsCyhOhd1FfEYDEkJX4bzmq0uVbA51zQe8FZrsyPa0_JhH2w6QPQ9zgXWPtCmen8sz-FVYLs9ESgRr1zL7TeuRVCGdnHcwtcy6r5VE3pOalVDp-ddegaRQvc1--ZZ3GmTf4DViL0pfqOgoIzf3a21MZ4T8C6suJxKQ" alt="Bored Ape #5199"/></figure>



<p>This discontented cyborg ape was auctioned for 425 ETH, or USD 1.3 million.&nbsp;This futuristic-looking asset was purchased by famed NFT collector MachiBigBrother, who owns a dynamic collection of 3000 non-fungible tokens.</p>



<h3><strong>Bored Ape #1734 – USD 1.39 Million (420 ETH)</strong></h3>



<figure class="wp-block-image is-resized"><img decoding="async" loading="lazy" src="https://lh4.googleusercontent.com/FRXME77VcieXXNpYynenP9cToyOAA50lq9Z7YdQ9-bE9oceZ8iLGTL7IClvHF-nIo0fRFh6GxpHwtzZvPE1LHOQAo-e18RxzKPQapIgd4OK1-2_QajW-LRQM-qlvUPZy59SGZqa2J_JDJHhYnWZRwWliIHLa3q_aRIHXVbfLrEx0tS7h1iVBudvhhg" alt="Bored Ape #1734" width="650" height="656"/></figure>



<p>This smoking golden ape was sold for&nbsp;420 ETH, or USD 1.39 million.&nbsp;Jason Falovitch, famous crypto and NFT entrepreneur, purchased the token. The ape has shiny golden fur, a bored expression, and a cigarette in his mouth.</p>



<h2>Why&nbsp;is the Bored Ape Yacht Club&nbsp;So Expensive?</h2>



<p>What makes the BAYC collection valuable is a matter of opinion. A significant contributing factor has been influencer and celebrity participation. When notable individuals with millions of social media followers own an NFT, it inspires others to do the same. Find out more about <a href="https://upyo.com/en/post/how-nfts-create-value">how NFT creates value</a>.</p>



<p>As it happens, BAYC is massively popular among A-list celebrities and influencers. This popularity and hype have been a driving factor for high demand and higher selling prices. Besides that, the tokens’ extravagant price can be accredited to 3 components:</p>



<h3><strong>Uniqueness:</strong></h3>



<p>The Bored Apes Collection is a limited-edition collectible set of 10,000 digital avatars. While each Ape is unique, some are more uncommon than others. In fact, some characteristics, like golden fur and laser eyes, are so unusual that they are found in fewer than 1% of all Apes. This, in turn, raises the base price of these Bored Ape NFTs.</p>



<p>The entire Bored Ape NFT collection was first advertised for 0.8 ETH. Within 24 hours, the collection was sold out as NFT investors rushed to buy their very own BAYC token. High demand became a driving factor for the exponential growth of this collection resulting in sky-high floor prices.</p>



<h3><strong>Exclusivity:</strong></h3>



<p>Access to unique content is another benefit of Bored Ape NFTs. The website of Bored Ape contains a roadmap that establishes what they want to achieve and what happens when they meet their respective sales objectives. The collection &#8220;Caged Apes&#8221; was airdropped as a unique bonus to Ape NFT owners.</p>



<p>The developers of Yuga Labs have continually innovated with the NFT project to create new collections for their members. They have generated 20,000 Mutant Apes as part of their Mutant ape Yacht Club Collection, 10,000 of which have been saved solely for the Bored Ape owners, while the rest are open to the general public.</p>



<p>To generate Mutant Apes tokens, current Bored Ape holders only need to mix their Ape NFTs with a serum NFT. Various serums like M1, M2, and M3 have been airdropped to different Ape holders, each of which can produce a distinct Mutant Ape. For instance, the M3 serum is known to produce the most distorted Mutant Apes. Therefore, holders can <a href="https://upyo.com/en/post/nft-examples" data-type="URL" data-id="https://upyo.com/en/post/nft-examples">create unique NFTs</a> by combining serums with their existing tokens.</p>



<h3><strong>Membership benefits:</strong></h3>



<p>Every Bored Ape NFT comes with a yacht club membership. The membership enables Ape NFT holders to attend community activities. Just recently, the Bored Ape Yacht Club organized exclusive gatherings in multiple locations including New York and California, the United Kingdom, and Hong Kong.</p>



<p>The community members also get access to a secret Discord server as well as a private digital space known as &#8220;The Bathroom,&#8221; which serves as a graffiti board. This digital bathroom has evolved into a digital space for all members to interact and converse. Furthermore, owners get commercial usage rights for their NFTs. This means that they may resell, stake, or yield the NFT as they see fit and sell any type of derivative product based on the NFT they possess.</p>



<h2>Conclusion</h2>



<p>The&nbsp;Bored Ape Yacht Club has maintained its momentum and relevance due to constant innovation.&nbsp;It&#8217;s one of the few <a href="https://upyo.com/en/post/nft-examples">successful NFT projects</a> with high desirability among investors. Secondary and tertiary sales of Bored Ape NFTs have consistently sold for millions of dollars.</p>



<p>The BAYC&#8217;s amalgamation of exclusivity, community engagement, and philanthropy has attracted many well-known names to their doorstep. It has become a status symbol among NFT snobs and enthusiasts.</p>



<p>The rarity of these NFTs will continue to keep floor prices high. Today, Bored Ape NFTs are available on the secondary market, but they are costly. There are thousands of collectors queueing up for a chance to own one of these famed NFTs.</p>


The Most Expensive Bored Ape NFT


<p>The growth of non-fungible tokens has sparked several debates and dialogues regarding their effect on the environment.&nbsp;And the most severe problems include claims that NFTs cause substantial carbon emissions.&nbsp;This is due to the reason that they are developed with the use of power-intensive Proof-of-Work blockchains such as Ethereum and cryptos.</p>



<p>NFTs, on the other hand, are so much more than their environmental impact; as proof-of-work models do not empower every non-fungible token, most have a huge possibility of influencing the advanced world. When considering the positive benefits of non-fungible tokens, it is critical to strike a balance between technology developments and ecological balance.</p>



<p>This blog addresses how non-fungible tokens harm the environment and what the future of these token looks like.&nbsp;So, let&#8217;s get started with the basics.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/10/NFT-and-Environment-1-1024x538.jpg" alt="nft bad for environment" class="wp-image-1881" srcset="https://3.111.63.208/wp-content/uploads/2022/10/NFT-and-Environment-1-1024x538.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/10/NFT-and-Environment-1-300x158.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/10/NFT-and-Environment-1-768x403.jpg 768w, https://3.111.63.208/wp-content/uploads/2022/10/NFT-and-Environment-1.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>Analyzing Consensus: Proof of Work &amp; Proof of Stake</h2>



<p>The protocols of consensus procedures are a list of regulations that nodes obey to make sure that they agree on the right&nbsp;variant of the distributed ledger.&nbsp;These protocols maintain a safe and operational network when authenticating transactions.&nbsp;There are various types of agreement techniques. A blockchain&#8217;s agreement methods substantially influence the environment of the non-fungible tokens that run on its site.</p>



<p>Proof-of-Work is a consensus method employed by Ethereum. However, this is a&nbsp;highly ineffectual and energy-consuming mechanism comparable to the technique used by Bitcoin.&nbsp;Additionally, proof-of-work miners must resolve complicated arithmetic equations through power-hungry devices to validate payments.</p>



<p>By addressing these arithmetic problems, miners can swiftly insert the newest segment of validated payments into the blockchain. Following that, the system compensates the miner. Tackling such arithmetic computations needs a significant volume of power, affecting power consumption and transmissions.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="611" src="https://adminblog.upyo.io/wp-content/uploads/2022/10/Proof-Of-work-minting-1024x611.png" alt="environmental impacts of nfts" class="wp-image-1882" srcset="https://3.111.63.208/wp-content/uploads/2022/10/Proof-Of-work-minting-1024x611.png 1024w, https://3.111.63.208/wp-content/uploads/2022/10/Proof-Of-work-minting-300x179.png 300w, https://3.111.63.208/wp-content/uploads/2022/10/Proof-Of-work-minting-768x458.png 768w, https://3.111.63.208/wp-content/uploads/2022/10/Proof-Of-work-minting.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Furthermore, Proof of Stake blockchains too gets validated in a decentralized fashion. However, without the usage of power-intensive processes. Proof-of-Stake networks depend on validators (or verifiers) who wager on crypto acquisitions in return for incentives rather than mining. These validators make investments or seize funds in return for the opportunity to verify a percentage of blockchain communications and acquire network charges.</p>



<p>In the case when verifiers are detected as being fraudulent, their wagered tokens will be revoked. This method removes the necessity of enormous quantities of computational power, leading to substantial savings in emissions.</p>



<h2>Are NFTs bad for the environment?</h2>



<p>Non-fungible tokens are a kind of token that may be found on Ethereum.&nbsp;As a result, whether or not non-fungible tokens are harmful to the environment is intimately tied to whether or not cryptocurrencies are harmful to the ecosystem.</p>



<p>The power usage of various blockchain networks is primarily influenced by the consensus procedures the networks use.&nbsp;Non-fungible tokens on PoW blockchains are said to have a detrimental effect on the ecology.&nbsp;This is because of the vast amount of emissions generated by the computers utilized to save these networks.&nbsp;Furthermore, non-fungible tokens based on PoS blockchain rules and procedures seem to carry just a minor effect on the environment. Instances of such blockchains are Solana and Cardano.</p>



<p>The Ethereum blockchain may operate with or without non-fungible tokens.&nbsp;It has much more uses than only simply an <a href="https://upyo.com/en/nft">NFT platform</a>.&nbsp;Non-fungible tokens continue to make up a minor part of all Ethereum payments.</p>



<p>To quantify the environmental effect of non-fungible tokens, one must first determine whether these tokens have resulted in a considerable rise in consumption for the Ethereum blockchain as a whole.</p>



<p>The advancement of Layer 2 technologies may help decrease the ecological footprint of Ethereum non-fungible tokens even more.&nbsp;These Layer 2 alternatives try to store some add-on data onto each Ethereum block by conducting transactions outside the Ethereum. After that, they add the finished payments onto the blockchain.</p>



<p>This method notably improves network speed while reducing congestion and processing costs.&nbsp;By keeping transactions from each segment, the environmental impact of each payment on the Ethereum blockchain is minimized. Moreover, by employing sustainable energy to run the computers required to mine the cryptos, Ethereum non-fungible tokens can be even more ecologically friendly.</p>



<h2>How Are NFTs Bad for the Environment?</h2>



<p>Although NFTs alone have little effect on the environment, the process by which they are created can have significant ecological impacts.&nbsp;Let&#8217;s see how NFTs utilizing proof-of-work are created to analyze how their production utilizes so much energy.</p>



<h3><strong>NFT is Listed in a Digital Platform:</strong></h3>



<p>Typically, a non-fungible token is indexed on the NFT-related platform before it is minted.&nbsp;Though indexing an NFT is not energy-intensive, the placement of the non-fungible token listing will analyze how much energy is needed for the <a href="https://upyo.com/en/post/nft-minting">minting NFT process</a>.&nbsp;Selecting an NFT marketplace, such as UPYO, that hosts the Ethereum platform, which utilizes proof-of-work, indicates the minting procedure will be energy efficient as of now.</p>



<h3><strong>NFT is Bought:</strong></h3>



<p>The acquisition of an NFT is frequently the impetus for the NFT to be coined. The Non-fungible token is minted by crypto miners who command vast processing capabilities via proof-of-work. The mining procedure is energy-intensive, with dedicated computing hardware utilizing tremendous power. Miners strive hard to resolve complicated math questions instantly, hence getting the right to mint the tokens.</p>



<h3><strong>NFT is either kept or transmitted:</strong></h3>



<p>After completing the <a href="https://upyo.com/en/post/how-to-buy-nft">NFT purchase</a>, you can save it or transmit it to some other individual. If you move the NFT to another NFT marketplace that utilizes proof-of-work, then the same procedure that was used previously for minting is repeated for the transmission.</p>



<p>You might be thinking about how energy is used while mining. Only miners with the highest processing power are likely to solve complicated arithmetic problems the earliest. This indicates miners must run a considerable amount of computing equipment that consumes massive energy.</p>



<p>A global network of miners competes to verify transaction records comprising NFT transactions. It forces each contributing miner to use a significant amount of electricity even though only one miner is chosen to authenticate every new transaction to the blockchain.</p>



<h2>Non-fungible tokens that are Environment-Friendly</h2>



<p>There are certain methods that help create environment-friendly non-fungible tokens. To begin with, the use of sustainable energy sources is getting more push from the crypto groups.</p>



<p>However, that approach has its own set of issues, such as continuous strain on the power grid. Don&#8217;t forget that renewable energy might likely be used for other, more immediate requirements, such as maintaining folk&#8217;s lights on.</p>



<p>Modifications to the fundamental technology for non-fungible tokens are another alternative.&nbsp;Employing a power-saving PoS-powered blockchain can help reduce gas emissions and consumption related to non-fungible tokens. To validate the subsequent block on the blockchain, miners use a PoS mechanism to bind a specified quantity of cryptocurrency.</p>



<p>Numerous blockchains such as Solana and Cardano employ PoS approach and render solid backing for non-fungible tokens. Furthermore, Ethereum has been diligently striving to transform into Ethereum 2.0, a PoS system.&nbsp;Although it has been working hard on the move for quite some time, there is no set timeline for the migration.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="796" height="634" src="https://adminblog.upyo.io/wp-content/uploads/2022/10/Solana-and-Cardano.png" alt="nft bad for environment" class="wp-image-1884" srcset="https://3.111.63.208/wp-content/uploads/2022/10/Solana-and-Cardano.png 796w, https://3.111.63.208/wp-content/uploads/2022/10/Solana-and-Cardano-300x239.png 300w, https://3.111.63.208/wp-content/uploads/2022/10/Solana-and-Cardano-768x612.png 768w" sizes="(max-width: 796px) 100vw, 796px" /></figure>



<p>Introducing a second level to bitcoin is one more option that can be used to handle environmental situations. Adding a second layer lets users make payments outside the network and then process them in batches as a single transaction on the blockchain network. For instance, ‘The Bitcoin Lightning Network’ is one of the significant &#8220;Layer 2&#8221; possibilities for multiple blockchains.</p>



<h2>Eco-friendly NFTs Future</h2>



<p>There is a massive push from collectors as well as artists to minimize the energy consumption of NFTs.&nbsp;Additionally, the crypto domain is also under immense demand to minimize digital assets&#8217; ecological footprint.</p>



<p>The sector will provide a more ecological-friendly method of purchasing, selling, and acquiring non-fungible tokens based on market demands. Currently, numerous solutions are there, and several marketplaces are highlighting the eco-friendliness of their offers. One may get to witness several non-fungible token projects migrating to such a platform and use the PoS system to substantiate payments.</p>



<p>No blockchain network apart from Ethereum that allows <a href="https://upyo.com/en/post/nft-smart-contract">smart contracts</a> has the exact trustworthiness and reputation.&nbsp;Thus, large non-fungible tokens such as Beeple’s creations may wish to use the Ethereum network.&nbsp;Finally, Ethereum must either migrate to Ethereum 2.0 or provide reliable Layer 2 choices for non-fungible coins on their network.</p>



<h2>Final words</h2>



<p>The transactions are done on blockchain that back non-fungible tokens that release a certain amount of Carbon dioxide.&nbsp;In order to minimize this damage, several producers and NFT markets are looking for solutions and continually evolving the industry.&nbsp;Leading blockchain systems are also helping the situation by transitioning to more power-saving technology like PoS.</p>



<p>Non-fungible tokens can be used in a variety of applications.&nbsp;Furthermore, it is obvious that any technological innovation, whether it is AI, engines, smartphones, or machine learning, will affect the environment.</p>



<p>Almost every item needs production energy and capacity for running.&nbsp;However, as time goes on, today&#8217;s technology improves, just as electric automobiles phase out internal combustion engines. Since innovations are required for progress, it is vital to find the proper balance and non-fungible tokens are already making inroads in this area.</p>


NFT Environmental Impact And Its Future


<p>You&#8217;ve probably observed NFTs making it to the front page if you&#8217;re active on social networking sites or following the news in the last few years. These digital tokens have made headlines and evoked curiosity among the public and celebrities since 2021.</p>



<p>Some see it as a passing craze, while others see it as a fantastic opportunity for designers to showcase their skills. Whatever the reason, non-fungible tokens are becoming increasingly popular among celebrities. These collectible crypto assets are unique and can be anything from digital art to music, videos, or even tweets and screenshots.</p>



<p>With more and more brands chipping in with unique and innovative concepts, NFTs are getting increasingly experimental. For example, a Berlin-based lab sold the first digital scent &#8211; &#8220;Cyber Eau des Parfum&#8221; &#8211; as NFT for $18,000.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://adminblog.upyo.io/wp-content/uploads/2022/10/maxresdefault-4-1024x576.jpeg" alt="safest place to store crypto" class="wp-image-1750" srcset="https://3.111.63.208/wp-content/uploads/2022/10/maxresdefault-4-1024x576.jpeg 1024w, https://3.111.63.208/wp-content/uploads/2022/10/maxresdefault-4-300x169.jpeg 300w, https://3.111.63.208/wp-content/uploads/2022/10/maxresdefault-4-768x432.jpeg 768w, https://3.111.63.208/wp-content/uploads/2022/10/maxresdefault-4.jpeg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Although this kind of invention creates a buzz among the public, NFT is still a relatively new concept, and there is still confusion about it. Most people who want to <a href="https://upyo.com/en/post/how-to-invest-in-nft">invest in NFTs</a> wonder where NFTs are stored. What are the options that one can have to store crypto collectibles? Are the assets vulnerable to tampering or theft once purchased or minted?</p>



<p>These are some of the concerns of people considering dipping their toes into this rapidly expanding market. And this guide is for all those who want to explore the safest place to store crypto assets.</p>



<p>These are some of the worries expressed by those considering dipping their toes into this rapidly expanding market. Thus, this article is for all those wondering how to store their crypto assets and what options they can use when storing them.</p>



<h2>Popular NFT storage options</h2>



<p>NFTs, like any other asset, require security. It is a critical factor when it comes to collecting NFTs. If you are thinking of <a href="https://upyo.com/en/post/how-to-buy-nft">purchasing NFTs</a>, first consider learning about the available storage choices and decide how to store your assets.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="516" src="https://adminblog.upyo.io/wp-content/uploads/2022/10/Store-nft-1024x516.jpg" alt="where are nfts stored" class="wp-image-1751" srcset="https://3.111.63.208/wp-content/uploads/2022/10/Store-nft-1024x516.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/10/Store-nft-300x151.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/10/Store-nft-768x387.jpg 768w, https://3.111.63.208/wp-content/uploads/2022/10/Store-nft.jpg 1344w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>What happens to NFT after purchase?</h2>



<p>Once you select an NFT and buy them from a marketplace, it can be stored using 3 methods. They are:</p>



<ul>
<li>Software Wallet</li>



<li>InterPlanetary File System</li>



<li>Cold Storage Hardware Wallet</li>
</ul>



<h3><strong>Software Wallet:</strong></h3>



<p>Since it is fairly straightforward to establish a software wallet, most consumers, especially beginners, prefer this option to keep their purchases. These digital wallets usually store the asset contract and other information, such as source, description, etc. In fact, a software wallet is essential for purchasing non-fungible tokens on popular sites since it stores currency.</p>



<p>NFT offers a wide range of software wallet solutions that include mobile and web applications. Typically, wallets provide standard-level security for your crypto assets. They are protected by encryption, 12 &#8211; 24 worded seed phrases, and a strong passcode/password. <a href="https://upyo.com/en/post/best-nft-wallets">Discover best nft wallets</a>.</p>



<p>However, this storage method provides a very low-level security compared to other options.&nbsp;For example, using digital wallets necessitates having access to an internet browser or cloud service, which is a major drawback.&nbsp;This makes the NFTs stored in wallets exposed to phishing attacks. Thus, keeping your NFTs in them for a limited duration is advisable.</p>



<p>Examples of software wallets &#8211; MetaMask, Coin98, Enjin, MyEtherWallet, etc.,</p>



<h3><strong>InterPlanetary File System: </strong></h3>



<p>Also known as IPFS, this option reduces the possibility of being cracked/hacked. It is a P2P model that enables people to save their localized and off-chain non-fungible tokens.</p>



<p>To change the way data is disseminated globally, this system uses content-based routing rather than traditional position-based routing.&nbsp;Once a document/file is submitted to this system, it is broken down into smaller parts, hashed further using cryptography, and given a distinct signature or a fingerprint called CID, which is also known as a content identifier.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="489" src="https://adminblog.upyo.io/wp-content/uploads/2022/10/IPFS-1024x489.jpg" alt="How to store NFT?" class="wp-image-1753" srcset="https://3.111.63.208/wp-content/uploads/2022/10/IPFS-1024x489.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/10/IPFS-300x143.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/10/IPFS-768x367.jpg 768w, https://3.111.63.208/wp-content/uploads/2022/10/IPFS.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Please note that the Content Identifier, CIDs are hashes directly linked to your NFT content rather than the HTTP link that may be updated and hacked.&nbsp;Thus, the ID functions as an unchangeable digital record. Whenever the encrypted hash gets upgraded, a new version is published.&nbsp;Which means, a new CID is generated.</p>



<p>In other words, no changes or alterations can replace the original file, and it is not possible to make changes in the records of interplanetary file. Moreover, the user gets an alert , if a hacking node generates a content identifier hash.</p>



<p>Additionally, this option has various features that make it an even more safe storage choice for non-fungible tokens. However, this option is STILL vulnerable to hackers through the computer despite these advantages.</p>



<h2>Example for IPFS &#8211; Pinata</h2>



<h3><strong>Cold Storage Hardware Wallet:</strong></h3>



<p>Also known as hot wallet, this is the most suitable way to save non-fungible tokens. Most buyers favor it for the protection it offers to the assets. These wallets use mobile connectivity to access the internet.</p>



<p>Additionally, this wallet is password-protected which makes the information in it very secure. In most cases, these wallets can also restore device content if it is lost or stolen.</p>



<p>Furthermore, this kind of wallet uses 2FA, which provides an additional level of protection. As a result, it is difficult to crack and obtain the data without actually possessing the wallet.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="425" src="https://adminblog.upyo.io/wp-content/uploads/2022/10/2-شؤفخقس-1024x425.jpg" alt="How to store digital assets?" class="wp-image-1752" srcset="https://3.111.63.208/wp-content/uploads/2022/10/2-شؤفخقس-1024x425.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/10/2-شؤفخقس-300x125.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/10/2-شؤفخقس-768x319.jpg 768w, https://3.111.63.208/wp-content/uploads/2022/10/2-شؤفخقس-1536x638.jpg 1536w, https://3.111.63.208/wp-content/uploads/2022/10/2-شؤفخقس-2048x851.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Please keep in mind that no digital art or bitcoin is stored in these crypto-wallets. Nonetheless, they provide access to the users to handle their on-chain holdings (with the help of secret keys).</p>



<p>Thus, if you are an NFT investor, think about investing in a cold storage hard wallet to improve the safety of your holdings.</p>



<p>Examples for Cold Storage Hardware Wallet &#8211; Ledger, Trezor, etc.,</p>



<p>These are the 3 popular and common NFT storing methods in use. Of these available options, software wallets are the least expensive. However, as mentioned above, they do not offer optimal security.</p>



<p>Thus, use this option if you want to store your assets for a short duration. In other words, if you frequently purchase and resell NFT assets, you can keep them in your cryptocurrency wallets. Furthermore, invest in cold storage if you store your NFTs for longer.</p>



<h2>Importance of storing NFT safely</h2>



<p>Like any other assets of value, digital assets or NFTs are susceptible to theft and misuse. Thus, storing them is necessary, and you must decide on a storage method before purchasing. Furthermore, storing an NFT is just as crucial as purchasing one.</p>



<p>If you&#8217;re still unsure why you need to save your NFTs, consider the following concerns that could cause problems with your NFTs:</p>



<h3><strong>Your NFT can be hacked.</strong></h3>



<p>Although NFTs are based on the blockchain, this does not exclude them from being hacked. NFTs can and have been compromised.</p>



<p>In fact, hacking has already cost Nifty Gateway users thousands of dollars in art robbery. A hacker can attack at any time; therefore, it&#8217;s essential to be prepared.</p>



<h3><strong>You could lose your NFT</strong></h3>



<p>Yes, you read it right; if an NFT is stored inappropriately, you can lose your content and metadata. This situation can happen if a hacker alters the HTTP URL link that saves the content of the tokenâ€Œ.</p>



<p>It&#8217;s unlikely that you&#8217;ll lose NFT, but it can happen. Although the <a href="https://upyo.com/en/post/nft-smart-contract">NFT smart contract</a> will remain on the blockchain ledger, one may lose all of its content forever. Furthermore, if NFT content is stored on a specific HTTP URL site and that platform goes down, there&#8217;s a risk of losing the crypto-asset content.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1000" height="563" src="https://adminblog.upyo.io/wp-content/uploads/2022/10/NFT-Hack.jpg" alt="safest place to store crypto" class="wp-image-1754" srcset="https://3.111.63.208/wp-content/uploads/2022/10/NFT-Hack.jpg 1000w, https://3.111.63.208/wp-content/uploads/2022/10/NFT-Hack-300x169.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/10/NFT-Hack-768x432.jpg 768w" sizes="(max-width: 1000px) 100vw, 1000px" /></figure>



<h2>Tips for storing NFT safely</h2>



<p>No matter how you store your NFTs, there are specific tips for ensuring that they&#8217;re secure, and they are as follows:</p>



<ul>
<li>Ensure all your passwords and phrases are in physical form and adequately stored in a secure place (preferably not on the computer).</li>



<li>Do not use those websites that have no SSL certificate.</li>



<li>Make complex passwords by including sentences, numbers, and symbols.</li>



<li>Don&#8217;t give access to your login information to anyone else.</li>



<li>Never share your seed phrase with anyone.</li>



<li>If you want your internet operations to remain private, employing a VPN that conceals your IP address is the best idea.</li>



<li>Keep your long-term digital investments fully offline.</li>
</ul>



<h2><strong>Conclusion</strong></h2>



<p>Finally, having assets such as digital collectibles or any other digital commodity should not pose any complications or security risks. You have many NFT storing options that help you secure your assets, depending on your economic status. Therefore, based on your needs and goals, you can choose low-cost solutions or expensive ones.</p>



<p>However, one must understand that though pricey, hardware wallets offer improved security that may be a worthy option for investors with many non-fungible tokens.</p>


How To Store NFTs Securely? – A Handbook For Starters

NFT Promotion: How To Promote NFTs Effectively?

Web 3.0


<p>Web3 is the trending buzzword in the tech circle. The term is frequently heard in numerous discussions related to NFTs. However, the phrase is dynamic, with its definition frequently shifting depending on who is speaking about it. If you&#8217;re perplexed by this new technology, this article will answer your doubts and provide you with a basic understanding of the subject.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="960" height="500" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Web-3.0.jpg" alt="NFTs in Web3" class="wp-image-1682" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Web-3.0.jpg 960w, https://3.111.63.208/wp-content/uploads/2022/09/Web-3.0-300x156.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/09/Web-3.0-768x400.jpg 768w" sizes="(max-width: 960px) 100vw, 960px" /></figure>



<h2>What are NFT and Web3?</h2>



<p>NFT stands for a unique non-fungible token and cannot be replaced or exchanged by other NFTs. It is a non-interchangeable unit of data that is stored on a blockchain and can be sold and traded. NFTs can virtually represent any asset, including online and real-life objects (assets). For more <a href="https://upyo.com/en/post/how-to-buy-nft">understanding of buying NFT</a>.</p>



<p>On the other hand, Web3 is a completely new digital cosmos built on decentralized or distributed notions such as blockchain and token-based economics.&nbsp;Web3 has the potential to remove intermediaries such as Google or Apple and give its users complete control over the internet. The concept guarantees freedom and authority that is very much decentralized.</p>



<p>Quantum, the first known &#8220;NFT,&#8221; was built in May 2014 by Kevin McCoy and Anil Dash, whereas Gavin Wood, one of Ethereum&#8217;s inventors, coined the term &#8220;Web3&#8221; in 2014.</p>



<p>Web3 has been described in various ways by experts and enthusiasts.&nbsp;It typically includes a wide range of technological innovations, such as bitcoin, <a href="https://upyo.com/en/post/dao-nfts">DAOs</a>, and crypto assets, such as non-fungible tokens. Some supporters equate metaverse, gaming, and AR/VR with Web3 due to its association with the blockchain network.</p>



<h2>Role of NFTs in Web3</h2>



<p>NFTs, along with Web3 and metaverse, play a crucial role in the next phase of the internet. Most importantly, NFTs and Web3 are based on blockchain technology and concentrate on the decentralization concept. Thus, the role of NFTs in Web3 will be huge since it has already established its prominence in the crypto world.</p>



<p>Furthermore, the non-fungible tokens representing the ownership of unique virtual assets can be traded seamlessly in a space like Web3 without any hassles. When speaking about the role, it must be noted that Web3 is built using blockchain technology that includes blockchain-based cryptocurrencies like Ethereum and Bitcoin. And NFTs, of course, are also included &#8211; all of these play a significant role in the metaverse and its working.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/NFT-2-1-1024x576.jpg" alt="NFTs and Web3" class="wp-image-1684" srcset="https://3.111.63.208/wp-content/uploads/2022/09/NFT-2-1-1024x576.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-2-1-300x169.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-2-1-768x432.jpg 768w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-2-1-1536x864.jpg 1536w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-2-1-2048x1152.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3>Benefits of NFTs in Web3</h3>



<p>NFTs in Web3 will bring out new dimensions in digital identity and ownership of assets.&nbsp;Experts opine that NFTs provide a stable means for people to govern and take possession of crypto assets away from enterprises.</p>



<p>Furthermore, by 2030, Web3 will reduce yearly offline spending and increase direct online expenses at a 28% yearly rate.&nbsp;While these are some popular opinions, it must be seen how NFTs and Web3 will change and benefit individuals.</p>



<p>With so many innovations and developments, it is only a matter of time to bring disruptive changes to digital ownership.&nbsp;It is possible that NFTs could move from being static collectibles to adaptive or dynamic digital investments.&nbsp;Furthermore, there will be innovations in the metaverse and <a href="https://upyo.com/en/post/nft-mobile-games">NFT video games</a>. NFTs with Web3 can enhance online expenditures compared to offline consumption.</p>



<h4>Conclusion</h4>



<p>One can find lots of scope for digital assets due to innovations and developments in NFT, blockchain, metaverse, and Web3. Most companies, enterprises, government bodies, and consumers are eagerly waiting for Web3 technologies. However, as a matter of caution, one must also consider the legal implications of this technology to avoid any issues later.</p>


NFTs and Web3: Beginner’s Guide For Basic Understanding


<p>ENS, also known as Ethereum Name Service, has turned out to be the most trending technology that is catching everyone&#8217;s fancy in the blockchain galaxy. It is a type of name service that enables people to choose unique domain names for their crypto wallet IDs (addresses).</p>



<p>This technology has been touted to have the potential to be a game changer in Web3 communication.</p>



<p>Let&#8217;s move forward and cover some of the essential topics in this topic so that you&#8217;ll get a basic overview of the Ethereum Name Service.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/ENS-Domains-1-1024x538.jpg" alt=".eth domain" class="wp-image-1610" srcset="https://3.111.63.208/wp-content/uploads/2022/09/ENS-Domains-1-1024x538.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/09/ENS-Domains-1-300x158.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/09/ENS-Domains-1-768x403.jpg 768w, https://3.111.63.208/wp-content/uploads/2022/09/ENS-Domains-1.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>What do you understand by the term ENS?</h2>



<p>As the name goes, it is a decentralized name provider that serves as an alternative to Domain Name System. It is governed by Decentralized Autonomous Organization and is closely related to Ethereum Foundation.</p>



<p>Both ENS and DNS systems perform the same essential function &#8211; mapping and referencing complex addresses using domain names. However, there&#8217;s a distinction between the two. The domain naming system utilizes the name of the domains to interpret the inherent IP address.</p>



<p>In contrast, the Ethereum Name Service refers to the Ethereum, Tor.onion addresses, and IPFS file hashes by employing the .eth suffix.</p>



<p>One of the substantial advantages of this system is that it replaces the complex address with simple and easy-to-remember names. For instance, a wallet address (ETH) comes in a 42-character hexadecimal format and looks like &#8211; &#8220;ozf6753ghjt4586ijh&#8230;&#8221;</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="598" height="427" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Crypto-Wallet-Title.png" alt="ens domains" class="wp-image-1611" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Crypto-Wallet-Title.png 598w, https://3.111.63.208/wp-content/uploads/2022/09/Crypto-Wallet-Title-300x214.png 300w" sizes="(max-width: 598px) 100vw, 598px" /></figure>



<p>This type of address is obviously difficult to remember, so one can replace it with simpler names that are simple to remember, such as mypersonalwallet.eth. These addresses simplify the process of executing a transfer using an ENS-compatible wallet.</p>



<p>While this benefit is apparent, there&#8217;s more to ENS. It enables webpages, Dweb services, Dapps, and others to be made available through a domain-name system that is controlled by users, uncensored, and decentralized. This makes it different from DNS, which has centralized governance.</p>



<h2>What is .eth domain?</h2>



<p>Primarily, the Ethereum Name Service domains are identifiers for wallets or accounts on the Ethereum-based blockchain. The address has a .eth suffix, denoting its association with Ethereum. This system adds a human-readable aspect to the string of alpha-numerals that constitutes an Ethereum address.</p>



<p>This system can perhaps be considered the close approximation of a global login, particularly given the popularity of Sign-In with Ethereum as a means of internet account identification. Furthermore, it enables Web3 privacy (anonymity), as demonstrated by the Twitter community (for crypto) and Web3 professional field users, who have developed identities and brands based on their anonymous domains.</p>



<p>Additionally, the Ethereum domain owner can create subdomains to scale multiple pages. Also, they may point to addresses across other blockchains, textual bios(description), graphical NFT avatars, and social media network accounts.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="614" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/NFT-Avatar-1-1024x614.jpg" alt="ENS Domain Guide" class="wp-image-1612" srcset="https://3.111.63.208/wp-content/uploads/2022/09/NFT-Avatar-1-1024x614.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Avatar-1-300x180.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Avatar-1-768x461.jpg 768w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Avatar-1.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>Where to purchase the ENS domain?</h2>



<p>Numerous user-friendly interfaces assist in purchasing ENS domains, such as:</p>



<ul>
<li><strong>registrar.ens.domains-</strong> This is the &#8216;official&#8217; dApp. A blockchain-enabled browser is required (Chrome with the Metamask plugin, Mist, or Parity along with the browser plugin).</li>



<li><strong>My Ether Wallet-</strong> It is a client-side open-source solution that operates totally in your browser and requires you to upload wallet details.</li>



<li><strong>ETHTools&#8217; ENS integration-</strong> It&#8217;s a closed-source solution that leads you through the full procedure and makes use of server-side storage to make bidding easier.</li>
</ul>



<h2>How to buy an ENS domain?</h2>



<p>By now, you would have a fundamental understanding of what ENS domains are really about. With that in mind, let&#8217;s go over the steps for purchasing an Ethereum Name Service domain. Firstly, you must have sufficient ETH in your wallet, which is necessary to <a href="https://upyo.com/en/nft/tools/ens-domains">pay ENS</a> registration and transaction costs associated with your domain. Here are the basic steps you can take to complete the task.</p>



<h3><strong>Establish a crypto exchange account:</strong></h3>



<p>Acquiring Ether is the first thing to do if you want to purchase an ENS-based domain. One can procure Ether in two ways &#8211;</p>



<ul>
<li>By using a centralized exchange such as Voyager, Gemini, or Coinbase Global Inc.</li>



<li>By transferring tokens to a decentralized exchange.</li>
</ul>



<p>The Ethereum Name Service domain price is determined by the domain length (the section before the .eth), the time frame wherein you would like to register the domain, and the existing gas cost.</p>



<h3><strong>Download a crypto wallet:</strong></h3>



<p>To own an ENS-based domain, one must have a <a href="https://upyo.com/en/post/best-nft-wallets">good crypto wallet</a>. And a user&#8217;s foremost wallet is normally an account that is easily accessible by a web browser extension that lets them engage with any Web3-enabled website. Furthermore, native browser wallets are available in several browsers, such as Opera and Brave.</p>



<p>Currently, MetaMask is the most popular wallet with extensions in Chrome, Brave, Firefox, and Edge.</p>



<p>However, when visiting a wallet&#8217;s website, proceed with utmost care because these are the main targets for phishing attempts. Moreover, One might utilize the private key linked with your wallet to retrieve or siphon funds from it, hence keep it secure.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1000" height="420" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Metamask-With-Logo-1.jpg" alt="ens eth" class="wp-image-1613" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Metamask-With-Logo-1.jpg 1000w, https://3.111.63.208/wp-content/uploads/2022/09/Metamask-With-Logo-1-300x126.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/09/Metamask-With-Logo-1-768x323.jpg 768w" sizes="(max-width: 1000px) 100vw, 1000px" /></figure>



<h3><strong>Transfer ETH to wallet:</strong></h3>



<p>Transfer Ether to the wallet via wallet address (hexadecimal address) to keep your domain safe. For instance, if you are using MetaMask, you can copy the address through the account header.</p>



<h3><strong>Link your wallet to ENS Domains:</strong></h3>



<p>Once you have Ether in your wallet, head to the ENS dApp and click the &#8220;Connect&#8221; link to connect your wallet to the website. This activity would open a MetaMask (or another wallet) window with instructions for authorizing the connection. Following the instructions on your wallet, connect your wallet to the dApp and use it to transfer Ether.</p>



<h3><strong>Select an ENS Domain to initiate your purchase:</strong></h3>



<p>Once you are on the <a href="https://apps.apple.com/co/app/upyo-ens-find-best-eth-names/id1637224142">ENS dApp website</a>, make use of the search box to determine if the chosen domain is available for registration. Check who owns it and when the current registration expires if it is already registered. Usually, the costs depend on the number of characters. However, remember that this cost does not include gas prices.</p>



<h2>Conclusion</h2>



<p>Overall, the Ethereum Name Service is gaining popularity owing to the advantages which cannot be seen in DNS. Additionally, ENS is open to the public and follows a decentralized approach, making it preferable among people. Technically, the ENS can utilize the existing Ethereum environment. It implies that the tool is completely programmable and can connect with several other smart contracts in ways other than the name.</p>


Ethereum Name Service: The Beginner’s Guide


<p>Fractional NFT is a buzzword in the tech world right now. It&#8217;s the newest trend in the NFT field, potentially changing the core design of non-fungible tokens and paving the way for investors. Hence, the concept of fractional NFTs is quickly gaining traction. Let&#8217;s understand the basics of fractional non-fungible tokens and how it is advantageous.</p>



<h2>Can several people own one single NFT?</h2>



<p>Though most non-fungible tokens have a sole owner, thanks to fractional NFTs, now one non-fungible token can have multiple owners.&nbsp;Here, the parent non-fungible token gets divided into smaller parts, with every proprietor receiving a share. This has been proposed as a means of restructuring the process of NFT, making it easily accessible to average investors and art lovers.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="700" height="382" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Fractional-NFT.jpg" alt="fractional nft " class="wp-image-1587" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Fractional-NFT.jpg 700w, https://3.111.63.208/wp-content/uploads/2022/09/Fractional-NFT-300x164.jpg 300w" sizes="(max-width: 700px) 100vw, 700px" /></figure>



<p>If you wish to engage in or acquire non-fungible tokens, you must first grasp what fractional non-fungible tokens means and what is its working process. Continue reading to discover more about this topic.</p>



<h2>What is an F-NFT or fractional Non-fungible token?</h2>



<p>A fractional non-fungible token is a full non-fungible token split into smaller chunks, enabling several people to own the same token. Basically, a <a href="https://upyo.com/en/post/nft-smart-contract">smart contract</a> is utilized to fractionate the non-fungible token and produce chunks or fractions of tokens connected with the immutable parent token. Moreover, the shareholders can resell each of these small chunks of tokens on <a href="https://upyo.com/en/nft">NFT platforms</a>.</p>



<p>In simple terms, fractionated non-fungible tokens are paving the way for another phase in the crypto, bitcoin, and decentralized industries. As NFT is a non-fungible token, it means that it cannot be traded in place of any other asset because of its similarity. Here, fractionalized non-fungible token comes into the picture. It pushes the envelope by allowing possession of an NFT to be divided. For example, if you own an authentic artwork of the famous personality Mona Lisa, there is no way to interchange that painting with any other painting. Also, you don&#8217;t get the authority to divide that painting into multiple pieces.</p>



<h2>How do fractional non-fungible tokens work?</h2>



<p>A non-fungible token is essentially a token that adheres to Ethereum&#8217;s ERC-721 specification.&nbsp;Before you can divide or fractionate a non-fungible token, it is first sealed&nbsp;in a smart contract, a&nbsp;software kept on the blockchain. It&nbsp;has been&nbsp;coded&nbsp;to&nbsp;activate&nbsp;instantly&nbsp;when specific conditions are satisfied.</p>



<p>According to the information submitted by the token stakeholder, the NFT contract partitions the ERC-721 token into numerous parts in ERC-20 token format. The shareholder essentially determines the number of tokens to be generated, their total worth, metadata, and other attributes. Every chunk or fraction underlines the partial proprietorship of the whole non-fungible token. The parts are then offered for sale at a specified cost for a specific time or until all of them have been sold.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="717" height="398" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/ERC20.png" alt="fractional nfts" class="wp-image-1588" srcset="https://3.111.63.208/wp-content/uploads/2022/09/ERC20.png 717w, https://3.111.63.208/wp-content/uploads/2022/09/ERC20-300x167.png 300w" sizes="(max-width: 717px) 100vw, 717px" /></figure>



<p>Let&#8217;s take an example of &#8216;The Scream,&#8217; a unique artwork that was sold for millions of dollars, to analyze how fractional non-fungible tokens work. Consider an NFT as a representation of this piece of artwork. There&#8217;s no doubt that its cost will be millions of dollars to attract wealthy patrons.</p>



<p>Now, if this expensive non-fungible token is divided into ERC tokens, a buyer can purchase a portion of it for a comparatively low cost. So, it is clear that fractionating a token makes it affordable for low- and medium-sized buyers and have a share in it.</p>



<p>It&#8217;s worth noting that fractionated non-fungible tokens aren&#8217;t just limited to the Ethereum network. In fact, it can be done on any crypto-based network which supports non-fungible tokens and smart contracts. For example, Solana, Tezos, and Cardano networks can help with fractionalizing non-fungible token proprietorship transfers.</p>



<h2>What are the benefits of fractional NFT?</h2>



<p>One of the most appealing points of an NFT would be that you acquire entire possession of a one-of-a-kind item. However, as we&#8217;ve seen with the instances above, this has resulted in price inflation for several assets. Fractionated non-fungible tokens are designed to address this issue while also providing several other advantages.</p>



<h3><strong>Democratization:</strong></h3>



<p>As soaring real estate prices have forcefully shut down a substantial portion of the market, the same is the case with some <a href="https://upyo.com/en/post/types-of-nfts">popular NFTs</a> that have become unavailable. When an asset is fractionalized, it becomes approachable to a wider range of people, who can then decide to purchase a share for a proprietorship or as an investment vehicle.</p>



<h3><strong>Price Discovery:</strong></h3>



<p>NFT price discovery, a market-based method for determining a token&#8217;s value, is more effective with fractional non-fungible tokens.</p>



<p>It is usually difficult to price newly created NFTs because they don&#8217;t have much transaction history. However, through fractionalization, non-fungible tokens can be divided into multiple parts and then released on the market for bidding, <a href="https://upyo.com/en/post/nft-pricing">making NFT pricing easier</a>. Also, this helps estimate the price of an NFT based on its market demand.</p>



<p>As a result, F-NFTs provide a rapid approach to evaluating the market value of non-fungible tokens that are distinctive and scarce. In addition, whenever the price of an NFT rises, so does the worth of its portions. However, as has always been the situation with currencies, an NFT&#8217;s price can fall unexpectedly, and the fractions&#8217; prices will likewise fall simultaneously.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="577" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/NFT-Prices-1024x577.jpeg" alt="fractionalized nfts
" class="wp-image-1589" srcset="https://3.111.63.208/wp-content/uploads/2022/09/NFT-Prices-1024x577.jpeg 1024w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Prices-300x169.jpeg 300w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Prices-768x433.jpeg 768w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Prices.jpeg 1320w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3><strong>Greater Liquidity:</strong></h3>



<p>Because of the restricted amount of customers available due to high costs, valuable things can sit on the marketplace for days before finding a buyer. When a non-fungible token is fractionalized, a larger pool of investors can buy more inexpensive portions on online marketplaces with less exposure than paying a hefty price for an overpriced asset.</p>



<h3><strong>Curator Incentives:</strong></h3>



<p>The non-fungible token marketplace pays a curator fee to an NFT holder who splits their resource into parts. The value of this payment can be specified and updated by the proprietor. However, it is equivalent to the total price cap to discourage aggressive pricing.</p>



<h3><strong>Perfect for Artists:</strong></h3>



<p>While the initial ideas have concentrated on the buyer&#8217;s perspective, fractionalizing NFTs can benefit artists by allowing them to reach more people in a much more liquid market.</p>



<h2>Is a fractionalized NFT a kind of security?</h2>



<p>Often, fractionalized NFT is considered a kind of security. For instance, if someone wants to combine multiple NFTs into a single basket, trade fractional non-fungible tokens, or pick one NFT and sell pieces, then there are chances that you&#8217;re not producing an investment product, but it is a security.</p>



<h2>Can I buy a fraction of NFT?</h2>



<p>Buying a fraction of NFT is entirely possible. If you are trading on the platform that offers fractional NFT for sale, you can make your purchase for the desired fractional NFT projects there. This is the perfect option for those people who do not have enough funds to invest in high-priced and popular NFTs. Fractional non-fungible token (F NFT) allows them to purchase a part of NFT of their choice that comes within their budget.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1024" height="378" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/fractionalized-nfts.jpg" alt="nft fractional ownership" class="wp-image-1590" srcset="https://3.111.63.208/wp-content/uploads/2022/09/fractionalized-nfts.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/09/fractionalized-nfts-300x111.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/09/fractionalized-nfts-768x284.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>Where to buy fraction NFT?</h2>



<p>Though multiple platforms let you buy fractional NFTs, you can count on UPYO for safe and secure transactions. The platform allows users to make an investment i<a href="https://upyo.com/en/nft/collections">n NFT collectibles</a>, maintain their NFT portfolio, and mark their participation in real-time trading. Moreover, the platform allows investors to purchase fractional interests in digital assets.</p>



<h3>Final words</h3>



<p>The non-fungible token space is becoming increasingly famous, and as technology progresses, one may likely discover even more exciting innovations and application cases.</p>



<p>Although the concept of fractional non-fungible tokens is in its early stages, it promises to be the forthcoming sensation in the rapidly growing crypto field. Fractionalization enables more variance and, as a result, infinite investment opportunities. </p>



<p>It broadens the business, ensuring that fractional non-fungible tokens will be at the vanguard of the next wave of technological profits and securities monetization.</p>


Fractional NFTs: The Latest Crypto Buzz Explained

Top 10 NFT websites


<p>The term smart contracts have been doing rounds since the advent of NFT in 2021. If you are an NFT enthusiast, understanding this terminology is necessary since it forms the basis of NFTs. Discover what smart contracts are and how to write them in this article.</p>



<h2>What is an NFT smart contract?</h2>



<p>NFT smart contracts are computer programs that overlook and control the transmission of digital assets (NFTs in this case) between buyer and seller under specific conditions. It exists on the blockchain and is enforced by code.</p>



<p>Simply put, it&#8217;s a digital contract where terms of agreement (between users) are coded in computer language. In other words, it is a sale agreement between the buyer and the <a href="https://upyo.com/en/post/how-to-sell-nft">NFT seller</a>.</p>



<p>These are executed as per the developer&#8217;s instructions (code).&nbsp;This is because non-fungible token contracts are self-operating. This means that it can inspect if the requirements of the agreement are satisfied and implement the conditions without the need for any other intermediate entity.</p>



<p>The code allows the Blockchain network to save the information specified in an NFT transaction, which can be retrieved whenever needed. Furthermore,&nbsp;the NFT contract provides a safe haven for the data. It ascertains the saved data is unchangeable and transparent.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="548" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/NFT-Smart-Contract-1024x548.jpeg" alt="NFT Smart Contract" class="wp-image-1536" srcset="https://3.111.63.208/wp-content/uploads/2022/09/NFT-Smart-Contract-1024x548.jpeg 1024w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Smart-Contract-300x161.jpeg 300w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Smart-Contract-768x411.jpeg 768w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Smart-Contract.jpeg 1377w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Smart&nbsp;contracts manage&nbsp;different activities like:</p>



<ul>
<li>Affirming the right/proprietorship</li>



<li>Managing the portability</li>



<li>Storing the unique information of NFT</li>
</ul>



<p>Apart from these standard functions, creators can add other details to smart contracts. It&#8217;s possible to add identity, additional rules about trading, and secure links to specific files. They can be used to cover other functionalities like handling royalty payments, etc.,</p>



<p><strong>Note:</strong>&nbsp;Smart contracts permit to have permanent identification information</p>



<h2>A simple NFT contract example</h2>



<p>There are innumerable programming languages that help one to design non-fungible token contracts.&nbsp;These languages can be used on a blockchain network as it&nbsp;lets you develop code to execute smart contracts on them.&nbsp;You can find an example written in Solidity, one of the most prevalent NFT contract coding languages, below:</p>



<p>pragma solidity ^0.8.7;</p>



<p>contract MyContract {</p>



<p>constructor() public {</p>



<p>value = &#8220;My value&#8221;;</p>



<p>}</p>



<p>string public&nbsp;value;</p>



<p>function get() public view returns (string memory) {</p>



<p>return value;</p>



<p>}</p>



<p>function set(string memory _value) public {</p>



<p>value = _value;</p>



<p>}</p>



<p>}</p>



<p>Apart from Solidity, one can use Rust, JavaScript, Vyper, Yul, and other languages also.&nbsp;However, Solidity remains the preferred choice by many developers. It is developed based on Python, C++, and JavaScript.</p>



<p>Thus, developers who are proficient in the above languages may choose Solidity over others as it is easy to understand and develop the contract easily.</p>



<p>Solidity is the popular language that is employed for designing NFT-related contracts. This language is widely utilized in the market and is employed to build a broad range of apps (decentralized).&nbsp;It was created to write smart contracts on Ethereum.&nbsp;Moreover, similar to Java and the Java Virtual Machine, Solidity operates on the EVM (Ethereum Virtual Machine).</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="900" height="600" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Coding-Languages.jpeg" alt="nft contract " class="wp-image-1537" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Coding-Languages.jpeg 900w, https://3.111.63.208/wp-content/uploads/2022/09/Coding-Languages-300x200.jpeg 300w, https://3.111.63.208/wp-content/uploads/2022/09/Coding-Languages-768x512.jpeg 768w" sizes="(max-width: 900px) 100vw, 900px" /></figure>



<h2>Benefits&nbsp;of Solidity:</h2>



<ol>
<li>It provides those concepts that are used in the majority of modern programming languages, such as&nbsp;functions, variables, classes, and other features.</li>



<li>It has a vast and easily accessible community. That is because Solidity was the first smart contract programming language and was created specifically for smart contract development on the Ethereum network. The widespread community makes it simple for new developers to seek assistance when they get stuck.</li>



<li>It offers mapping data structures, which function as hash tables.</li>



<li>Most of its syntax was derived from popular programming languages such as Python, C++, and JavaScript. As a result, one doesn’t need to spend more time learning Solidity if one knows to code in these languages.</li>



<li>It is Turing-complete. It is not confined to running only a few algorithms. Thus, it can be used to compute any quantifiable function.</li>
</ol>



<h2>How do I get an NFT smart contract?</h2>



<p>One can usually find NFT contracts on decentralized blockchains along with distributed networks.&nbsp;Developers code them in such a way that they self-execute when certain predefined conditions are met. Touted as a powerful feature of Blockchain technology, they propose a unified technique for developing applications across various sectors.</p>



<p>This potential has pushed numerous firms to develop non-fungible token contracts that stand up in court.&nbsp;It is more probable that smart contract interfaces will be developed, in which the code creates a document in English outlining the contract&#8217;s conditions at the same time.</p>



<h2>How to write a smart contract NFT?</h2>



<p>Creating or writing NFT contracts is done through minting. In other words, <a href="https://upyo.com/en/post/nft-minting">minting NFTs</a> is nothing but writing the implicit smart contract in the background. Usually, the NFT contract code determines the NFT qualities to add them to a relevant blockchain.</p>



<p>Numerous NFT contract standards are in use today.&nbsp;However, ERC 721 and ERC 1155 Standard are the two prevalent ones.&nbsp;In fact, Ethereum was the early blockchain technology that employed these standards.</p>



<p>Following are the steps to create NFT smart contracts:</p>



<h3><strong>Prerequisites</strong></h3>



<p>Before writing smart contract code, one must have basic knowledge of smart contracts and how to work with them in dApp projects. Furthermore, they must have experience with Metamask and be familiar with public and private keys. Most importantly, having knowledge of Javascript, Solidity, and Node.js is viewed as helpful.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="597" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Writing-Smart-contracts-1024x597.jpg" alt="nft contracts" class="wp-image-1540" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Writing-Smart-contracts-1024x597.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/09/Writing-Smart-contracts-300x175.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/09/Writing-Smart-contracts-768x448.jpg 768w, https://3.111.63.208/wp-content/uploads/2022/09/Writing-Smart-contracts.jpg 1260w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3><strong>Steps</strong>:</h3>



<ul>
<li>Project preparations: It is the first step is to prepare for the project and be ready for the initial tasks.</li>



<li>Install Hardhat: A framework is installed to deploy the code. For instance, Hardhat is an excellent example of development dependency.</li>



<li>Create files and directories: A contract directory must be created in the root folder where further contract files can be developed.</li>



<li>Develop smart contract: Creating smart contracts starts with specifying the pragma version, followed by other specification codes.</li>
</ul>



<h2>How much is an NFT smart contract?</h2>



<p>The cost to implement an Ethereum based smart contract (ERC-721) can cost between $400 &#8211; $2,000. Please remember that the overall price depends on the prevailing gas costs. Ethereum is notorious for its expensive gas costs and other charges, so if you are looking for cheaper options, try exploring other options.</p>



<h3><strong>There are three significant factors that affect the overall price:</strong></h3>



<ul>
<li>Units of gas that are used in the transaction to implement a smart contract</li>



<li>Price per gas based on the current market trends, traffic conditions, and network congestion</li>



<li>Value of Ether (ETH) based on current market rates</li>
</ul>



<p>Finally, these three factors are used together to calculate the total cost of the smart contract:</p>



<p>TOTAL COST OF SMART CONTRACT = UNITS * PRICE * VALUE</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Ethereum-Based-1-1024x538.png" alt="Write smart contract" class="wp-image-1539" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Ethereum-Based-1-1024x538.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/Ethereum-Based-1-300x158.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/Ethereum-Based-1-768x403.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/Ethereum-Based-1.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>Conclusion</h2>



<p>Overall, NFT smart contracts are an integral part of NFTs with extraordinary potential for future use cases. Since these contracts eliminate the need to have intermediaries, they can eliminate the lack of trust and bring transparency to the transaction. Transactions such as loans and other business transactions can immensely benefit from this technology to a great extent.</p>


NFT smart contract: Beginners guide to comprehending NFT contract


<p>Have you ever wondered what the secret of NFT&#8217;s success is? Although art and artists are credited for NFT&#8217;s popularity, two other factors contribute to its success &#8211; Smart contracts and Royalties.&nbsp;This article will focus on non-fungible token royalties and their exciting facts to help you better understand non-fungible tokens.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/NFT-Royalties-1-1024x538.png" alt="nft royalties standard" class="wp-image-1436" srcset="https://3.111.63.208/wp-content/uploads/2022/09/NFT-Royalties-1-1024x538.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Royalties-1-300x158.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Royalties-1-768x403.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Royalties-1.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2><strong>What is NFT Royalty?</strong></h2>



<p>The term, NFT royalties, also known as NFT commissions are basically payouts given to designers and act as some kind of gratuity for the utilization of their creations.</p>



<p>It functions in the same manner as traditional royalties do in the company, with the actual creator receiving a share of revenues after the purchase.</p>



<p>One special consideration with respect to non-fungible tokens is that &#8211; the NFT designer has the choice to establish the percentile of royalty that they want at the time of the minting procedure.&nbsp;The smart contract written into the blockchain network includes information regarding royalty clauses and other certain terms and conditions.</p>



<p>Therefore whenever re-sales happen for a specific non-fungible token, the creator receives the commission fee.</p>



<h2><strong>How do NFT royalties function?</strong></h2>



<p>As mentioned above, royalties are defined as automatic payouts made to the actual non-fungible token inventor based on secondary sales of the token.&nbsp;The secondary sale is nothing but the sale that occurs on the marketplace after the first sale by the creator.</p>



<p>Usually, it is during the <a href="https://upyo.com/en/post/nft-minting">minting NFT procedure</a>, that the creator&#8217;s royalty rate is configured.&nbsp;The instructions for this rate are specified in the smart contract and are calculated as a percentage of the sales price.&nbsp;One may round up the amount to the nearest number in case there is a remnant/remainder in the computation of royalties.</p>



<p>The payouts are automatic because of blockchain technology, referred to as Distributed Ledger Technology or DLT. It stands for the decentralized, transparent, and unchangeable ledger.</p>



<p>This type of ledger is essential to protect the NFT&#8217;s validity and integrity and perform automatic transactions whenever the pre-defined conditions are met.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1000" height="652" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/9cbaf5_f0f549d073fb44d1ba56894709edcd0d_mv2.jpg" alt="nft commission" class="wp-image-1437" srcset="https://3.111.63.208/wp-content/uploads/2022/09/9cbaf5_f0f549d073fb44d1ba56894709edcd0d_mv2.jpg 1000w, https://3.111.63.208/wp-content/uploads/2022/09/9cbaf5_f0f549d073fb44d1ba56894709edcd0d_mv2-300x196.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/09/9cbaf5_f0f549d073fb44d1ba56894709edcd0d_mv2-768x501.jpg 768w" sizes="(max-width: 1000px) 100vw, 1000px" /></figure>



<p>For instance, once the original artist/owner sells the NFT, the first transaction will be recorded.&nbsp;Therefore, when the buyer resells the NFT on the secondary exchange platform to another buyer, the pre-defined royalty requirement is met.&nbsp;As a result, a portion of the sales price is sent to the inventor.</p>



<p>Digital art, music, video clips, tweets, memes, and video games are some NFT examples that can give good returns to the creators.&nbsp;These types of non-fungible tokens can be sold for hundreds to thousands of dollars.</p>



<h2><strong>Do&nbsp;NFT inventors receive royalties for their creations?</strong></h2>



<p>Yes, of course, they get a commission fee for their work whenever their product gets purchased or repurchased on NFT-related markets that support resale.&nbsp;However, it is worth keeping in mind that there is no standardized royalty rate. The original NFT creator may define a specific percentage as a royalty fee in the smart contract.</p>



<p>Another essential factor to consider is that &#8211; not all NFTs can fetch royalty to the creator. Thus, if you are an NFT creator, verify if your NFT is eligible for a royalty fee.</p>



<h2><strong>5 Facts that you must be aware of NFT Royalties</strong></h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="640" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/main_video_play_NFT_Royalties_Lawyer-1024x640.jpg" alt="NFT Royalties standard" class="wp-image-1438" srcset="https://3.111.63.208/wp-content/uploads/2022/09/main_video_play_NFT_Royalties_Lawyer-1024x640.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/09/main_video_play_NFT_Royalties_Lawyer-300x188.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/09/main_video_play_NFT_Royalties_Lawyer-768x480.jpg 768w, https://3.111.63.208/wp-content/uploads/2022/09/main_video_play_NFT_Royalties_Lawyer.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Now that you know about NFT royalties and how they work, here are some interesting facts about them that will help you get more knowledge about them:</p>



<h3><strong>No need for intermediaries:</strong></h3>



<p>There is absolutely no need for third parties or intermediaries to make the royalty payouts. The process is fully transparent and automated due to smart contracts. Every transaction will be recorded on the blockchain. Thus, when the conditions specified in the contract are met, the payout functions will be triggered automatically without the help of an external mediator.</p>



<h3><strong>No standardized/fixed royalty fee:</strong></h3>



<p>There is no pre-determined or standard royalty decided by any crypto-related terms or policies. The original creator will decide the royalty fee, and it will be mentioned in the contract when they sell their creation. Typically, a creator can get 5% &#8211; 10% of the sale price on each sale.</p>



<h3><strong>Not all NFTs give royalties:</strong></h3>



<p>There is no guarantee that the creator will receive royalties. In other words, the original creator may not get royalties if the conditions are not set. This may happen when the creator forgets to define the conditions for royalties. It is impossible to change once the smart contract is established on the blockchain.</p>



<h3><strong>No expiration date: </strong></h3>



<p>Royalties are issued indefinitely, and because the blockchain is immutable, it can handle longer-term agreements. Thus, royalties might theoretically continue to be paid indefinitely. However, this might also lead to legal issues, so it is advised to check the terms and conditions and consult an expert.</p>



<h3><strong>No guarantee on royalties:</strong></h3>



<p>This is similar to one of the above facts but slightly different. Consider an instance where a creator mints an NFT on an <a href="https://upyo.com/en/nft">NFT platform</a> called &#8216;A.&#8217; In such a case, the royalties for this NFT will be set up for this platform only.</p>



<p>However, if the NFT purchaser plans to transfer the token to a different platform, say &#8216;B,&#8217; the inventor may not earn the royalty for such a transaction.</p>



<p>Nevertheless, this loophole might be soon addressed since a new type of smart agreement is being actively developed.</p>



<p>Apart from these facts, there are factors that are worth mentioning, which are given below:</p>



<h3><strong>Smart contracts as NFT royalties: </strong></h3>



<p>One of the most significant trends in the area of NFTs is the use of smart contracts. These are useful in a variety of situations. One can employ them to validate the token&#8217;s creator and also use them to pay and keep track of royalty fees on all forthcoming purchases. Here are several factors why this system is favored over other options:</p>



<h4>Enhanced clarity</h4>



<p>The royalty charge will be incorporated into the software explicitly. Thus, there will be no need for advocates in this scenario. This will also prohibit criminals from claiming falsehoods concerning the number of royalty payments.</p>



<h4>Reduces the need for outsiders</h4>



<p> The smart contract will be activated as soon as the task(transaction) is executed. Thus, no other input is needed since the money gets transferred automatically.</p>



<h4>Auditable</h4>



<p> Because the transactions are stored on the blockchain, they will be available throughout perpetuity. As a result, government agencies will have an easier time auditing them and ensuring they are all doing the correct thing.</p>



<p>Fast &#8211; Immediate settlement is possible with a smart contract. Artists need not wait for a paycheck to arrive in the inbox.</p>



<h3><strong>Supporters utilize royalties to promote their favorite</strong> <strong>artists</strong>:</h3>



<p>According to the report, supporters stay loyal to their favorite creators. As a result, they are usually ready to <a href="https://upyo.com/en/post/how-to-buy-nft">buy their NFTs</a> and assist them monetarily.</p>



<h3><strong>Serves as an additional income source for creators:</strong></h3>



<p> It is no secret that creators cherish the stability that an NFT can offer with its sale. As such, a non-fungible token can be traded countless times, with every sale paying investors a tiny percentage of the money. In the long run, this could add up to a large sum that can come in handy.</p>



<h3><strong>Motivates to deliver great results: </strong></h3>



<p>The NFT platform is designed in such a way that it pushes creators to create great products. Perks such as royalty fees make the artist feel responsible for their creations. As the designers gain recognition, their market expands, boosting their income and royalties.</p>



<h2><strong>Conclusion</strong></h2>



<p>Overall, NFT royalties provide an excellent opportunity for the creators to earn a handsome sum for their creations. It gives control to the artists over their work and makes them feel appreciated.</p>


NFT Royalties: How do they function?


<p>Are you wondering when the next most significant NFT drop will happen?&nbsp;NFT (Non-fungible token) calendar sites are the place where you can know about the next high-profile launch, interesting drops, and exciting events.&nbsp;This article will list some of the incredible NFT calendar sites that you can keep an eye on.</p>



<h2><strong>10 Best&nbsp;Non-fungible Token Calendar Sites</strong></h2>



<p>Non-fungible token&nbsp;calendar site is a place where you can check the upcoming NFT drops and events. This is a hotspot that is frequented by both sellers and buyers alike.&nbsp;If you are a creator who is looking to gain great bids for your creation, choose a non-fungible token calendar site to advertise your NFT listable.</p>



<p>In case you are a buyer who is looking for great drops, here are the top 10 NFT drop calendars that you can check out:</p>



<h3><strong>UPYO</strong></h3>



<p>One of the new <a href="https://upyo.com/en/nft">NFT marketplace</a> entrants, UPYO is an excellent and secure place for creators from diverse backgrounds. You can trade collectibles, metaverse lands, wearables, domain names, and many more on this platform. The site has a fantastic collection of NFTs, ranging from art and music to games and video clips.</p>



<p>Furthermore, they have a dedicated calendar page on their website that provide updates on upcoming NFT launches.&nbsp;The Non-fungible token <a href="https://upyo.com/en/nft/calendar">calendar at UPYO</a> presents a comprehensive and clear breakdown of the most anticipated new drops so that you can invest in them when they go live.</p>



<p>NFT owners can use the site to promote their upcoming NFT drops or list ongoing projects on the website. The site helps the creators to have a good outreach.</p>



<h3><strong>NFT Calendar</strong></h3>



<p>NFT Calendar is one of the top calendar sites that allowed the creators to advertise their non-fungible token drops.&nbsp;This platform is reputed for its eye-catching promotions and is an excellent option to advertise your drops.</p>



<p>The platform has a monthly traffic average of 2 million users who use the site to locate upcoming NFT drops. NFT creators can post their drops for free by filling out a form with details such as:</p>



<ul>
<li>NFT name</li>



<li>Description</li>



<li>NFT drop date</li>



<li>Cover image and other details</li>
</ul>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1024" height="525" src="https://adminblog.upyo.io/wp-content/uploads/2023/09/NFT-Calendar-1024x525-min.png" alt="NFTDrops Calendar" class="wp-image-9045" srcset="https://3.111.63.208/wp-content/uploads/2023/09/NFT-Calendar-1024x525-min.png 1024w, https://3.111.63.208/wp-content/uploads/2023/09/NFT-Calendar-1024x525-min-300x154.png 300w, https://3.111.63.208/wp-content/uploads/2023/09/NFT-Calendar-1024x525-min-768x394.png 768w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3><strong>NFTDrops Calendar</strong></h3>



<p>This is a notable calendar that helps advertise crypto drops.&nbsp;With&nbsp;more than Ninety thousand user base and 150,000 average views per month, this is one of the much sought-after sites by NFT creators. Although the site is free to use; one can also employ its commercial services for promotional purposes.</p>



<ul>
<li>NFT Drop Tweet</li>
</ul>



<ul>
<li>Featured Listing</li>
</ul>



<ul>
<li>Display Ads</li>
</ul>



<ul>
<li>Minting Live Alert Tweet</li>
</ul>



<ul>
<li>Horizontal Banner</li>
</ul>



<p>Submitting <a href="https://upyo.com/en/post/nft-drops">NFT drops works</a> the same as the NFT calendar. You have to fill out the form with the necessary information to advertise the drops. Besides being the source for upcoming NFT drops announcements, NFT drops calendar is environmentally conscientious.</p>



<p>The platform has collaborated with Nori to promote artists and ventures that are trying to assist in the reversal of the climate crisis.&nbsp;Since we are all aware of how the crypto world and NFTs have a harmful impact on the environment, this is a welcome move</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/NFT-Drop-Calendar-1024x576.jpg" alt="top nft calendar sites" class="wp-image-1406" srcset="https://3.111.63.208/wp-content/uploads/2022/09/NFT-Drop-Calendar-1024x576.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Drop-Calendar-300x169.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Drop-Calendar-768x432.jpg 768w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Drop-Calendar-1536x864.jpg 1536w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Drop-Calendar-2048x1152.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3><strong>Nifty Drops</strong></h3>



<p>Unlike the websites mentioned above, this is the first site developed for mobile users. The app comes in Android and iOS and presents current and forthcoming NFT drops.&nbsp;The calendar app is easy and effortless to use.</p>



<p>Users can make use of in-app reminders and enable to get non-fungible token launch and auction notices as per their time zone.&nbsp;The app users can use these features on their devices to create reminders to notify them of upcoming projects.</p>



<p>The platform caters to the needs of buyers and creators, so both can install this app on their smartphones and utilize the features to their advantage.</p>



<p>Furthermore, the platform enables the creators to share their drops with the app&#8217;s central database. This feature increases the reach of your NFT by putting them across NFT collectors&#8217; and investors&#8217; feeds.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="800" height="740" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Nifty-Drops.png" alt="nft calendar sites" class="wp-image-1407" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Nifty-Drops.png 800w, https://3.111.63.208/wp-content/uploads/2022/09/Nifty-Drops-300x278.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/Nifty-Drops-768x710.png 768w" sizes="(max-width: 800px) 100vw, 800px" /></figure>



<h3><strong>NFT Timing</strong></h3>



<p>This is another excellent calendar site for NFT that provides an overview of upcoming non-fungible token drops.&nbsp;The platform allows users to set filters and preferences so that they get notifications on relevant NFT drops.</p>



<p>One can sort the NFT listings according to the launch date and search numerous projects on the site. NFT timing helps you make an informed decision by providing insights, ratings, and opinions.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="543" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Screenshot_47-1024x543.png" alt="best nft calendar sites" class="wp-image-1408" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Screenshot_47-1024x543.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/Screenshot_47-300x159.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/Screenshot_47-768x407.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/Screenshot_47.png 1410w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3><strong>Upcoming NFT.Art</strong></h3>



<p>One more NFT launch calendar that is worth mentioning is upcomingnft.art.&nbsp;This platform advertises non-fungible token drops across different NFT-based platforms.&nbsp;However, the creator has to pay a specific amount of fees to list their NFTs.</p>



<p>This platform is a great place to get news on upcoming releases and connect with NFT owners. Users can find well-known and lesser-known artists equally on this platform.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Upcoming-NFT-Calendar-1024x576.jpg" alt="NFT Calendar" class="wp-image-1409" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Upcoming-NFT-Calendar-1024x576.jpg 1024w, https://3.111.63.208/wp-content/uploads/2022/09/Upcoming-NFT-Calendar-300x169.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/09/Upcoming-NFT-Calendar-768x432.jpg 768w, https://3.111.63.208/wp-content/uploads/2022/09/Upcoming-NFT-Calendar.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3><strong>NFT Evening</strong></h3>



<p>The NFT evening website goes beyond the calendar and plays multiple roles for each user out there. The user can get a clear picture of the whole NFT ecosystem through this site easily.</p>



<p>Whether one wants to know about music, digital collectibles, art, or video clips, this website will have something to satiate the curiosity of the users.</p>



<p>Creators can submit their NFT drops on this website for free. However, if they want to promote their drops, they must pay specific fees for the slots.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="489" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/NFT-Evening-1024x489.png" alt="" class="wp-image-1410" srcset="https://3.111.63.208/wp-content/uploads/2022/09/NFT-Evening-1024x489.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Evening-300x143.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Evening-768x367.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Evening.png 1360w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3><strong>Benzinga</strong></h3>



<p>Benzinga is an exclusive website that is related to <a href="https://upyo.com/en/post/nft-vs-crypto">NFT or crypto</a>. It deals with finance and economics. It doesn&#8217;t matter if you are a veteran or a novice investor looking to stay up-to-date on the economy; Benzinga is the right place.</p>



<p>Furthermore, since the platform now has an NFT launch calendar, the users can easily be notified about crypto-news and NFT drops. Economics and investments enthusiasts may find this helpful site to get various updates.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="505" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Benzinga-1024x505.png" alt="top nft calendar sites" class="wp-image-1411" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Benzinga-1024x505.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/Benzinga-300x148.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/Benzinga-768x379.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/Benzinga-1536x757.png 1536w, https://3.111.63.208/wp-content/uploads/2022/09/Benzinga-2048x1010.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3><strong>NFT Lately</strong></h3>



<p>One more popular NFT calendar site NFT Lately is another choice to get news on NFT drops. This platform has the reputation of being valuable and informative newsletters on NFTs.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="590" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Screenshot_48-1024x590.png" alt="" class="wp-image-1412" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Screenshot_48-1024x590.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/Screenshot_48-300x173.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/Screenshot_48-768x442.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/Screenshot_48.png 1417w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3><strong>NFTpilot.io</strong></h3>



<p>This is another young NFT calendar site that lets users post their projects for free. NFT artists and owners can publish their NFT listings or promote their products. Furthermore, NFT collectors will receive email updates about upcoming releases and other news at regular intervals.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="676" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Screenshot_49-1024x676.png" alt="" class="wp-image-1413" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Screenshot_49-1024x676.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/Screenshot_49-300x198.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/Screenshot_49-768x507.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/Screenshot_49.png 1311w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h4><strong>Conclusion</strong></h4>



<p>These are some popular NFT calendar sites that help creators and collectors alike to promote NFTs and get news about upcoming projects. NFT calendars have a dynamic role in the NFT ecosystem, with hundreds of NFTs being launched every week. Do take advantage of these sites for your investments.</p>


Top 10 NFT Calendar Sites for NFT Drops

Metaverse

Most Popular Metaverse Games of 2023

NFT Marketing Guide With Popular Examples


<p>From the time Facebook changed its name to Meta in 2021, the hazy notion that inspired the new moniker has been a heated topic of debate.</p>



<p>Though it may come across that the Metaverse is the result of Meta&#8217;s unbridled desire, such is not the case. There are many who believe that the Metaverse about which Mark Zuckerberg said so many things in the conference already exists. However, many witnessed it as the next phase of the world wide web called Web3 or Web 3.0.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Meta-and-Metaverse-1024x538.png" alt="Access the Metaverse" class="wp-image-1257" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Meta-and-Metaverse-1024x538.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/Meta-and-Metaverse-300x158.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/Meta-and-Metaverse-768x403.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/Meta-and-Metaverse.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>The primary reason for this is that the meaning of Metaverse is different for different people. Moreover, the lines between the real world and virtual reality are going blurred with each passing day. It is making it more challenging for people to understand.</p>



<p>If you are someone who doesn&#8217;t know what exactly Metaverse is, don&#8217;t worry. Here, we&#8217;ll shed some light on what the Metaverse is, the equipment used to access the Metaverse, and how to enter the Metaverse. So, let&#8217;s get started:</p>



<h2>What is the Metaverse?&nbsp;</h2>



<p>A metaverse is a network of three-dimensional virtual environments focusing on social interaction. It may be characterized as a digitally simulated world. It utilizes blockchain, augmented reality, and virtual reality (VR), combined with social media principles, to develop venues for extensive user communication that imitate the real world.</p>



<p>The Metaverse is an encompassing word for technologies that aid in creating a whole digital world similar to the real one. This universe can be incredibly comprehensive and encompass a broad range of various planets, sometimes referred to as virtual environments.&nbsp;</p>



<p>Those who join the Metaverse get the advantage of communicating and engaging with one another using several technologies. However, they design an avatar that represents them in the Metaverse rather than being present there in person.&nbsp;</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Meta-and-Metaverse-1-1024x538.png" alt="how to enter metaverse" class="wp-image-1258" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Meta-and-Metaverse-1-1024x538.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/Meta-and-Metaverse-1-300x158.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/Meta-and-Metaverse-1-768x403.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/Meta-and-Metaverse-1.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Let&#8217;s think of Metaverse as the upcoming iteration of the web that began as distinct message boards and autonomous online destinations. Gradually, these locations became sites on a simulation 3D shared environment just like how the Metaverse developed.</p>



<p>Though Metaverse is not an emerging technology, it has come into the limelight recently in some form. Let&#8217;s have a look at specific instances of Metaverses:</p>



<ul>
<li>Computer games like Horizon Worlds, Rec Room, and VRChat.</li>



<li>Virtual meetings in places like Microsoft Teams wherein individuals utilize their avatars.</li>



<li>Conduct meetings at a park or even at a coffee house.</li>



<li>Online games like Second Life wherein users can develop avatars, make identity, and become a new person in the digital realm.&nbsp;</li>



<li>Virtual concerts with real individuals featuring live streaming 3D holograms.&nbsp;</li>
</ul>



<h2>Characteristics of Metaverse</h2>



<p>Let’s look at some essential features of the Metaverse:</p>



<h3><strong>Boundless:</strong></h3>



<p>Being a 3D virtual realm, the Metaverse removes all geographical and other boundaries. It’s an infinite place without any restrictions on the number of people using it at a time, what kind of industries it can enter, events taking place, etc. It provides more mobility than existing web platforms.</p>



<h3><strong>Decentralized:</strong></h3>



<p>The ownership of the Metaverse is with all of its users and not just any platform or organization. The users can get full access to their personal information. Blockchain technology plays a significant role in it as it makes sure that transaction conducted within the virtual environment is public. Also, it ensures that the transactions can be tracked and kept safe all the time.</p>



<h3><strong>Economic System:</strong></h3>



<p>The users in the Metaverse get the advantage of connecting with people in the decentralized virtual world backed by cryptocurrency. This comprises the platforms wherein people can purchase, trade, and exchange products such as crypto assets, NFTs, or virtual apparel. Find more about <a href="https://upyo.com/en/post/nfts-and-metaverse">NFT in Metaverse</a></p>



<h3><strong>Persistent:</strong></h3>



<p>You cannot disconnect, restore, or restart a metaverse. As a user, you can mark your entry for free at your convenience keeping your experience consistent. As time passes, a metaverse changes based on the contributions made by its users, such as the content they create.</p>



<h2>Who coined the term Metaverse?&nbsp;</h2>



<p>The term Metaverse was coined by author Neal Stephenson in the year 1992 in his fiction novel named Snow Crash. In this book, he envisioned actual people interacting in 3D virtual worlds.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Snow-Crash-1024x538.png" alt="Access the Metaverse" class="wp-image-1259" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Snow-Crash-1024x538.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/Snow-Crash-300x158.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/Snow-Crash-768x403.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/Snow-Crash.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>The Metaverse, as defined by Stephenson in his book, is a simulated-3D environment. This can be accessed via private terminals and VR goggles. This virtual reality space is considered an urban setting by its users that is developed across a 100-meter wide street.</p>



<p><strong>As stated by Stephenson in his book:</strong></p>



<p>&#8220;Like any place, in reality, the Street is subject to development. Developers can build their own small streets feeding off of the main one. They can build buildings, parks, signs, as well as things that do not exist in reality, such as vast hovering overhead light shows, special neighborhoods where the rules of three-dimensional spacetime are ignored, and free-combat zones where people can go hunting and kill each other.&#8221; as it is known as Metaverse real estate</p>



<p>If Neal&#8217;s concept appears familiar to Metaverse, it&#8217;s simply because of massively multiplayer online games that share similar qualities. For instance, the Second Life online game launched in 2003 allowed people to personalize realistic avatars. Moreover, it also enabled them to interact with other players, develop virtual products, and exchange goods.&nbsp;</p>



<p>These three aspects — a VR interface, digitized possession, and avatars are still significant in modern metaverse concepts. However, none of these are necessary to the idea. In simple terms, it is considered an aesthetically rich arena, with a certain degree of authenticity. Here, the users can play, socialize, and work just like humans prefer doing in real life.&nbsp;</p>



<h2>How Does the Metaverse Operate?</h2>



<p>It&#8217;s impossible to speculate on how this may all function in practice. To paint an image, even Meta Inc. had to rely on some very inventive CGI work. In a commercial film, a guy sits at a desk, wears glasses, and is immediately encircled by his digital co-workers.</p>



<p>However, the notion is that this technology can surpass the real world and turn out indistinct from it. You may wear a 3D headset and attend a meeting with your team. By doing so, you will be representing yourself as virtual avatars. Also, you can attend any social event utilizing similar technologies.</p>



<p>It is evident that this change will significantly impact the workplace. It will produce new types of labor while making others redundant. If you&#8217;ve been thinking about starting a new digital job, this may be the push you need.</p>



<h2>Equipment you need to enter the Metaverse:</h2>



<h3><strong>AR Spectacles:</strong></h3>



<p>AR spectacles are smart wearable devices that impose data over your eyesight. It enables you to view online images as if they were near. This is due to the fact that the glasses generate the appearance of realism by leveraging a camera and a computer.&nbsp;</p>



<p>Utilizing a similar methodology to human eyes, AR spectacles create a picture that seems three-dimensional. However, this equipment has the expertise to be more realistic in comparison to other equipment. This is because they are featured in a way that it interacts with the individual&#8217;s eye movement.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/AR-Spectacles-1024x538.png" alt="Spectacles metaverse" class="wp-image-1260" srcset="https://3.111.63.208/wp-content/uploads/2022/09/AR-Spectacles-1024x538.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/AR-Spectacles-300x158.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/AR-Spectacles-768x403.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/AR-Spectacles.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3><strong>Oculus Quest:</strong></h3>



<p>Kickstarter campaign in the year 2012 came up with the new line of Oculus headsets which Meta now acquires. The Oculus Rift was the company&#8217;s debut product. It is acknowledged as the most major consumer-oriented advancement in metaverse hardware.&nbsp;</p>



<p>Besides Rift, the Oculus metaverse line extended along with Oculus Quest in the year 2019. This version was equipped with outstanding features. They are such as using a camera instead of add-on sensors and 6 degrees of freedom.&nbsp;</p>



<p>Previously, it was only utilized with Android devices. But, now it became adaptable with PC hardware, helping people reap and enjoy using it with a software upgrade.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Oculus-Quest-1024x538.png" alt="Oculus metaverse" class="wp-image-1261" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Oculus-Quest-1024x538.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/Oculus-Quest-300x158.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/Oculus-Quest-768x403.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/Oculus-Quest.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3><strong>Electronic tactile skin ReSkin:</strong></h3>



<p>Current tactile glove solutions are tough to handle. They are constrained by several factors like price, longevity, usage intensity, density, and weight. Hence, Meta&#8217;s AI department merged with Carnegie Mellon University&#8217;s scientists to create a tactile sensor named ReSkin. It can also be said as a flexible plastic &#8220;skin&#8221;.</p>



<p>ReSkin is a dynamic tactile sensing technique designed using a deformable elastic item with in-built magnetic bits. As a result, when it changes shape, the electromagnetic wave it transmits to the nearby environment changes as well.&nbsp;</p>



<p>After that, you can make use of a magnetometer to access the device for analyzing the electromagnetic signal changes. Moreover, you can utilize algorithms to turn the data into some useful information like contact, strength, length, and many more.</p>



<h3><strong>AR Sensor Wearing on the Wrist:</strong></h3>



<p>An increasing number of businesses are using AR wristbands to provide an alternative good or service. The sensor is made of electrical metal-coated cloth, and the senses feel, position and gesture from the hand. It can be utilized for designing interactive environments. This can be done with online content for a range of purposes comprising gaming, entertainment, and health care.</p>



<p>For instance, laser tag has been utilizing AR wristbands for several years. The procedure is hassle-free: utilize your mobile&#8217;s gyroscope to explore the AR wristband and follow the prompts. This gadget can detect your activities. Hence, you never need to take tension about being unable to play a game because you&#8217;ve exhausted your life.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/AR-Sensor-Wearing-on-the-Wrist-1024x538.png" alt="AR Sensor Wearing on the Wrist:" class="wp-image-1262" srcset="https://3.111.63.208/wp-content/uploads/2022/09/AR-Sensor-Wearing-on-the-Wrist-1024x538.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/AR-Sensor-Wearing-on-the-Wrist-300x158.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/AR-Sensor-Wearing-on-the-Wrist-768x403.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/AR-Sensor-Wearing-on-the-Wrist.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3><strong>Project Area AR Glasses:</strong></h3>



<p>Meta came up with augmented reality glasses named Project Area. This device comes with a camcorder and 3 buttons for capturing the image, switching it on, and turning on mute.&nbsp;</p>



<p>These devices appear the same as ordinary glasses. However, they have in-built sensors and platforms to record and click the user&#8217;s video, images, and eye-tracking. Moreover, this product is still just the competitive product of Snap Spectacles.&nbsp;</p>



<p>In simple terms, Facebook reiterated that these AR glasses are not yet commercially available in the user handbook. It would first be used for experimentation and data collecting by scientific experts. This will be done to assist Facebook in exploring future wearable AR glasses that may require detectors and other features.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Project-Area-AR-Glasses-1024x538.png" alt="AR Glasses metaverse" class="wp-image-1263" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Project-Area-AR-Glasses-1024x538.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/Project-Area-AR-Glasses-300x158.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/Project-Area-AR-Glasses-768x403.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/Project-Area-AR-Glasses.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>How to Enter the Metaverse&nbsp;</h2>



<p>You’ll require hardware such as a smartphone or computer to enter the metaverse. Also, for interacting with its virtual items, making avatars, and much more. You can make use of VR/AR headgear or smart wearable glasses for a fantastic experience.&nbsp;</p>



<p>These devices can help you encounter the metaverse in its most refined form, and touch and sense the items virtually. Moreover, it helps you communicate in the real world with various metaverse users, and more.</p>



<p>Once you have finalized your hardware device, you’ll require an actual metaverse for entering and experiencing it. There are multiple live metaverses that offer exceptional virtual experiences to the users.&nbsp;</p>



<p>Video game website like Roblox has celebrated Gucci’s 100th anniversary within a metaverse. Similarly, NFL has gone live with their meta-store based on metaverse. Moreover, they even have their own currency.</p>



<h2>Conclusion</h2>



<p>The planet is in the early phases of the Metaverse. The digital world industry facilitates organizations such as Meta, Nike, Microsoft, and others. The idea of developing the latest version of the web, which merges gaming, retail, and other events is gaining traction.</p>



<p>However, Metaverse is not only about video games and fun. It is way beyond that. This technology can be utilized by various organizations. It will change the way how work-from-home employees engage with their co-workers.</p>



<p>Moreover, it can also bring change in how the family and friends interact with each other while living away from home.&nbsp;</p>



<p>If the Metaverse turns out as people have thought, a single firm should not have complete control of this virtual area. The possibilities for what this technology can bring to the table are virtually limitless. As we get closer to this new world, inventors and industry leaders must tread carefully.</p>


How to Enter the Metaverse?


<p>Non-fungible tokens (NFTs) first attracted the public&#8217;s attention in March 2021, when Beeple sold his collage art for $69 million at Christie&#8217;s. Since then, the use of these units for storing digital content has skyrocketed.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="976" height="549" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/5000-Days-1.jpg" alt="nft copyright infringement" class="wp-image-1247" srcset="https://3.111.63.208/wp-content/uploads/2022/09/5000-Days-1.jpg 976w, https://3.111.63.208/wp-content/uploads/2022/09/5000-Days-1-300x169.jpg 300w, https://3.111.63.208/wp-content/uploads/2022/09/5000-Days-1-768x432.jpg 768w" sizes="(max-width: 976px) 100vw, 976px" /></figure>



<p>Despite their popularity, most people are ill-informed about NFT. In fact, the general public lacks information about NFT copyright. Although copyright issues are pretty straightforward when dealing with a physical asset, it gets a little confused when NFTs are concerned.</p>



<p>This article will examine the general NFT copyright ownership, NFT copyright laws, and NFT copyright transfer.</p>



<h2><strong>Copyright laws for NFTs</strong></h2>



<p>When discussing copyright laws for NFTs, one must duly note that laws vary from country to country. Hence, it is extremely tricky to define a definite set of copyright laws for NFTs. While most individuals want to generate and trade NFTs, they must understand how copyright and IP rules for NFT copyright laws work in general. (done)</p>



<p>Copyright laws open a pandora box of associated topics, such as NFT copyright ownership, NFT copyright transfer, NFT copyright infringement, etc. But before delving into these complex issues, it is best to comprehend the <a href="https://upyo.com/en/post/nft-for-dummies">basics of NFT</a> and how it is created, minted, and traded.</p>



<p>Firstly NFT or non-fungible tokens are unique or one-of-its-kind tokens stored on a blockchain that cannot be replaced. Since the rise of NFT&#8217;s popularity in 2021, the public has wondered what can be purchased as NFT and what is entailed.</p>



<p>To understand the NFT copyright laws, you must first understand what copyright law is at its basic level.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/NFT-Copyright-Laws-1024x538.png" alt="nft copyright laws" class="wp-image-1248" srcset="https://3.111.63.208/wp-content/uploads/2022/09/NFT-Copyright-Laws-1024x538.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Copyright-Laws-300x158.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Copyright-Laws-768x403.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Copyright-Laws.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>In simple terms, copyright is nothing but the right to copy. It refers to the legal rights owned by the owner/creator of intellectual property. This means that the only people with the exclusive right to replicate the work are the original designers of the items or products and anyone they permit.</p>



<p>Hence, copyright law grants original creators the exclusive right pertaining to their further use and the right to duplicate their creations for a specific period. Once the copyright period completes, the product becomes available to the public domain.</p>



<p><strong>Note:</strong> Copyright rules differ from nation to nation, and what appears to be a foolproof license may not be so outside of the place of origin.</p>



<p><strong>One must consider two scenarios whenever applying copyright laws to NFT:</strong></p>



<ul>
<li>When the creator of the original work and the designer of the NFT work are the same individual.</li>



<li>When the creator of the original work is not the same person who created the NFT.</li>
</ul>



<p>In the first scenario, the attribution of rights will be agreed upon in acceptable terms and outlined in a smart contract on the platform. The contract specifies what rights the NFT buyer can anticipate from the creator.</p>



<p>The agreed-upon rights are often associated with the NFT and not the original underlying work.</p>



<p>Consider Christie&#8217;s contracts, in which the buyer of the NFT received sole ownership of the NFT as well as the authority to keep, trade, and transfer it. They may not, however, mean that the buyer can claim the copyrights (IP rights) of the artist&#8217;s original creation on which the NFT is based.</p>



<p>Therefore, a buyer does not acquire rights to the original work unless the contract agrees otherwise.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Smart-Contract-1024x538.png" alt="nft copyright" class="wp-image-1249" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Smart-Contract-1024x538.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/Smart-Contract-300x158.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/Smart-Contract-768x403.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/Smart-Contract.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>In the second scenario, the NFT creator profits by uploading the original work to the blockchain and minting NFT for trading. If the platform and the NFT creator are authorized, they&#8217;ll get the rights to the NFT outlined in the contract.</p>



<p>The <a href="https://upyo.com/en/post/nft-minting">NFT minting process</a> requires the Non-fungible tokens to be signed by the submitter. This is analogous to an artist&#8217;s authorization (signature) on a painting. This is typically done to connect the non-fungible token to its originator.</p>



<p>Furthermore, intellectual property infringement is dangerous if the minter is not authorized. This removes the minted NFT from the platform for infringement, and the NFT buyer receives nothing.</p>



<p>Thus following the two scenarios mentioned above, remember:</p>



<ul>
<li>Buying an NFT does not entitle the buyer to the underlying physical asset, copyright, or any other rights.</li>



<li>You must be aware of the terms and conditions in the smart contract.</li>



<li>The physical asset underlies the NFT remains exclusive to the original owner unless the owner confers it.</li>
</ul>



<p>Furthermore, please remember that there are currently issues with NFT trading, such as piracy and other intellectual property violations.</p>



<h2><strong>Is NFT copyrighted?</strong></h2>



<p>Yes, although intangible, copyright laws do extend and cover NFTs. Anyone who builds an NFT based on someone else&#8217;s work should obtain permission from the copyright holder (original creator).</p>



<p>Copyright law establishes a &#8220;bundle of rights&#8221; exclusive to a work&#8217;s copyright owner. These rights include copying, developing derivatives, distributing copies, performing publicly, and showing publicly.</p>



<p>For example, a musician would require permission to sample or remix someone else&#8217;s music to sell it as their own.&nbsp;A breach of these exclusive rights would constitute copyright infringement in the absence of a defense such as fair use.</p>



<h2><strong>Who owns the copyright of an</strong><strong> NFT?</strong></h2>



<p>As discussed above, the copyright of an NFT is owned by the NFT creator or NFT buyer once the NFT is traded.</p>



<p>Usually, when buying an NFT, the buyer must verify the NFT and the smart contract contents to ensure license and copyrights are included.</p>



<h2><strong>How does NFT copyright work?</strong></h2>



<p>Copyright for NFTs works the same as it does for other assets in the real world. Usually, the original creator of the NFT retains ownership and license of their creation. This helps them gain royalties for their work whenever it gets sold on the secondary market (subjected to terms and conditions).</p>



<p>Thus, NFT copyrights give exclusive rights to the NFT creator, wherein they hold ownership and enjoy the rights over the asset. They are free to sell the asset and reap benefits such as royalties, and they are free to confer the right to the buyer in the smart contract.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/NFT-Royalties-1024x538.png" alt="nft copyright ownership" class="wp-image-1250" srcset="https://3.111.63.208/wp-content/uploads/2022/09/NFT-Royalties-1024x538.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Royalties-300x158.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Royalties-768x403.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/NFT-Royalties.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Under copyright law, the original owner holds the ultimate authority to create an NFT based on the original work. Thus, an unauthorized copy of the work is viewed as copyright infringement and may be treated as an offense against the work.</p>



<p>Overall, the exclusive rights enjoyed by the original owner of the work cover &#8211;</p>



<ul>
<li>Reproduction</li>



<li>Lending and rental rights</li>



<li>Publication</li>



<li>Public performance</li>



<li>Communication to the public,</li>



<li>Adaptation</li>



<li>Authorization to perform any of the above</li>
</ul>



<p>To conclude, NFT copyright is similar to other general copyright laws. However, since NFTs are pretty much new and evolving, the rights are deemed to undergo modifications.</p>



<h2><strong>Do you own copyright when buying an NFT?</strong></h2>



<p>No, buying an NFT does not confer copyright ownership over the collectible. If you have read the above sections, it is clear that creators of NFTs, such as digital art, retain copyright ownership over their work. This helps them in getting royalties over secondary sales.</p>



<p>However, it all depends on the smart contract and the original creator; if they provide copyright ownership, you will indeed own the rights.</p>



<p>To conclude, you may not receive copyrights over NFTs automatically, but you can discuss the same with the original creator.</p>



<h3><strong>Conclusion</strong></h3>



<p>The NFT buyer should understand that purchasing an NFT confers ownership of the specific NFT version of a work. And it does not entitle the buyer/purchaser to the copyright, underlying physical copy, or any other rights. Thus, buyers must be well informed about their rights under detailed smart contracts. There are currently issues with NFT trading, such as piracy and other intellectual property violations.</p>


NFT Copyright Laws That You Must Certainly Know

Crypto


<p>NFT vs. Crypto is a trending topic in the technological environment. Both NFTs and crypto are built on Blockchain and work on the same concepts. But, their functioning differs from each other.</p>



<p>In this NFTs vs cryptocurrency guide, we will give you a deeper look at how these two differ from each other.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/Untitled-design-26-1024x538.png" alt="nfts vs. cryptocurrency" class="wp-image-1168" srcset="https://3.111.63.208/wp-content/uploads/2022/09/Untitled-design-26-1024x538.png 1024w, https://3.111.63.208/wp-content/uploads/2022/09/Untitled-design-26-300x158.png 300w, https://3.111.63.208/wp-content/uploads/2022/09/Untitled-design-26-768x403.png 768w, https://3.111.63.208/wp-content/uploads/2022/09/Untitled-design-26.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>Is NFT a cryptocurrency?</h2>



<p>NFTs and crypto both operate on blockchain and use comparable technology and regulations. As a result, they frequently attract comparable players. NFTs are a part of the crypto culture, and you generally require encrypted forms of capital to sell NFTs.</p>



<p>But the major difference is highlighted in the name. Crypto is a type of currency. Similar to any other currency, it has just the financial benefit and is fungible. That is, inside certain crypto, it makes no difference whatever crypto token you hold; it has a similar worth as the next one, 2 $ETH = 2 $ETH. On the other hand, NFTs are non-fungible and possess a value that extends well beyond economics.</p>



<h2>What do you understand by NFT?</h2>



<p>NFT (Non-Fungible Token) is a unique digital asset that belongs to its creators only. To develop an NFT, one must first mint a non-fungible token from a crypto asset. Some of the prominent NFTs comprise digital collectibles, artwork, music, and <a href="https://upyo.com/en/post/types-of-nfts">many other types of NFTs</a>.&nbsp;</p>



<h2>What Do You Understand by Cryptocurrency?</h2>



<p>Cryptocurrency is defined as &#8220;virtual money that employs cryptography to protect and validate the transfer of funds, as well as govern and manage the generation of new currency units.&#8221; it runs on blockchain technology and records data on every transaction made in a shared ledger which can be accessed by anyone.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="698" src="https://adminblog.upyo.io/wp-content/uploads/2022/09/106928219-1629130755312-gettyimages-1234311531-sindeyev-notitle210729_np12K-1024x698.jpeg" alt=" nft vs. cryptocurrency" class="wp-image-1169" srcset="https://3.111.63.208/wp-content/uploads/2022/09/106928219-1629130755312-gettyimages-1234311531-sindeyev-notitle210729_np12K-1024x698.jpeg 1024w, https://3.111.63.208/wp-content/uploads/2022/09/106928219-1629130755312-gettyimages-1234311531-sindeyev-notitle210729_np12K-300x204.jpeg 300w, https://3.111.63.208/wp-content/uploads/2022/09/106928219-1629130755312-gettyimages-1234311531-sindeyev-notitle210729_np12K-768x523.jpeg 768w, https://3.111.63.208/wp-content/uploads/2022/09/106928219-1629130755312-gettyimages-1234311531-sindeyev-notitle210729_np12K-1536x1047.jpeg 1536w, https://3.111.63.208/wp-content/uploads/2022/09/106928219-1629130755312-gettyimages-1234311531-sindeyev-notitle210729_np12K-2048x1396.jpeg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>NFT Vs. Cryptocurrency: The Major Differences</h2>



<figure class="wp-block-table"><table><tbody><tr><td><strong>Comparison Variables</strong></td><td><strong>NFT</strong></td><td><strong>Crypto</strong></td></tr><tr><td>Date of Inception</td><td>Non-fungible token came into existence in the year 2014.</td><td>Cryptocuurency came into existence in the year 2009.</td></tr><tr><td>Intention</td><td>Curates a one-of-a-kind digital signature.&nbsp;</td><td>Crypto has instant, transparent, and safe payments.</td></tr><tr><td>Trade</td><td>You cannot trade non-fungible token for another.</td><td>You get the option to exchange or trade cryptocurrency.</td></tr><tr><td>Volatility</td><td>It is less volatile&nbsp;</td><td>It is unstable</td></tr><tr><td>Usage</td><td>Music, Gaming, Digital artwork, Domain names, etc.&nbsp;</td><td>Fund transfer, wealth management, corporate practices, etc.&nbsp;</td></tr><tr><td>Marketplaces</td><td>UPYO, Binance, OpenSea</td><td>Kraken, Coinbase, etc</td></tr></tbody></table></figure>



<p><strong>Now let’s understand the differences in detail:</strong></p>



<h3><strong>Intention:</strong></h3>



<p><strong>NFT:</strong></p>



<p>Every non-fungible token serves as an authentication certificate, demonstrating that a crypto asset is one-of-a-kind and cannot be traded.</p>



<p><strong>Cryptocurrency:</strong></p>



<p>Cryptocurrency is a means of trade created to transmit digital data and avoid the issues that come up with traditional currencies. In simple terms, crypto allows for instant, transparent and safe transactions.</p>



<h3><strong>Trading:</strong></h3>



<p><strong>NFT:</strong></p>



<p>NFTs are purchased and sold online and kept in a centralized database, hence, it’s impossible to trade them. For instance, rather than purchasing a photograph of a famous personality to decorate your house, the buyer instead gets access to a unique digital asset.</p>



<p><strong>Cryptocurrency:</strong></p>



<p>Crypto can be exchanged or traded without losing its value. Their system which works with the help of a blockchain network, allows people to send and receive money via any form of crypto or digital money.</p>



<h3><strong>Volatility:</strong></h3>



<p><strong>NFT:</strong></p>



<p>NFT are less volatile and hence its artistic aspect has managed to grab the attention of both traders and artists. However,&nbsp; it may put off those who find the work of creating NFTs too tough, complex, or cumbersome.</p>



<p><strong>Cryptocurrency:</strong></p>



<p>Cryptocurrencies are considered a high-risk venture as crypto authorities have often stated in their criticism of crypto. However, there is some crypto that is said to be more stable like Tether.</p>



<h2>Which crypto coins are used for NFT?</h2>



<p>Investors who possess an interest in NFTs can begin searching for them and purchasing and selling them on marketplaces like UPYO. let’s have a look at some of the top crypto coins used for NFT.</p>



<h3><strong>Ethereum:</strong></h3>



<p>Ethereum is one of the biggest crypto and boasts some of the finest utility. It is crucial in the decentralized financial field and houses the majority of NFTs and digital products. Furthermore, the transition to a proof-of-stake system would dramatically lower its energy consumption.&nbsp;</p>



<h3><strong>Polygon:</strong></h3>



<p>It is a second-layer option that essentially acts as an Ethereum scaling marketplace. The cryptocurrency aid off-chain payments, which affects the resilience of smart contracts positively. Polygon is also gaining some traction in the non-fungible token industry. It is presently used as a means of exchange in a few NFT marketplaces, such as UPYO.</p>



<h3><strong>Solana:</strong></h3>



<p>Solana has emerged among the most popular blockchain for NFTs, and it is getting traction. Though they may not be as expensive as the renowned projects on Ethereum, there are several activities going on. In terms of revenue and quantity, Magic Eden is now the most important marketplace for Solana NFTs.</p>



<h3><strong>Tezos:</strong></h3>



<p>The team of Tezos assures a more thrilling experience for users owing to its scalability, affordability, and energy efficiency. Tezos&#8217; allure stems from its auto-upgradable technology, which was among the first in the crypto space. According to the Tezos developers, the system is future-oriented, making it simple to expand without requiring a network block.</p>



<h2>What crypto is best for NFT?</h2>



<p>Ethereum is considered the best crypto for NFT. This cryptocurrency is widely used in minting non-fungible tokens and in several NFT marketplaces. Some NFT marketplaces like <a href="https://upyo.com/en/nft">UPYO</a>, <a href="https://rarible.com/" rel="nofollow">Rarible</a>, OpenSea, and others utilize Ethereum as the elementary medium of trade.</p>



<p>Ethereum turns out to be more powerful once it finishes its shift to a proof-of-stake model in the coming year. This would result in increased productivity, cheaper expenses, and a significantly lower carbon impact. It will also grow the marketplace’s ability to manage more payments. This is accomplished via the sharding method, which minimizes network congestion by dividing larger chains into smaller ones.</p>



<h2><strong>Conclusion</strong></h2>



<p>With NFTs, crypto, and other emerging technologies grabbing headlines regularly, investors are devoting increased attention to something they may have previously ignored as a techie-geek. This detailed NFT vs. Cryptocurrency guide gives you a clear picture of how both technology works and how they are different from each other.</p>
