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The Different Kinds of NFTs
2021-5-16

Short for the non-fungible token, NFT is a fungible asset with units that you can readily interchange just like money.

When it comes to money, it can be possible for you to have five 100 PhP notes swapped with one 500 PHP as their value is the same. Yet, it may be impossible for non-fungible assets with unique properties that can be difficult to interchange with another thing.  

Here, a painting like Jose Rizal’s Saturnina or home in Ayala Alabang is an excellent example of these as they are unique. It can be possible for you to take a picture of the artwork or purchase a print, but the original painting will only be one.

As the digital world’s unique assets, people can purchase and sell NFTs just like any property, but they don’t come in their tangible form. People can consider digital tokens as ownership certificates for any physical or virtual asset.

NFTs: How do they work?

Traditional works of art such as paintings are valuable because they are one of a kind.

But digital files can become duplicated quickly and endlessly.

With NFTs, artwork can be "tokenized" to create a digital certificate of ownership that can be bought and sold.

Will digital-only trading cards replace physical ones?

Crypto-currency is a record of who owns what gets stored on a shared ledger known as the blockchain.

The records cannot become forged because the ledger gets maintained by thousands of computers around the world.

NFTs can also contain smart contracts that may give the artist, for example, a cut of any future sale of the token.

Different Kinds of NFTs

Virtual Worlds or Gaming

This one is fun as it lets players get added ownership of their games’ digital assets. Moreover, it will launch a gamer trading economy that is entirely new as players can earn real cash whenever they develop and build wardrobes and weapons that are quest-ready. On their own, virtual worlds account for approximately 20% of the NFT market. The mobile app development company called Altitude Games has a Filipino CEO and co-founder named Gabby Dizon. They created various games like Anne Galing!, Holy Ship!, and Dragon Idle Adventure.

Collectibles

Fans who are so passionate can feel fired up since collectors are now bringing their communities to the blockchain, as this is where they can see a lot of the “traditional” collector’s items people want to have. Available here are trading cards, coins, stamps, and a lot more.

Whenever you want a more non-traditional option, check out Top Shots as they allow you to collect a big play or moment from the sports game that you love the most. They promise to provide their users with a part of the ownership of any activity that occurs anywhere. In the Philippines, there are various collectible items available at OpenSea.

In the Philippines, Team Manila has released its first NFT collection to promote the country’s sovereignty.

Real-World Documentation and Assets

You can have an article on the blockchain or a tweet tokenized. Jack Dorsey was able to sell the “first” tweet for $2.9 million. Because of that, it can be possible for any asset to become an NFT. In the Philippines, DAZN is launching a series of NFTs to celebrate the fight between Canelo Alvarez and Billy Joe Saunders this May 8.

Real Estate

There is so much bureaucracy and heavy-duty paperwork needed for keeping records of property registration and land titles. However, NFTs are capable of revolutionizing and digitizing the whole process. It can allow the property to turn into blockchain tokens that people can trade and divide easily in the marketplace. With this, anyone can cut out every sort of real estate middleman, consumed from banks and lawyers to agents and brokers. Aside from that, there will no longer be any property dispute.

Art

Here is one of the significant ones. Whenever you sell art as an NFT, the creator will constantly earn revenues through the smart contract that can streamline and improve the artists’ income as they directly connect to the consumers. Beeple was able to sell the NFT collection of his work at Christie’s for $69 million. Luis Buenaventura has sold his artworks Endgame for $33,003.40 and Spider-man: Into the $20,000-verse for $9,901.02. In the Philippines this 2021, there will be an art fair with more than forty international and local exhibitors that would provide the participants with an up-close experience of a digital gallery.

The NFTs FUD: Fear, Uncertainty, and Doubt

Environmental Impact

Every operation in the blockchain needs an ever-increasing amount of energy and computing power to consume so much fossil fuel. According to an analysis made by Cambridge University, Bitcoin mining consumed more energy than the whole nation of Argentina. Ethereum mining uses the same amount of energy as Libya.

If that is the case, can cryptocurrencies lead to our doom just like Skynet unleashed in Terminator? That may not happen.

Many cryptocurrencies depend on the “proof of work” system in processing transactions and creating new coins. However, there are now cryptocurrencies that are transferring to the system “proof of stake.” Both of these fulfill the cryptocurrency system’s fundamental roles. These are to discourage any bad actor and to have the community incentivized. Having this can make sure that the blockchain undergoes proper maintenance.

However, whenever proof-of-work becomes energy-intensive, “miners” would have to compete for work with faster and bigger computers. Proof-of-stake can be capital intensive making “forgers” chosen randomly to have their money put up and wait for their turn to work.

The Music Business

Despite having high hopes for the music industry, it may be hard to take the leap. Yet, so many artists are still doing their best.

We are incredibly hopeful for the music industry. Still, because of our insider relationship (thanks to Good Splits - our music royalty calculator), we have to admit, it’s going to be challenging to make this leap. But artists are still trying. This year, Jacques Greene, an electronic musician, was able to sell a GIF and audio loop for 13 ETH or $16,037.32.  Kings of Leon was able to release an album as an NFT and earned $2 million in sales.

Selling items can be tremendous, but the exciting part about this is the NFTs’ concept of royalties. The problem with this is not every NFT can guarantee creator percentages that would let the original artist get a cut of their item’s sales in the future. Moreover, they are not all universal. Aside from that, whenever you have something created and shared on a platform, you may not reproduce this on the secondary markets.

Check out the deep analysis of NFTs for music by ConsenSys and Consequence of Sound and another from ConsenSys. The MLC or Mechanical Licensing Collective chose ConsenSys to have royalties payments and data modernized in the upcoming years.

Since people love to watch the music business expand and evolve, they agree that NFTs can be a great thing, even if they can be disruptors. It reminds the overlords that they will eventually lose the ground and give them back to the artists. If that won’t happen now, it may occur anytime soon.

The Groundbreaking Launch of Binance’s NFT Marketplace

This June, Binance will be launching the world's leading NFT marketplace and trading platform: Binance NFT. This new marketplace will have creators, artists, and crypto enthusiasts brought together from everywhere worldwide. Here, you can expect a lineup packed with NFT collaborations and premier exhibitions with the industry-best liquidity of Binance that has minimal fees for every creator and user.

Increase your Earnings by Trading NFT in the Philippines with Binance


Learn how you can effectively save and increase your earnings by investing in crypto with Binance! You may opt to trade crypto actively on the Binance exchange or store your cryptocurrency in either hard or cold wallets. You can even begin to earn passive income by getting into Binance Savings and Binance Staking. Whenever you stake your cryptocurrency, let your assets get locked to give the blockchain network support and tokens in exchange for it. On top of all these, you can earn the coin’s increased value. Because of these, we highly recommend that you get involved in Binance Staking as this can be a fantastic avenue for any investor.

Whenever you want to have your cryptocurrency saved, just like putting them in a bank where you can earn interest, get into Binance Savings. Binance’s crypto savings account has different kinds of packages and products that could depend on how often you want to access your funds, including other features such as the APY rates that can be great for any investor. Get into Binance Flexible Savings as it will allow you to redeem funds anytime with a 7-Day 1.2% APY for Bitcoin. It would also be great to get involved in Binance Earn as this is where the company is active in searching for local merchants with reliable crypto and fiat access. With it, any verified merchant can enjoy so many benefits like VIP discounts, exclusive customer support, transactions and ad postings, and security deposits without any fees.

Many alternative digital currencies can help people make their funds work much more effectively than any fiat currency. Since the Philippines has now started to adopt blockchain technology and cryptocurrencies, Filipinos need to know how their savings can work in crypto.

Subscribe for NFT at Binance NOW so you will never miss out on cryptocurrency’s rapid expansion and development.



Blog ng Binance
Mga ulat at update mula sa nangungunang cryptocurrency exchange sa buong bansa.
May 16
2021
The Different Kinds of NFTs

Short for the non-fungible token, NFT is a fungible asset with units that you can readily interchange just like money.

When it comes to money, it can be possible for you to have five 100 PhP notes swapped with one 500 PHP as their value is the same. Yet, it may be impossible for non-fungible assets with unique properties that can be difficult to interchange with another thing.  

Here, a painting like Jose Rizal’s Saturnina or home in Ayala Alabang is an excellent example of these as they are unique. It can be possible for you to take a picture of the artwork or purchase a print, but the original painting will only be one.

As the digital world’s unique assets, people can purchase and sell NFTs just like any property, but they don’t come in their tangible form. People can consider digital tokens as ownership certificates for any physical or virtual asset.

NFTs: How do they work?

Traditional works of art such as paintings are valuable because they are one of a kind.

But digital files can become duplicated quickly and endlessly.

With NFTs, artwork can be "tokenized" to create a digital certificate of ownership that can be bought and sold.

Will digital-only trading cards replace physical ones?

Crypto-currency is a record of who owns what gets stored on a shared ledger known as the blockchain.

The records cannot become forged because the ledger gets maintained by thousands of computers around the world.

NFTs can also contain smart contracts that may give the artist, for example, a cut of any future sale of the token.

Different Kinds of NFTs

Virtual Worlds or Gaming

This one is fun as it lets players get added ownership of their games’ digital assets. Moreover, it will launch a gamer trading economy that is entirely new as players can earn real cash whenever they develop and build wardrobes and weapons that are quest-ready. On their own, virtual worlds account for approximately 20% of the NFT market. The mobile app development company called Altitude Games has a Filipino CEO and co-founder named Gabby Dizon. They created various games like Anne Galing!, Holy Ship!, and Dragon Idle Adventure.

Collectibles

Fans who are so passionate can feel fired up since collectors are now bringing their communities to the blockchain, as this is where they can see a lot of the “traditional” collector’s items people want to have. Available here are trading cards, coins, stamps, and a lot more.

Whenever you want a more non-traditional option, check out Top Shots as they allow you to collect a big play or moment from the sports game that you love the most. They promise to provide their users with a part of the ownership of any activity that occurs anywhere. In the Philippines, there are various collectible items available at OpenSea.

In the Philippines, Team Manila has released its first NFT collection to promote the country’s sovereignty.

Real-World Documentation and Assets

You can have an article on the blockchain or a tweet tokenized. Jack Dorsey was able to sell the “first” tweet for $2.9 million. Because of that, it can be possible for any asset to become an NFT. In the Philippines, DAZN is launching a series of NFTs to celebrate the fight between Canelo Alvarez and Billy Joe Saunders this May 8.

Real Estate

There is so much bureaucracy and heavy-duty paperwork needed for keeping records of property registration and land titles. However, NFTs are capable of revolutionizing and digitizing the whole process. It can allow the property to turn into blockchain tokens that people can trade and divide easily in the marketplace. With this, anyone can cut out every sort of real estate middleman, consumed from banks and lawyers to agents and brokers. Aside from that, there will no longer be any property dispute.

Art

Here is one of the significant ones. Whenever you sell art as an NFT, the creator will constantly earn revenues through the smart contract that can streamline and improve the artists’ income as they directly connect to the consumers. Beeple was able to sell the NFT collection of his work at Christie’s for $69 million. Luis Buenaventura has sold his artworks Endgame for $33,003.40 and Spider-man: Into the $20,000-verse for $9,901.02. In the Philippines this 2021, there will be an art fair with more than forty international and local exhibitors that would provide the participants with an up-close experience of a digital gallery.

The NFTs FUD: Fear, Uncertainty, and Doubt

Environmental Impact

Every operation in the blockchain needs an ever-increasing amount of energy and computing power to consume so much fossil fuel. According to an analysis made by Cambridge University, Bitcoin mining consumed more energy than the whole nation of Argentina. Ethereum mining uses the same amount of energy as Libya.

If that is the case, can cryptocurrencies lead to our doom just like Skynet unleashed in Terminator? That may not happen.

Many cryptocurrencies depend on the “proof of work” system in processing transactions and creating new coins. However, there are now cryptocurrencies that are transferring to the system “proof of stake.” Both of these fulfill the cryptocurrency system’s fundamental roles. These are to discourage any bad actor and to have the community incentivized. Having this can make sure that the blockchain undergoes proper maintenance.

However, whenever proof-of-work becomes energy-intensive, “miners” would have to compete for work with faster and bigger computers. Proof-of-stake can be capital intensive making “forgers” chosen randomly to have their money put up and wait for their turn to work.

The Music Business

Despite having high hopes for the music industry, it may be hard to take the leap. Yet, so many artists are still doing their best.

We are incredibly hopeful for the music industry. Still, because of our insider relationship (thanks to Good Splits - our music royalty calculator), we have to admit, it’s going to be challenging to make this leap. But artists are still trying. This year, Jacques Greene, an electronic musician, was able to sell a GIF and audio loop for 13 ETH or $16,037.32.  Kings of Leon was able to release an album as an NFT and earned $2 million in sales.

Selling items can be tremendous, but the exciting part about this is the NFTs’ concept of royalties. The problem with this is not every NFT can guarantee creator percentages that would let the original artist get a cut of their item’s sales in the future. Moreover, they are not all universal. Aside from that, whenever you have something created and shared on a platform, you may not reproduce this on the secondary markets.

Check out the deep analysis of NFTs for music by ConsenSys and Consequence of Sound and another from ConsenSys. The MLC or Mechanical Licensing Collective chose ConsenSys to have royalties payments and data modernized in the upcoming years.

Since people love to watch the music business expand and evolve, they agree that NFTs can be a great thing, even if they can be disruptors. It reminds the overlords that they will eventually lose the ground and give them back to the artists. If that won’t happen now, it may occur anytime soon.

The Groundbreaking Launch of Binance’s NFT Marketplace

This June, Binance will be launching the world's leading NFT marketplace and trading platform: Binance NFT. This new marketplace will have creators, artists, and crypto enthusiasts brought together from everywhere worldwide. Here, you can expect a lineup packed with NFT collaborations and premier exhibitions with the industry-best liquidity of Binance that has minimal fees for every creator and user.

Increase your Earnings by Trading NFT in the Philippines with Binance


Learn how you can effectively save and increase your earnings by investing in crypto with Binance! You may opt to trade crypto actively on the Binance exchange or store your cryptocurrency in either hard or cold wallets. You can even begin to earn passive income by getting into Binance Savings and Binance Staking. Whenever you stake your cryptocurrency, let your assets get locked to give the blockchain network support and tokens in exchange for it. On top of all these, you can earn the coin’s increased value. Because of these, we highly recommend that you get involved in Binance Staking as this can be a fantastic avenue for any investor.

Whenever you want to have your cryptocurrency saved, just like putting them in a bank where you can earn interest, get into Binance Savings. Binance’s crypto savings account has different kinds of packages and products that could depend on how often you want to access your funds, including other features such as the APY rates that can be great for any investor. Get into Binance Flexible Savings as it will allow you to redeem funds anytime with a 7-Day 1.2% APY for Bitcoin. It would also be great to get involved in Binance Earn as this is where the company is active in searching for local merchants with reliable crypto and fiat access. With it, any verified merchant can enjoy so many benefits like VIP discounts, exclusive customer support, transactions and ad postings, and security deposits without any fees.

Many alternative digital currencies can help people make their funds work much more effectively than any fiat currency. Since the Philippines has now started to adopt blockchain technology and cryptocurrencies, Filipinos need to know how their savings can work in crypto.

Subscribe for NFT at Binance NOW so you will never miss out on cryptocurrency’s rapid expansion and development.