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What You Need To Know About NFT

NFTs are currently sweeping over the world of digital art and collectibles. Huge sales to a new crypto-audience are changing the lives of digital artists. Celebrities are also getting involved as they see a new way to communicate with their audience. However, digital art isn’t the sole application for NFTs. They can be used to symbolize ownership of any unique object, such as a digital or physical deed.

What Is an NFT?

NFTs, or non-fungible tokens, are digital content pieces linked to the blockchain, the digital database that underpins cryptocurrencies like bitcoin and ethereum. Unlike NFTs, those assets are fungible, which means they can be replaced or swapped for another identical one of the same value, similar to a dollar bill.

NFTs, on the other hand, are one-of-a-kind and not interchangeable, which implies that no two NFTs are same.

What Is the Difference Between an NFT and Cryptocurrency?

Non-fungible token (NFT) is a term used to describe a token that is not fungible. It’s often developed using the same programming language as cryptocurrency like Bitcoin or Ethereum, but that’s where the similarities end.

Cryptocurrencies and physical money are both “fungible,” meaning they may be traded or exchanged for one another. They’re also worth the same amount of money—one dollar is always worth another dollar, and one Bitcoin is always worth another Bitcoin. The fungibility of cryptocurrency makes it a secure way to execute blockchain transactions.

How Does It Work?

NFTs are recorded on a blockchain, which is a decentralized public ledger. Blockchain is arguably best known as the underlying technology that allows cryptocurrencies to exist.

NFTs are most commonly stored on the Ethereum blockchain, although they can also be stored on other blockchains.

NFT examples

The world of NFT is quite new. In theory, NFTs can be used for anything that is unique and requires proof of ownership. Here are some current examples of NFTs to get you started:

•  Digital Artwork

•  GIFs

•  Videos and sports highlights

•  Digital Collectibles

•  Virtual avatars and in-game item

•  Unique designer sneakers

•  Music

•  Domain Name

What Are NFTs Used For?

Artists and content creators have a one-of-a-kind opportunity to monetise their work thanks to blockchain technology and NFTs. Artists, for example, no longer have to sell their work through galleries or auction houses. Instead, the artist can sell it as an NFT straight to the consumer, allowing them to keep a larger portion of the profit. Additionally, artists can integrate royalties into their software so that they receive a share of sales when their work is sold to a new owner. This is a desirable feature because most artists do not receive subsequent proceeds after their first sale.

How to Buy NFTs?

To begin, you’ll need a digital wallet that can hold both NFTs and cryptocurrencies. Depending on what currencies your NFT provider takes, you’ll probably need to buy some cryptocurrency, such as Ether. Coinbase, Kraken, eToro, and even PayPal and Robinhood now allow you to buy cryptocurrency with a credit card. After that, you’ll be able to transfer it from the exchange to your preferred wallet.

As you study your alternatives, keep fees in mind. When you acquire cryptocurrency, most exchanges take a cut of your transaction.

Popular NFT Marketplaces

There are many of NFT sites to choose from once you’ve set up and funded your wallet. The following are the largest NFT marketplaces at the moment:

• OpenSea.io: This peer-to-peer platform bills itself as a provider of “unique digital objects and collectibles,” and all you have to do to get started is sign up for an account to browse NFT collections. You may also sort pieces by how much they sold to find new artists.

• Rarible: Rarible is a democratic, open marketplace that lets artists and producers to issue and sell NFTs, similar to OpenSea. The platform’s RARI tokens allow users to vote on features such as fees and community regulations.

• Foundation: To upload their work here, artists must get “upvotes” or an invitation from other creators. Because of the community’s exclusivity and high admission cost—artists must also acquire “gas” to mint NFTs—it is likely to attract higher-quality work. Chris Torres, the developer of Nyan Cat, for example, sold the NFT on the Foundation platform. It might also imply higher prices, which isn’t necessarily a negative thing for artists and collectors looking to profit if demand for NFTs stays the same or even rises over time.

Although these and other platforms are home to hundreds of NFT artists and collectors, do your homework before purchasing. Some artists have been defrauded by impersonators who have listed and sold their work without their knowledge.

How to sell NFTs?

NFTs are also sold in marketplaces, however the method varies by platform. Basically, you’ll post your work to a marketplace and then follow the procedures to convert it to an NFT. You’ll be able to enter details like a work description and pricing suggestions. The majority of NFTs are bought with ethereum, but they can also be acquired with other ERC-20 tokens like WAX and Flow.

How to make an NFT?

The creation of an NFT is possible for everyone. All you’ll need is a digital wallet, a little ethereum purchase, and access to an NFT marketplace where you can upload content and have it turned into an NFT or crypto art. Isn’t that easy?

 

We might be able to help you get ideas and start your own brand.

 

Author: Rhens Yanzon

Sources:

https://ethereum.org/en/nft/

https://edition.cnn.com/2021/03/17/business/what-is-nft-meaning-fe-series/index.html

https://www.forbes.com/advisor/investing/nft-non-fungible-token/

 

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