It gets more interesting when the UAE [United Arab Emirates] gets its own NFT [Non- Fungible Token] digital postal stamps while people are still trying to spell NFT.
This act further affirms how innovative and tech-savvy the UAE is, always ready to make the best of technology and set their country on the map.
Information, they say is Power, hence our choice to provide some Watt on NFT in today’s topic.
What is NFT?
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NFT stands for Non-Fungible Token. It is a distinct and non-transferable unit of data stored on a digital ledger. As unique items, NFTs may be connected to readily replicable things like images, movies, music, and other sorts of digital data, and blockchain technology can be used to provide public evidence of ownership for the NFT.
When was NFT created?
The NFT was created by Kevin McCoy in May 2014 and had its first sale at a live presentation during the Seven-on-Seven conferences at the New Museum in New York City. The NFT at this point had a different name as it was called “Monetized Graphics”.
In 2021, NFT has enjoyed a good buzz in different industries and is now regarded as an essential digital tool to commodify digital assets in art, music, sports, and a range of others.
Just as we have a physical bank to satisfy our financial transactions as they vary, the NFT has virtual platforms to meet your choice of transactions and inquiries.
Jumy NFT
Jumy has been identified as the first NFT platform in the Middle East. Jumy, a Dubai-based company that has over time gained the audience and loyalty of customers by buying and selling limited-edition NFTs from innovative artists across the globe.
Jumy recently had their “NoFilterDXB” exhibition which started November 24th and ended 27th at the Dubai Harbour. The exhibition had in the display yachting, supercars, fashion, art, and more.
Create NFT collectables
History has sure shown us see the upward sing of collectables being sold for less and now for almost an outrageous sum. Non-fungible tokens are a type of technology that is being used to digitize collectables (NFTs), such as digital assets, like photos, music/audio files, and video clips.
There is therefore a need to have one or two prime collectables for keeps, and perhaps a future sale.
Here is how to create NFT collectables.
1. Create a unique piece. This solely lies in your creativity and the best of storytelling.
2. Every picture has a story; make it worthwhile.
3. Ensure it is one of its kind.
4. Go about to create a buzz around it. Let everyone hear and see it.
5. Add a fun element to your collectables; go beyond the norm.
6. Include incentives upon purchase to exceed customer expectations.
Cargo NFT.
Cargo NFT is a one-stop-shop for creating, managing and selling digital collectables. Audio, video, 3D, and image NFTs are all supported by Cargo. You have the choice to also password-protect any digital content in your collectables to avoid free access from third parties.
In the usual bid to be a frontier, Cargo developed a system for producing and tracking an "infinite" number of NFTs. Creators could use Cargo credits to batch create as many NFTs as they want in one transaction after deploying one of Cargo's smart contracts, potentially saving hundreds or thousands of dollars when creating NFTs at scale.
Cargo NFT mint.
On the Ethereum blockchain, minting NFT refers to the process of converting a digital file into crypto collectable or digital asset.
With the mint process, it is impossible to edit, modify, or delete the digital item or file once it has been stored in this decentralized database or distributed ledger.
This is one of the distinguishing aspects that distinguish Cargo from its competitors in the UAE market.
Marketplace for ERC-721
The term ERC-721 refers to a token standard available on the Ethereum blockchain. The ERC 721 Marketplace is just a platform that allows NFT transactions to take place.
While you're waiting for the NFT to spread, may I remind you that, according to a study of 28,000 individuals performed by finder.com, the proportion of persons in the United Arab Emirates who hold a Non-fungible Token (NFT) is more than double the worldwide average?
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Oluwafemi Smith
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Dec 01, 2021
The Watchtower Dubai
by Oluwafemi Smith
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