Lebanese University

Faculty of Fine Arts and Architecture

NFT
Theories and Techniques in Major

Done by : Sara Al Tawil

Directed by : Dr Youssef Nehme

2021-2022
 What is an NFT?
• Fungible tokens: fungibility implies equal value between the assets. It is
the ability of a good or asset being interchanged for another of like kind.
Money is a prime example, where it is divisible ( 1$ bill is easily converted
into 4 quarters ..)
like physical money, Cryptocurrencies are fungible, they can be traded or
exchanged one for another. For example: 1 bitcoin is always equal in value to
another bitcoin.
• Non-fungible tokens: are not interchangeable, each of them represent a
unique asset owned by a specific person.
NFT is turning digital assets into one of a kind by creating a unique digital
signature. it can be bought and sold for real money.
Each NFT has unique identification code and metadata that distinguish
them from each other.
How do NFTs work?
• NFT basically creates a blockchain-based digital certificate for digital
collectibles. This certificate gives art a unique identity.
• Blockchain : a concept that fulfills the same thing the bank does,
but instead of doing transactions privately on a bank account, all of
the transactions are being tracked by people’s computers and
recorded publically on the internet (the group verifies the legitimacy
of every transaction).
Most NFTs are stored on a blockchain called “Ethereum”
• The far bigger impact on NFT is the technology itself, that token has
an underlying smart contract built into it that can represent
anything.
NFT smart contract is a tiny computer program stored in the
blockchain . Smart contracts are just like the ones in real life, but
they’re completely digital.
Types of NFTs
NFTs can be a digital art piece, animation, 3d art, AI art, GIFs,
and photography.
However, it isn’t just about artworks, NFTs can be a deed to a
home, VIP tickets, green room access to an event, music
albums, access to a sporting event, table at a restaurant,
memes, top shots of popular players…
NFTs are also used as in-game items in online gaming platforms.
In addition to play-to-earn NFT games . (for example: a game
called “Axie Infinity” where the characters are pokemon-like
creatures which are all unique NFTs, where players earn real
money whenever they end up a level).
• Corporations and fashion brands such as Pringles, Coca Cola, Gucci, Nike, Adidas,
Louis Vuitton, GAP and many others, also released their NFTs.
Why are people buying NFTs?
• The value of NFTs is turning into a psychological hype (which
is the excitement around a certain thing). People have been
doing that in art industry, where an art piece is worth millions
of dollars. The only difference today is that we have
technology to do this in a non-physical way.
Humans need to communicate through their purchases and
that’s why the fashion industry exists, or else everyone would
be wearing the same clothes.
So as we become more digital, the digital things we own in
digital form take over.
• Another reason is that there is NFT collectors as there is
collectors in real life. These collectors buy NFTs at a lower
price and resell them at a higher price (this process is called
flipping ).
1/1 NFT Art (one of one)
• 1/1 NFT is an NFT with only one existing edition. It is a unique – one
of a kind- piece having rare traits or attributes.
• In 1/1 NFT, art is the utility. People buy those NFTs for it’s value as a
unique piece of art (appreciating the art) .
• 1/1 NFTs can be : sports collectibles, digital art, photography…
• To create your own 1/1 NFT project you should:
1. Create unique art/characters…
2. Choose your blockchain and marketplace
3. Mint your NFT (minting is making the NFT live on the blockchain)
Minting usually has a cost, which is called the gas fee.
NFT Collection:
• A successful NFT project requires the following:
1. Your team should be including a developer, art generator, artist,
manager, smart contract developer.
2. Set the story behind the project (the purpose of your project, what
value it is going to provide to your community, why is it important..).
3. Choose your blockchain ( Ethereum is the most popular..) and
marketplace (eg: magic eden, NFTically..).
4. Decide what kind of features and utilities your NFTs will have (the
value of your project here is all about the utilities you provide).
5. Build your community (in every project, there should be a community
that deeply believes in the story behind it. To build your community
you should be active on social media, mostly on twitter, discord,
insta.. )
6. Learn social media marketing or find social media specialists, you can
also reach social media bloggers to help you market your project.
Top NFT Projects – NFT Collections
• CryptoPunks

• Bored Ape

• Mutant Ape

• Azuki

• Vee Friends