Rahul Rathod
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Raaulc's Blog

1. Ride the Wave - NFT

1. Ride the Wave - NFT

Rahul Rathod's photo
Rahul Rathod
·Sep 30, 2021·

3 min read

So all I was thinking for some years (since 2017) was to learn something about blockchain and have some projects around it.

Q: Did it work?

A: No

Q: Why?

A: Boring tutorials and infinite procrastination.

Q: What is the difference now??

A: I am writing blogs and making videos of whatever I am doing.

Q: Will that be regular?

A: Yes, Hopefully

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So let's start from scratch:-

Everyone is talking about NFT nowadays, So what the hack is NFT? Well, NFT is an abbreviation of Non-Fungible Token. If I explain Non-Fungible in detail, Fungible in plain English means - Something that can be exchanged or traded. If something is fungible, you can exchange it for something else. Why is it that you can trade a twenty-dollar bill for ten and two fives? Because money is fungible! So are bitcoin, bonds, stocks, and many other things like that.

If we see the real-world example of the NFT - it is a receipt or token that represents the ownership of some kind of data - which can be some digital art, some video, or some image. So receipt or token represents that this data is unique and owned by the NFT holder.

Okay, So let's check some an NFT collection of the memes created by you.

Meme Market

Who controls the memes, controls the Universe - Elan Musk

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So inspired by Elan Musk, you are creating some memes to sell.

We know that each meme is unique because you have created it all by yourself on your computer. So, right now it has only one copy that you have created.

Now your meme is unique because you have made it and it dint exist otherwise. it's original! Now you can create a marketplace or online store for your meme. you can sell it and give a receipt to someone who buys it which proves that they are the owner.

Now that there are so many proud owners of the memes that you are created and have the receipt for that. They can leverage that meme in the future by reselling it or get the fee for using it!

The NFT Perspective :-

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You wanted to create a collection of 100 of his memes where each meme-gif is a digital drawing, like a nyan cat.

So the flow will be something like this.

  1. You would create his NFT collection by coding up his own "smart contract" (the code that runs all the logic for his NFT collection).
  2. You'd give each piece of meme a unique identifier (ex. meme #1, meme #2, meme #3, etc).
  3. Then, when you are ready to "launch" his NFT collection you would launch it using your own Ethereum wallet to "sign" the NFT collection.
  4. When you are ready, you'll put it on the public blockchain — where everyone can publicly see your NFT collection.
  5. Then, when you want to sell one of the NFTs all you need to do is "transfer" the NFT over to the person who bought it using the buyer's public wallet address.

The person who bought the NFT, they are the sole owner of that meme and They can prove it!

How?

  1. The buyer is having the receipt or NFT which is signed by you with your public address.
  2. Meme is associated with the unique identifier which is the only one the copy won't have because that is not created by you.

Amazing idea, isn't it? No wonder the world is going nuts after NFTs.

So we have the basic idea of the NFT now. Let's jump into the coding with the next blog.

 
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