NFT buyers can be categorized into two categories. One is the NFT collector and the other is the one who flips them several times. While most marketplaces focus on NFT collectors, Tensor, the marketplace for pro traders, focuses on the second. Read through this blog to gain a comprehensive understanding of NFT and Tensor NFT.
Understanding the term NFT
Used to certify authenticity or ownership, NFTs or non-fungible tokens can be defined as unique digital identifiers that cannot be copied or misused in any manner. As the world of NFTs is rapidly evolving, it is important to exercise caution while trading NFTs as they may be subject to risk or any changes.
Fungible Vs. Non-fungible
A perfect example of ‘fungible’ is Bitcoin, which can be traded for another. The term ‘non-fungible’ means that it cannot be traded for anything else.
An NFT is a type of digital asset and most of the NFTs are a part of the Ethereum blockchain. Though Ethereum is a cryptocurrency, its blockchain helps manage and keep track of NFT holders.
These represent various forms of digital assets such as music, videos, art, collectibles, virtual real estate, etc. Their unique identification codes help differentiate them from other tokens.
How does NFT work?
NFT creation is done through a process called minting. Here, the NFT’s details are recorded on a blockchain. Minting to a new block being created on the blockchain and once NFT details are validated by a validator, the block is closed. Smart contracts are used to assign ownership and manage the transferability of these NFTs.
Each token is assigned a unique identifier. The ownership of each token is displayed publicly. Popular NFT categories are photography, sports, virtual worlds (avatar wearables), art, music, and domain names.
Understanding the Term ‘Tensor NFT’
Tensor NFTs, or T-NFTs, are non-fungible tokens that incorporate machine learning models. It is used to represent the ownership of unique digital assets. It lets creators and collectors interact and trade digital assets in a transparent, secure, and decentralized platform. Tensor NFT works using TensorFlow. It is an open-source machine learning library that helps create unique digital assets. Tensor NFTs generates machine learning algorithms to ensure that the digital assets are not replicated or duplicated.
Benefits of Tensor to the NFT ecosystem
Let us now analyze the supreme benefits offered by Tensor NFTs.
1. Enhanced Security
T-NFTs use the security features inherent in blockchain technology such as cryptographic verification and immutability to ensure the authenticity and integrity of the stored data.
2. Better Interoperability
These can be integrated with the existing smart contract platforms and blockchain networks. This helps ensure seamless interoperability.
3. Enhanced Functionality
T-NFTs allow the storage and transfer of complex and dynamic data structures. This can result in more advanced applications and use cases such as machine learning, artificial intelligence, and decentralized finance.
Estimating NFT Pricing Using Tensor
NFT prices are calculated in real-time through state-of-the-art AI/ML models. Crucial data points of the NFTs such as rarity, listings, sales transactions, popularity, historical bids, and traits are assessed.
The compressed NFT marketplace launched by Tensor is indeed a redemption of the unique position it holds in the digital world. This new NFT marketplace allows users to trade, list, and bid on compressed NFTs.
Transactions can be processed and navigated within seconds. In the NFT sphere, compression helps democratize the NFT space drastically by paving the way to a wider variety of consumer use cases and opening doors for the onboarding of the next billion users. This is indeed a pivotal event in the history of NFTs.
Tensor NFT Marketplaces
A Tensor NFT marketplace is a platform that allows users to trade, buy, and sell NFTs related to Tensors. Here’s a list of some of the popular NFT marketplaces.
The future of NFTs
The future of NFTs looks bright with firms such as NFTICALLY working towards the goal of making NFTs more accessible. NFTICALLY is a Web3 e-commerce SAAS platform that helps gamers, influencers, celebrities, clubs, and businesses to commercialize their digital assets sans any technical knowledge. NFTICALLY comprises of a group of blockchain enthusiasts and business executives.
NFTs have started revolutionizing numerous sectors such as memorabilia, virtual works and gaming, art, and real estate. It has ignited a revolution where producing one-of-a-kind works is no longer a dream for content creators. NFTs are perfectly suited for this digital age as they attract more attention, are freely available on the internet for people to see, and provide content creators with the chance to receive a share of the portion if their creations are resold.
A white-label NFT marketplace is a readymade platform that can be branded and customized by individuals or businesses to create their own NFT marketplaces. Users can buy, trade, and sell the NFTs on platforms tailored to their specific needs.
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