WHAT YOU NEED TO KNOW FIRST ABOUT NON-FUNGIBLE TOKENS (NFTs)

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Recently, a huge number of influencers like Snoop Dogg, Paris Hilton,... and famous brands such as Dolce & Gabbana, Gucci, McDonald's have all joined the NFT market and sell their strange but familiar products at an unbelievable price. All of them are their paintings, photos or videos. Reading this far, we must all wonder: Why is NFT so hot these days? Let's answer this question with Uquid in the article below.

1. Fundamental knowledge about NFT

NFT stands for Non-fungible Token, a unique cryptocurrency. It is different from the cash that we are using today that is printed in huge quantities for each value level that anyone can own. NFT is the opposite, this is a cryptographic product that cannot be copied and is stored in the blockchain. Each NFT is the ONLY representation of ownership of digital products such as photos, movies, video games, etc. that we see on the Uquid exchange.



It is this unique and non-duplicating feature that brings great meaning and value when an NFT is born and put into trading. Buying an NFT means you get a certificate of ownership for that NFT encoded product, and there is no other person in the world apart from you.

2. Reason why people invest in NFT

The value of NFT products does not stop at the unique characteristics of NFT but also reaches out to other intangible values in terms of emotions and art that lead many people to want to own them.

Unlike ordinary money, its value is still the number printed on the surface, NFTs can accumulate value for themselves and increase the valuation many times over.

Artists, creators will create their own brainchild with their wonderful creative mind, which will make NFT buyers feel their value and they will make a decision to invest in NFTs and increase their value many times over.

Intangible emotional values are always something that cannot be measured or converted into money. Therefore, NFT is also called "money", but it is not money for exchange, but a product that really brings value to ownership.

However, it's not just about emotional value. NFT has great economic significance. When the economic situation is inflationary, the government has to print more money to recover the market, which leads to a decrease in the value in the currency. Investors tend to look for another way of investment to diversify their assets. This has made NFT a second and separate choice for investment.

Digital assets are also being gradually moved to NFT to increase the unique value of products and enhance ownership like NFT games or the Metaverse world.

The growing trend of NFT product range is partly due to the Covid-19 situation affecting a lot of tangible product launches and will instead be conducted online. Since then, investors can buy digital paintings or videos and display them on their website as an online collection.


3. How to convert digital product into NFT 

First, we need to understand what “mint” is in the NFT world. Minting basically refers to the process of turning digital art into a part of the Ethereum blockchain as a public ledger.

To mint an NFT, your first step is to create a product. For example, digital illustrations, photos, software, videos, etc. or simply video products on the Tiktok and Youtube platforms can all become an NFT.

The second step to becoming NFT is that the product must be proven to be unique (never be minted before, unique links, …). For video products on Tiktok and Youtube, the link of each video will not be duplicated, along with learning data about minting history in other platforms, Uquid will approve to make these products become NFTs .

Products minted on the Uquid platform will be displayed for sale and transaction similar to other e-commerce platforms. Besides, the product is not to be payed by ordinary money but cryptocurrencies (Uquid coin, Bitcoin, Etherium, ...)

For Uquid platform, minting a product to NFT has been simplified. Just 3 simple steps: Create an account, verify the account and finally upload products or paste their links. The platform will automatically mint your product into NFT.

4. Differences between NFT and real products

Owning an NFT means you are obtaining a sole certificate of ownership for the minted product. In addition, NFT-owned products will not experience wear and tear like real assets or being exchanged or stolen. Because all transactions from the moment the product is minted into NFT until you buy it are recorded on the Blockchain system - a transparent, decentralized storage platform.

With these outstanding values, NFT is sought after by many people and is willing to spend tons of dollars to own.

At Uquid, Vietnamese Pole Dancer Quan Bui sold an NFT for more than 1.2 million VND after only 1 day of posting, which makes entering the NFT market extremely promising in Vietnam.

When you mint one of your products into NFT, your product is introduced to everyone, especially the blockchain community around the world.

Besides, after successfully selling a product, in the sales through the hands of the seller, you will always receive a commission of royalties from the next transactions (2nd, 3rd, 4th sale... .. on the same product) - The original author is permanently deducted 1 part of the revenue for each transaction.

In the near future, NFT will be more widely applied in areas such as real estate, certificates or secure data.

5. Approach NFT easily with Uquid


With the above characteristics, NFT is the future of art. Artists and in-house creators are the biggest beneficiaries of this technology. Unlike in real life, when their works have been NFT encrypted, it will forever last with time without suffering the wear and tear that the physical work encounters. Copyright issues are no longer a concern when all products are encrypted on the Blockchain system. With transparency and decentralization, anyone can become an NFT Artist or an NFT content creator with their own creativity through available tools such as Youtube, Tiktok, ...


- Uquid platform is the optimal choice. The reasons are here:

  • Quick NFT creation operation. There is no cost and you can authorize Uquid to mint/list products.

  • In addition to earning income from views on Youtube or doing reviews for some brands. Uquid helps you create more income from selling NFTs on the Uquid e-commerce platform.

  • Uquid owns a shopping platform for all NFT products as a single global decentralized platform with more than 60,000 visits per day that will get your products more attention and sell faster. 

  • You will be the pioneer in selling NFT which is a new trend in the modern world.

  • Uquid will also have PR articles for you when you list products on this platform.

  • When making your product for sale on Uquid, the difference in the mint/list section will be simplified, free of charge. Selling NFT at Uquid is a new way to get income with no fees.

  • Crowdfunding: for potential influencers, when they don't have enough to make a music video or a movie. They can completely appeal to the community to join hands and invest in this new product in the form of NFT - because each investment is NFT-encrypted for transparency. From there, profits or gifts will be all public. 

  • Also, when influencers introduce their collection such as: albums, tickets, vouchers, clothes, hats... They can attach NFT tags to each QR code so you can see the owner list. possessive (avoid stealing)

  • The steps to mint products into NFT at Uquid have been simplified - compared to other websites such as:

No need to buy coins or Metamask wallet

You just need to register and create products

Uquid will support minting and listing product list


You can learn more about NFT at the following channels:: 

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