NFT Gold Token (NFTG)

A unit of data stored on a digital log, called a , that guarantees a digital asset to be distinctive and therefore not replaceable is known as a non-fungible token (NFT). NFTs can be used to represent different things such as photos, videos, audio, and other types of digital files. Access to any copy of the original file, however, is not limited to the NFT client. While copies of these digital items are available to anyone who can access them, NFTs are tracked on to provide the owner with a separate copyright certificate.

By 2021, there has been an increased interest in implementing NFTs. Blockchains like , Flow, and have their own standards when it comes to supporting NFTs, but each one works to ensure that the digital object is represented by one. NFTs are now being used to turn digital goods into art, music, sports and other popular entertainment. Many NFTs are part of the Ethereum blockchain; however, some blockchains may use their own NFTs types.

The market value of NFT increased thrice in 2020, reaching more than $250 million. The rise in NFT transactions has also led to increased environmental disapproval. Heavy-duty calculation methods associated with proof-of-work blockchains, a type used mainly for NFTs, require high- power input to contribute to global warming. The emissions of carbon produced by the energy needed to maintain these blockchains have forced some in the NFT market to reconsider their carbon footprint.

Content

 Description  Uses Digital Art Collectibles Games Music Film Sports Fashions  Market Value  Standards in Blockchains Etherium FLOW Tezos  History Early History (2012-2017) Mainstream Awareness (2017-2021) NFT Buying Frenzy (2021-Present)  Popular Culture Popularity  Criticism Storage Off-Chain Environmental concerns

Description:

A non-fungible token (NFT) is a data unit stored in a digital ledge, called a blockchain, which guarantees any digital file to be unique. NFT works as a cryptographic symbol, but unlike like , it does not exchange, in other words, it cannot rot. NFTs are created when blockchains string records cryptographic hash records, a set of characters that ensure that the data collection is unique, in previous records and therefore creates a series of identifiable data blocks. This cryptographic execution process ensures the authentication of each digital file by providing a digital signature used to track NFT identity. However, data links that point to details such as where the art is stored can die. Also, NFT ownership does not automatically grant copyright to any digital property token represented. While a person may sell NFT on behalf of his or her work, the buyer will not be able to obtain copyright when the NFT ownership is changed and therefore the original owner is allowed to create multiple NFTs for the same function. Thus, NFT is simply proof of a separate patent.

NFT Gold:

The some of the features of our upcoming NFT Gold are:

 Visual Art The sellers will be able to sell their art work by using NFT Gold Token with simpler drag and drop procedure with very low transaction fees.  Audio A whole selection of audios which will be dedicated to musicians will be implemented on our platform by using unique features of NFT Gold Token.  Apps NFT Gold Token app in future will enable anyone to create and trade NFTs from their mobile phones in most simple and easy way.  The Token The token will be hyper-deflationary and frictionless by design.  Tokenomics Maximum supply: 10,000,000,000,000,000 4 % marketing and development fund 46 % pancakeswap liquidity pool 50% will be burned.  Utility The NFT Gold token will be powering our platform. It will be the default currency used to create, claim, buy, and sell NFT's.  Audited and safe Our has passed a full code audit and secured by TechRate.

 No owner From the day one the ownership of the contract will be renounced. This means that the code cannot be changed or hacked by anyone and there will be no security issue.  $ Low transaction fees Low transaction fees of NFT Gold Token make creating and trading NFT's affordable for anyone.  Passive income Your funds will increase more and more while you keep our token, with our built-in 5% redistribution on every transaction.

Uses:

NFTs of works of art resemble autographed objects. Unique ownership and ownership of NFT is verified with a blockchain ledger. NFTs have metadata processed by cryptographic hash function.

Digital Art:

Digital art has been the case for previous use of NFTs, due to the blockchain technology capability to ensure a unique signature and ownership of NFTs. Digital drawings entitled "Everydays - The First 5000 Days", by artist Mike Winkelmann, also known as Beeple, sold for US $ 69.3 million in 2021. The acquisition led to the third highest price ever earned by a live artist, behind Jeff Koons and David Hockney. Another piece of Beeple titled "Crossroad", which contains a 10-second video showing pedestrians carving past a picture of Donald J. Trump, sold for US $ 6.6 million at Nifty Gateway, the online online marketplace.

Figma CEO, Dylan Field, sold the digital image "CryptoPunk # 7804" for US $ 7.5 million to an anonymous investor, and the second avatar "Ape, Fedora # 6965" for US $ 1.5 million in February 2021.

The 3D-rendered home model "Mars House", created by artist Krista Kim, has been sold as a digital asset in the NFT market for more than US $ 500,000.

In 2021, the digital image of the Fyre Media brand was sold by rapper Ja Rule at a US $ 122,000 auction for his work on NFT "Flipkick", a digital art marketplace.

The masterpiece "Gucci Ghost", produced by artist Trevor Andrew, was marketed as NFT in the form of a shivering GIF-ghost, for US $ 3,600 on the NFT market in February 2021.

In December 2020, an NFT art exhibition featuring the seasons within the standing rooms, sold for US $ 22,938. The artwork is made by artist Blake Kathryn.

Collectibles:

NFTs can manage collections as a collection of cards but in a digital format. In February 2021, a LeBron James slam dunk NFT card at the NBA Top Shot platform sold for $ 208000.

Games:

NFTs can also be used to represent in-game assets, such as digital digital sites, which are operated by the user instead of the game developer. NFTs allow goods to be sold on third-party markets without permission from the game developer. In February 2021, Axie Infinity recorded a $ 1.5 million digital land titles sale for a single sale.

Music:

Blockchain and network technology allow artists to create tokens and publish their work as intangible tokens. This has expanded the list of artists and artists ’options alike to monetize and profit with their music and other content surrounding music themes and the artist’s public image. In addition, the NFTs have provided an opportunity for visiting artists and musicians to recoup losses due to the 2020 Covid-19 epidemic that has resulted in a drop in revenue from the music industry by almost 85%. Similar to the limited edition sales or visual copy of active artists, NFTs allow multiple fans to communicate and support their favorite groups or artists.

NFTs had a major impact on the music industry during 2021 when many artists of all genres explored the use of NFTs in their revenue streams. In February 2021 alone, it was reported that the NFTs generated about $ 25 million within the music industry which led to an increase in intermediate and multi-artist interventions.

On March 3, 2021, the rock band Kings of Leon became one of the first to announce the release of the NFT album for their project When You See Yourself. NFT went on to generate a reported $ 2 million sales proceeds where more than a quarter of the proceeds went to live charities. Later that month, American rapper Lil Pump teamed up with the NFT Sweet platform to release a special NFT collection.

In early May 2021, rapper XXXTentacion's legacy announced that it would release five songs and had previously never seen pictures from his 2017 tour as an NFT collection. Upcoming releases will mark the songwriter as the first artist to release his music later as NFT. The artist's assets have revealed that Yellow Heart will be assisting with the distribution of the collection, which also played a role in the release of Kings of Leon.

Record producer and regular collaborator in the music industry Mike Dean best known for his work with artists such as Travis Scott and Kanye West teamed up with singer Shepard Fariey to release their NFT collection "OBEY 4:22" on April 23 2021. The release serves as a follow-up to Dean's 2020 album "4:20". The NFT collection was only available through the 15 minute window where all "4:22" music was played and enhanced by a series of live streams via Twitch and Instagram live.

Film:

The motion picture industry has slowed down in response to the emergence of NFTs, in part due to the technical challenges of storing digital movies - often large - in blockchain technology, designed for smaller file sizes. On March 13, 2021, Adam Benzine's documentary nominated by Oscar Claude Lanzmann: Shoah's viewers became the first motion picture, feature film and Academy Award to be nominated and auctioned as NFT, via the Rarible platform.

Several experimental and experimental releases from filmmakers, studios and agencies have followed, with Legendary Entertainment announcing that it will release a special collection of Godzilla vs. Kong Kong NFT on the same day when the film hit theaters; Director Kevin Smith announced in April 2021 that his upcoming horror movie Killroy Was Here would be released as an NFT; and talent agencies such as UTA and Endeavor that advertise NFT-related businesses.

Sports:

Athletes are beginning to benefit from the NFT boom in a variety of ways. In September 2019, NBA player Spencer Dinwiddie made his deal for others to invest in. In addition, Dapper Labs, a company based on blockchain technology, has partnered with the NBA to create the "N.B.A Top Shot" marketplace for digital highlighting clips.

In March 2021, actress tennis actress Oleksandra Oliynykova presented NFT buyers who will have life rights on part of her right arm.

Fashion:

In 2019, Nike acquired a patent that allows blockchain technology to attach hidden digital assets in the form of NTF to virtual products, such as tags, under the name "CryptoKicks".

Market Value:

The NFT market has seen rapid growth recently with its price tripling to $ 250 million by 2020. In the first three months of 2021 alone, more than $ 200 million was spent on NFTs. The economic momentum that NFTs have in the cryptomarket has exploded due to the style leading to digital collection. NFTs are also accelerating the trend towards digital economic innovation as the public increasingly supports the crypto-economy.

Standard in Blockchains:

Certain token standards are designed to support a variety of blockchain usage conditions. These include the Ethereum ERC-721 standard of CryptoKitties, as well as the latest standard ERC- 1155.FROW and blockchains support NFTs. Ethereum:

ERC-721 [57] was the first level of representation of non-compliant digital assets in the Ethereum blockchain. ERC-721 is a standard Solidity smart contract, which means that developers can easily create ERC-721 compliant contracts by importing from OpenZeppelin library. ERC-721 provides the basic mechanisms that allow the tracking of the owner of a separate identifier, as well as the permissible way for the owner to transfer the asset to others.

The standard ERC-1155 standard provides "semi-fungibility", as well as providing super performance for ERC-721 (meaning that ERC-721 material can be manufactured using ERC- 1155). Unlike the ERC-721 where the unique ID represents a single asset, the unique ID of the ERC-1155 token represents a class of assets, and there is an additional quantity field that represents the category value in a particular fund we have. Assets under the same category are replaceable, and the user can transfer any number of assets to another.

FLOW:

A FLOW blockchain using proof of stack compatibility model supports NFTs, for example NBA Top Shot operates on the FLOW blockchain. Cryptokitties has a plan to switch from Ethereum to FLOW in the future.

Tezos:

Tezos is a blockchain network that works with and supports the sale of NFT art.

History:

Early History (2012-2017):

The first NFT event was created on May 3, 2014 by Kevin McCoy and Anil , sitting at the Seventh Annual Conference at the New Museum in New York City. This experiment shows for the first time that an impeccable, marketable blockchain marker is clearly defined, with on-chain metadata (enabled by ), linked to a unique work of art, which stands in contrast to multi-unit, fungible, metadata - "colored coins" in other blockchains and Counterparty.

In October, 2015, the first full-fledged NFT project, Etheria, was launched and shown live on DEVCON 1, Ethereum's first engineering conference, in London, UK, just three months after the launch of the Ethereum blockchain itself. . Most of the hexagonal tiles of Etheria purchased and sold were not sold for more than 5 years until March 13, 2021, when interest rates on NFTs sparked a purchase dispute. Within 24 hours, all tiles of the current version and the previous version, each with 1 ETH code ($ 0.43 at the time of launch), sold for $ 1.4 million.

Mainstream Awareness (2017-2021):

In 2017, Ethereum blockchain began to gain more prominence on bitcoin-based token platforms, due to the fact that Ethereum has a token-building and storage system built into its blockchain thus eliminating the need for third-party platforms like Counterparty to make money.and was the company to make the copin irreplaceable and incorruptible token. And in 2017, American studio Larva Labs released CryptoPunks, a project to trade different cartoon characters, on the Ethereum blockchain. Towards the end of 2017, another project called CryptoKitties in which players adopted and sold visible cats was released and began to spread, raising $ 12.5 million and some kittens selling for more than $ 100,000.

In 2018, Decentraland, a virtual blockchain-based country, raised $ 26 million in the first coin offering, and had an internal economy of $ 20 million since September 2018.

In 2019, Nike is patented a program called CryptoKicks that will use NFTs to verify the authenticity of body shoes and provide the customer with a shoe.

In early 2020, CryptoKitties engineer, Dapper Labs, released a beta version of NBA TopShot, a NBA-based tokens-based sales project. This project is built on Flow, a new and more efficient blockchain compared to Ethereum. Later that year, the project was released to the public and reported more than $ 230 million in total sales from February 28, 2021.

NFT Buying Frenzy (2021-present):

In 2021 NFT interest continued to increase, and a certain high sales volume was made in the first few months. In February 2021, artist Grimes sold nearly $ 6 million worth of digital art tokens representing Nifty Gateway. Later that month, NFT representing the animation of the meme Nyan Cat was sold on the Internet market for just under $ 600,000. On March 11, 2021, the work of American digital artist Beeple Daily: The first 5000 days were the first NFT drawings to be counted at Christie's prestigious auction and sold for $ 69.3 million. In March 2021, Jack Dorsey, founder of Twitter and Square, sold NFT representing his first tweet for more than $ 2.5 million. The speculative market for NFTs has led many investors to trade at higher prices and prices. The collapse of the purchase of NFTs was called the economic bubble by experts, who also compared it to the Dot-com gun.

By mid-April 2021, purchasing waste had dropped dramatically, causing prices to plummet, with buyers initially reporting "very good" by Bloomberg Businessweek.

Popular Culture:

Popularity:

In 2017, NFTs are still deployed by CryptoKitties, a Dapper Labs project to sell unique cat avatar ownership, so much so that the increase in demand has taken a huge toll on Ethereum blockchain and downsized the entire Ethereum network by December of that year. year.

NFTs are becoming more popular in the early months of 2021 due to recent high profile sales. Another notable NFT sale in 2021 as LeBron James' NBA Top Shot video clip selling for $ 208,000 on February 22, 3LAU's album bringing $ 11.6 million into sales since February 28, and Beeple's digital artist selling - $ 69.3 million on March 11, we have made NFTs with the current theme especially in popular culture. In March 2021 alone, NFT sales exceeded $ 220 million making up about half of NFT sales all the time at that time. This renewed interest in the NFTs, especially those in the arts, music, and sports, has paved the way for common sense, especially among the younger generation. In the episode of March 27, 2021 Saturday Night Live, members spread out and even joked about this growing niche with a comic skit on the NFTs.

Many investors are willing to pay higher prices for the protection and marketing of NFTs and continue to do so because they expect NFTs to become larger and more profitable in the future. Venture capitalist David Pakman says a growing number of NFTs are redefining the major entertainment industry since early 2021. Investors such as Mark Cuban have begun to suggest new ways to use NFT technology to make money on sports tickets and sales.

Criticism:

Storage off-chain:

NFTs incorporating digital art usually do not keep the file in the blockchain because of its size. The token works in a manner similar to a certificate of ownership, with a web address pointing to the piece of art in question, making the art less subject to link corruption. There are a number of ways in which this can be done, such as using a valid location system such as IPFS to store that file so that the consumer can hold that file.

Environmental Concerns:

The purchase and sale of NFT is controversial in terms of energy consumption, as well as subsequent greenhouse gas emissions, which are linked to blockchain transactions. An important aspect of this is the protocol that proves how the operation works and ensures blockchain transactions on social networks, using large amounts of electricity. Estimating the carbon base of a given NFT transaction includes various assumptions about how blockchain transactions are performed, the performance of blockchain miners, and the amount of renewable energy used in these networks. The analogy described here is a step towards the additional passenger on a given flight.

Some of the latest NFT technologies use other authentication protocols, such as pole proof, with very little power consumption in a given verification cycle. Other ways to reduce electricity include the use of non-departmental transactions as part of NFT implementation. Many NFT art galleries also want to address these concerns, while others move to the use of technology and contracts with low footprints. Some now allow the option to purchase carbon emissions when purchasing NFT, although the natural benefits of this have been questioned. In some cases, NFT artists have decided not to sell some of their work to limit carbon emissions.

List of most expensive NFTs

Adjusted original Assets Year of Date of seller buyer price price creation sale (millions (millions of US $) of US $) $ 69.3 $ 69.3 Everydays: the 2021 March Beeple Metakovan first 5000 days 11,2021 $ 7.6 $7.6 Cryptopunk 2017 March Unknown Unknown #3100 11,2021 $7.6 $7.6 Cryptopunk 2017 March Unknown Unknown #7804 10,2021 $ 6.6 $6.6 Beeple’s 2021 February Pable Delphina CROSSROAD 25,2021 Rodriguez- Leucas Fraile $ 2.9 $2.9 The first 2006 March Jack Sina Estavi Tweet of 22,2021 Dorsey Twitter CEO Jack Dorsey $1.5 $1.5 Axie Infinity 2021 February Axie Flying Virtual Game 28,2021 Infinity Falcon “Genesis” Estate $1.6 $1.6 Cryptopunk 2017 February Unknown Unknown #6965 19,2021 $1.3 $1.3 Cryptopunk 2017 February Unknown Unknown #4156 18,2021 $ 1 $1 Rick and 2021 January Justin Unknown Morty “The 18,2021 Roiland best I could do” $ 0.2 $0.2 LeBron James 2019 February “sparky- Jesse “Cosmic” 22,2021 24” Dunk #29