Blockchain based Non Fungible Tokens NFTs Training Ppt

Slide 4

This slide describes the definition of NFTs, and it also highlights the various industries in which NFTs play a significant role. These industries are Art Work, Music, Trading Cards, Virtual Worlds, and Domain names.

Slide 5

This slide illustrates the three major differences between fungible and non-fungible tokens on the grounds like interchangeability, uniformity and division.

Instructor’s Notes:

Interchangeability: It is the quality of being capable of interchange or exchange.

Slide 7

This slide showcases the various characteristics of NFTs such as standardization, immutability, convenient trading and higher liquidity as compared to other art. 

Instructor’s Notes:

A brief introduction to the features of NFTs are as follows:

• Standardization: The standardization structures are the basis for management, transfer, and ownership of digital assets, upon which features such as quality for displaying NFTs can be modified. This helps in comparing these to other existing contracts in the digital world such as HTML/CSS formats for website content or the PNG and JPEG formats for pictures
• Immutability: Immutability refers to the properties of NFTs that cannot be modified or revised after being issued. Creators can ensure that the fundamental properties stay enforced, and they can also set limits on the supply of NFTs. The shortage of certain assets makes them more valuable, and creators can ensure they remain undersupplied
• Convenient Trading: This is one of the fascinating features as it allows users to trade items outside their original surroundings. The users can use trading programs and procedures to deal in NFTs using any currency
• Higher Liquidity: The simpler it is to trade assets, the higher the liquidity. As non-fungible tokens are instantly tradeable, the route for higher liquidity is paved. Non-fungible assets are displayed to many consumers as NFT marketplaces can feed many users

Slide 8

This slide covers benefits of NFTs such as transferability, verifiable authenticity, lifetime royalties, security and immutability. 

Instructor’s Notes:

Some of the top advantages of NFTs, which provide the basis for their value are:

• Transferability: NFTs are easy to trade freely on particular markets with a wide range of options for trading. For instance, NFTs could solve the problem of 'walled gardens’ in the case of games. These can be distributed by peer-to-peer connections
• Verifiable Authenticity: The significant advantage of non-fungible tokens relies mainly on the tokens' uniqueness. NFTs are produced on the blockchain, thereby implying the relationship of individual ledgers with them
• Secure and Immutable: Immutability in NFTs certify that they are immune to modifications, removal, or replacement. Therefore, NFTs can easily showcase their originality as the most valuable quality

What is a Walled Garden?

A walled garden refers to a restricted set of technology or media information provided to users to create a monopoly or a secure information system.

Slide 10

This slide lists the most famous non-fungible tokens in today’s market starting from Bored Ape Yacht Club’s Bored ape #2087 to Ocean front by Beeple..

Slide 11

This slide illustrates the practical usage of non-fungible tokens and their roles apart from being digital artworks. The used cases are in the field of establishing authenticity, real estate, medical records, intellectual property, academic records, supply chain, gaming industry, ticketing, artwork, tracking and voting.

Instructor’s Notes:

The usage of NFTs apart from being digital artworks are as follows:

• Establishing Authenticity: NFTs can be used to check that the product you are purchasing is authentic
• Real Estate: NFTs can be used to transfer land deeds as they provide proof of ownership
• Medical Records: NFTs can store an individual’s medical records without compromising confidentiality or risking tampering
• Intellectual Property: Non-fungible tokens authorize users to prove their possession of any piece of content
• Academic Records: NFTs are a great way to represent academic qualifications. NFTs can issue proof of attendance, degree earned, and other important information after it is stored on the NFT chain that cannot be modified or hacked into
• Supply Chain: NFTs can also allow companies to track their products from manufacturing through shipping and delivery
• Gaming Industry: NFTs are integrated into the gaming world by allowing cross-platform playability. NFTs give game developers another way to grow their brand and create another revenue model. In contrast, gamers are given more commissions to keep playing a game if they already own characters or items within it
• Ticketing: NFTs will soon be used to replace tickets 
• Artwork Tracking: NFTs can track the originality of a specific piece and reduce or completely eradicate counterfeit artwork in circulation
• Voting: NFTs will also help eliminate cheating and voter fraud. NFTs will serve as an official ledger of those who voted

Slide 13

This slide demonstrates the different types of NFT assets such as collectibles, artwork, event tickets, music and media, gaming, virtual items, real-world assets, identity, memes and domain names.

Slide 14

This slide depicts the role of non-fungible tokens in the gaming industry. When it comes to gaming, big enterprises see non-fungible tokens as a way to design a consistent income stream from digital content.

Slide 15

This slide showcases the top-ranked non-fungible token video games. Play-to-earn NFT games offer players the possibility of acquiring certain digital items with real economic value. 

Instructor’s Notes:

Here are the best NFT games around, at the moment

• Axie Infinity: Axie Infinity is assumably the most popular NFT video game around today. Axie Infinity is an exceptional use of NFT technology, and it has accumulated a decent following. It utilizes AXS and SLP, two Ethereum-based cryptocurrencies, and by July 2021, the value of its NFT collection in trades was estimated at $50 million
• Sorare: Sorare is a fantasy football game. As with any fantasy football league, you arrange a team based on your favorite players and get rewarded on their performance in real-life matches. The distinction here is that NFTs portray your team rather than just selecting them
• Evolution Land: Evolution Land is a city builder game where you can purchase land, construct buildings, and generally extend your area. Each of the continents in evolution land exists on a separate blockchain
• Gods Unchained: Gods Unchained is a game created by former directors of the Magic the Gathering series and is aimed at giving you moments of fun
• Cryptokitties: Cryptokitties is based around the Ethereum blockchain. It lets you gather cats you can breed to get additional cats. There are side missions like puzzle-solving that helps you progress in the game

Slide 17

This slide illustrates the aspects of NFTs in the music industry and how these can benefit music production by giving the owner the exclusive right to determine how the art is used.

Instructor’s Notes:

• Many specialists predict NFTs to prove transformative in shaping the future of music
• Songs, albums, music, lyrics, and soundbites can all be NFTs
• NFTs can assure that musicians are more fairly paid for their work
• Music can be integrated with digital art in jpeg or gif designs to create unique pieces of artwork with music combined

Slide 18

This slide showcases the use of non-fungible tokens in ticketing of events. Event organisers can use the ticketing system to generate the needed number of NFT tickets on their preferred blockchain platform. They can program the NFTs to establish a sale price or operate as an auction with individuals bidding on tickets.

Slide 19

This slide covers multiple benefits of NFT in ticketing like new revenue opportunities, preventing fake tickets and scams, perpetual revenue, reduced costs and quick production.

Slide 21

This slide illustrates how NFTs are a part of the real estate world. Non-fungible tokens are unique digital titles (tokens) to property stored on blockchain logs, either real or digital. Theoretically, this decreases the risk of damage due to fraud and enhances the ability of a proprietor to prove ownership.

Slide 22

This slide showcases the advantages and disadvantages of non-fungible tokens in the real estate industry. NFTs in real estate is so new a concept that it's challenging to measure their strengths and weaknesses. There are presently a lot of investigations taking place that will help investors understand whether NFTs can and cannot be involved within the real estate industry.

Slide 23

This slide covers the relationship between NFTs and the real estate industry in the upcoming future. The relationship is at such an early phase that it's challenging to make predictions. NFTs, in idea, can deliver easy ways to assign ownership of stakes in real estate assets or digital real estate.

Slide 25

This slide illustrates how NFTs are being integrated into virtual as well as real-world assets with the possibility of tokenizing property and using non-fungible tokens in transactions of property sales. An NFT can represent physical artwork, real estate, bottles of wine, cars, loans, stocks of companies, and much more.

Slide 26

This slide depicts renowned memes that were sold as an NFT. The memes sold were Bad Luck Brian, Disaster Girl; Charlie Bit My Finger; Success Kid and Nyan Cat for a hefty price. 

Slide 27

This slide illustrates the use of domain names as non-fungible tokens. NFT Domains, like cryptocurrency, are held in the owner's wallet and cannot be taken away by a third party. You have to pay once and own the domain for life, with no renewal costs

Slide 29

This slide showcases the top 5 most expensive non-fungible token art sold in the year 2021. The Merge by Pak was the highest-selling NFT art with the original price of $91.8 million, whereas CryptoPunk #3100 was the 5th most expensive digital art marketed for $7.69 Million.

Instructor’s Notes:

The sale of NFTs hit approximately $25 billion in 2021, with a significant increase in global art sales growth.

Slide 30

This slide showcases the multiple types of marketplaces where a user can create, sell and purchase ownership rights to digital works using NFTs.

Slide 32

This slide demonstrates the seven steps involved while purchasing an NFT, from creating an account to being the highest bidder and ultimately owning an NFT.

Slide 33

This slide illustrates steps involved while creating and marketing an NFT, from creating digital art with contents and description to being paid for the creation of the NFT.

Slide 35

This slide describes multiple Ethereum standards that are used in the creation of non-fungible tokens. The standards discussed are ERC-721, ERC-1155, ERC -998, ERC-20.

Instructor’s Notes:

ERC-998 token standard comprises four different token means, including the following:

• ERC998ERC721 (Top-down composable): These ERC998 tokens acquire, store, and transfer ERC721 tokens
• ERC998ERC20 (Top-down composable): These tokens receive, store, and transfer ERC20 tokens
• ERC998ERC721 (Bottom-up composable): These tokens connect themselves to further ERC721 tokens
• ERC998ERC20 (Bottom-up composable): These tokens link themselves to ERC20 tokens

Slide 36

This slide illustrates factors before minting NFTs. Although it can seem relatively effortless to start NFT minting, people should remember certain aspects before minting them.

Instructor Notes: 

• Blockchain Platform: Ethereum, Polkadot, and Binance Smart chain are a few of the many choices for a blockchain platform
• NFT Ecosystem: It is necessary to confirm that the medium of your preference supports the transfer and sale of NFTs on different blockchains. Creators should take a thorough look at the benefits and drawbacks linked to the NFT ecosystem with each blockchain
• Cost-Effective Platform: The most preferred blockchain platforms for minting NFTs are Ethereum and Binance Smart Chain. The immense scale of these two platforms enables them to operate one of the largest NFT marketplaces while delivering extra exposure to buyers
• NFT Marketplace: Some of the renowned marketplaces are OpenSea, Rarible and Mintable. The marketplaces linked to Binance Smart Chain contain Juggerworld, Treasureland, and BakerySwap

Slide 38

This slide describes the use of Interplanetary File Systems in NFTs. InterPlanetary File System (IPFS) is a peer-to-peer contract to transfer and hold files. IPFS uses content-addressing to uniquely recognize separate files in a global namespace. It can connect the NFT metadata to where the investment or artwork is accumulated.

Slide 39

This slide illustrates the rights that are linked with NFTs and the code establishing the NFT forming a smart contract.

Instructor Notes:

The cryptograph creating the NFT forms a “smart contract.”

• Developers can include any terms that are then represented on the blockchain
• Most non-fungible token contracts today are straightforward in terms of ownership
• However, NFT snippet may also include: 
  1. Descriptions of the NFTs characteristics or qualities 
  2. Economic terms 
  3. Distinctive rights, e.g., IP rights in the underlying asset

Slide 40

This slide provides information about how NFTs impact the environment and also the electricity consumption by different types of block chains such as Ethereum, Cardano, Tron and EOS.

Slide 42

This slide lists the various additional security factors to consider before buying NFTs and staying away from scams. Check if the cost of the NFT is much lower than usual. Always use authorized wallet apps or browser extensions to evade phishing. There are numerous malicious apps impersonating as official ones.

Slide 43

This slide demonstrates scams that commonly occur in the NFT world and signs that you may be cheated and ensuring the security of your digital assets.
 

Instructor Notes: 

• Developers can choose where to trade their NFTs, and there are plenty of NFT trading websites to pick from. Scammers, however, have made fake NFT trading sites to trick and steal your digital assets
• Scammers pretend to be from well-known NFT trading sites and locate you on Discord or Telegram. They make the false commitment of giving you free NFTs, requesting you to help promote their messages and partake via scam or phishing websites. The ultimate goal of these scammers is to steal your wallet credentials
• Rug-Pull scam is the one in which the crypto-currencies can't be distributed, and proprietors can't resell the tokens, causing their price to plummet. The only one who profits from such schemes are the developers of these digital tokens

Slide 45

This slide differentiates NFTs from cryptocurrency. NFTs and crypto are created on the blockchain, utilizing technology and its regulations. As an outcome, they tend to lure the same partakers. NFTs can be considered a subset of the crypto society, and you normally need cryptocurrency to purchase and trade NFTs.

Slide 46

This slide illustrates how NFTs will play a significant role in the coming years as it holds excellent business potential. The fantastic qualities of Blockchain technology make these NFTs highly secure to work with as they maintain the ownership and authenticity of the creator. Many industries are incorporating NFTs into their operational framework to be a part of the Decentralized bandwagon.

Slide 68 to 82 

These slides depict energizer activities to engage the audience of the training session.