What is non-fungible token (NFT)?

A non-fungible token (NFT) is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs can be created by anybody, and require few or no coding skills to create.NFTs typically contain references to digital files such as photos, videos, and audio. Because NFTs are uniquely identifiable assets, they differ from cryptocurrencies, which are fungible.

Proponents of NFTs claim that NFTs provide a public certificate of authenticity or proof of ownership, but the legal rights conveyed by an NFT can be uncertain. The ownership of an NFT as defined by the blockchain has no inherent legal meaning, and does not necessarily grant copyright, intellectual property rights, or other legal rights over its associated digital file. An NFT does not restrict the sharing or copying of its associated digital file, and does not prevent the creation of NFTs that reference identical files.

The NFT market grew dramatically from 2020–2021: the trading of NFTs in 2021 increased to more than $17 billion, up by 21,000% over 2020’s total of $82 million. NFTs have been used as speculative investments, and they have drawn increasing criticism for the energy cost and carbon footprint associated with validating blockchain transactions as well as their frequent use in art scams. The NFT market has also been compared to an economic bubble or a Ponzi scheme. By May 2022, the NFT market was seen as beginning to collapse.

What Is An NFT Marketplace?

Non-Fungible Token or NFT marketplace is such a marketplace that functions as a public Blockchain platform. However, this platform is gaining traction and driving developers and businesses to construct a marketplace, despite being in its nascent stage.

Significant Spots of NFT Marketplace
Apart from dealing with artworks, there are several other fields where using NFT marketplaces can benefit.

Digital Art
Several NFTs are utilizing various forms of digital art to build profit. There’s something for everyone, from digital replicas of authentic images to memes.

For example, on the LightDao platform, you may buy, sell, and send photographs, movies, GIFs, and music. The platform is built on Ethereum and uses the ERC721 and ERC1155 protocols to create NFTs.

From swapping virtual worlds (Metaverses), virtual properties (Mintable), collectibles (NBA Top Shot), animated characters (CryptoKitties), investment opportunities, and any other sector whose ownership can be turned into tokens, everywhere is the NFT marketplace.

E-learning services
These marketplaces should provide a wide spectrum of e-learning services. This includes selling complete courses, keeping track of students’ progress, and communicating with professors.

Video games
NFTs, which represent numerous in-game products and characters, are typically sold and purchased in-game or through external internet platforms like Steam, which provide secure transactions. This necessitates a close relationship with the game.

The growth of the NFT market is a new trend with a growing market value. Because of its appealing characteristics, the network attracts more and more users as the value of non-fungible tokens rises.

3 Reasons Why NFTs Will Shape the Future of Nonprofit Fundraising

This is an opinion article written by Stephen McCaskell, an award-winning creative innovator and Web3 enthusiast. Stephen purchased his first bitcoin in 2013. Unfortunately, he hadn’t yet learned the principle of hodl. He is Director of Creative Innovation at a large nonprofit in Orlando, Florida, where he resides with his wife and four sons. You can follow him on Twitter at @mrhonesteth.
For Full article, please click here

What is a crypto wallet?

If you’re interested in participating in the LightDao marketplace, you will need to understand what a wallet is. Wallets are used to send, receive, and store digital assets like Ether.

You will need an account with a wallet provider. This account will assign you a public address and private key.

What is a public address?
Public addresses come in the form of a string of numbers and letters that are used to identify wallets and to send and receive crypto. You can think of it as a username or an email address.

What is a private key?
Private keys act like complex passwords which give access to wallets and their protected assets and allow users to send tokens from their public address. It is important to keep your private keys as safe and as possible.

What are the types of wallets?
Wallets come in many forms. They are either built into your browser, an extension added to your browser, a piece of hardware plugged into your computer or even an app on your phone.

Desktop/Mobile: Software that connects to the Internet as a solution to processing blockchain interactions. This is the most common type of wallet and may come in the form of a browser extension or mobile application.

Ex: Metamask, Torus, MyEtherWallet, Coinbase, WalletConnect, MyEtherWallet, Fortmatic

Hardware: A piece of hardware that is built to keep your crypto secure via a physical medium. These will usually come in the form of a USB device. They can stay offline and be kept somewhere their user feels it is safe, while still being able to go online when the user would like to engage with the blockchain to store assets or manage funds. This usually involves plugging the device into a PC.

Ex: Ledger, Trezor

How do I keep my wallet secure?

Never share your private key or wallet password.
Store your private keys somewhere safe that you will not forget. Losing access to your private keys means losing access to any digital assets protected by the associated wallet.
Pay attention to where you are signing transactions and connecting your wallet. A malicious website that you connect your wallet to can clean out the entirety of your assets.

First LightDao offline meeting

In mid-August, our Light Dao team successfully held the first workshop at StB Church, the theme of which was “The Kingdom, NFT and Beyond”. During the event, we were honored to invite Patrick and his wife, missionary couple from Singapore, to share their ministry on Minecraft, and Mr. Reuben from Faith driven investor, who shared about As Christians, how should we build the kingdom of business on earth and bring the kingdom value into the business.