What is NFT?

Have you ever heard about crypto or blockchain?

No….?

No problem, you can refer article to know more about blockchain and crypto.

If you are well aware about crypto then you must have heard about NFT too. In this article, we will discuss about NFT.

Must read this article till last, you will get basic clarity about what is NFT?

NFT created by “Kevin Mccopy” and “Anil Dash” in 2014.

What is NFT?

Now let’s bifurcate the the NFT. It will comes like ‘Non-fungible token‘.

Here ‘fungible‘ means is ‘replaceable‘.

Let understand this with an example. suppose you have a book and you bought it from open market or online. Now that particular book is replaceable with any other book from same author or with any other book. it means that particular book is replaceable any time.

Let’s take another scenario. You are reading the same book and making notes or highlighting some text on random pages as per your choice and understanding.

Now tell me?

Do you still think, that book is ‘fungible’ or ‘replaceable’?

No, now that particular book is not replaceable. It’s a unique. Book have unique markings and highlights. That book could have copyrights but with unique feature and now that is totally non-replaceable.

What is Token?

Let’s come to next word i.e., ‘Token‘.

Here token doesn’t mean any crypto currency or any coin.

Here it means, a digital media and that could be a picture in digital form or could be anything else with unique properties over internet.

So now let’s combine all words again and define it. NFT means ‘non-fungible token’. It means a digital media over internet that have unique properties and non-replaceable.

Wait a minute, now you must have a question?

What if I copy that picture then? It means that picture is ‘replaceable’.

Yes, that picture is replaceable until we won’t use blockchain technology.

What is blockchain?

Please read article on blockchain and crypto.

So how you can make a unique digital asset(NFT)?

The simple answer is by putting those assets on a blockchain network and make totally unique. lets understand this by example.

Blockchain ensure the “token of ownership”. That made the digital assets totally non-replaceable. If you will buy or sell NFT over blockchain then this will also transfer the ownership of particular digital asset.

There are many websites offering to list your NFT for sale. You can simply google them and start but I will strongly recommended to gain more knowledge about NFT before jumping in to NFT. There are bad players also in market.

You can check the opensea. OpenSea is the world’s first and largest NFT marketplace.

Let come to the point again.

When you sell or purchase the NFT then blockchain ledger claims to provide a ‘certificate of authenticity’ or ‘proof of ownership’.
For your information, NFTs do not restrict the sharing or copying of the underlying digital file.

You can easily copy that NFT but you won’t possess the ‘certificate of authenticity’ or ‘proof of ownership’.

Yes, please read my words again i.e., if you won’t possess the ‘certificate of authenticity’ or ‘proof of ownership’.

And if you don’t have any proof of authenticity then you won’t get the real value of that product in actual.
Strange…!!

Yes my dear friend, world is changing so fast and this is totally new concept.

For your information, NFT is not a bitcoin because bitcoin price will remain on a particular time but NFT cost may differ.

Let me share some most expensive NFTs with you.

Beeple’s (b. 1981) ‘HUMAN ONE’ has achieved $28,985,000 at auction.
Most expensive NFT ever sold on December 2, 2021, with almost 30,000 collectors pitching together for a total cost of $91.8m.
super-expensive ‘alien’ style CryptoPunks sold for over $23m on February 12, 2022

There are hundreds of examples you can find on internet and trust me, people are buying such stuffs.

One more secret thing, you can also create such NFT and sell.

How?

Learn about NFT first… simple.

Conclusion

Time is changing and so technology too. Your success in NFT world totally depend on, if you are a early adaptor and late comer. NFT is not new but known by only few and believe me they are earing in millions. If you really want to be part that group then start learning about the blockchain and NFTs. Always remember one things, you can’t earn until you learn. so start learning.

Must comment below if you really like this short article.

FAQ

Why are NFTs so expensive?

Technology verify the authenticity of a non-fungible asset, which makes these assets unique and one of a kind. That why NFTs are so expensive.

Are NFT a good investment?

its totally depends on why are you investing in NFTs. many people are buying NFT, just to resell them on higher cost.

Can I Screenshot an NFT?

By taking screenshot of an NFT, does not make you the rightful owner of the digital artwork and if you don’t have rights, you won’t get actual value on NFT.

Can someone else use my NFT?

NFTs are “non-fungible tokens”, meaning they represent digital assets accompanied by a certificate of authenticity, and are stored on the blockchain. so no one else can use your NFTs but they can see your NFTs.

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