What is NFT? Simply NFT stands for Non Fungible Token. The digital asset without any “Fungibility” like Bitcoin, Ethereum, etc. “Fungibility” means transferability, having exchangeable or replaceable. NFT tokens are completely Non-Replaceable and Non-Transferable. If you own any NFT token, you are the sole owner of that particular token. It’s completely unique.
NFT are in form of any Art, Music, Video, 3D image, Illustration, etc. “Token” refers to a special identity to maintain its uniqueness. In this article, we have covered everything you need to know about NFT, How to buy NFT? Where to Buy NFT? How to create an NFT? How to invest in NFT? with examples of NFT’s.
Money is fungible. A $20 dollar bill is generally no different from another $20 dollar bill. When you lend someone a $20 bill, you don’t need (or can expect) them to return the exact same bill to you, so long as $20 is returned.
On the other hand, an oil painting is generally non-fungible. If you lend your friends a painting to hang in their house for a party, you do expect them to return the exact same painting back to you.
NFT crypto tokens or NFT crypto coins are like paintings. Each of the tokens is unique from all other tokens. Individual traits of the tokens prove their individuality, and so they are non-fungible, much like other real-world assets like sculptures and basketball cards.
An NFT is a digital token that can’t be altered, duplicated, or replaceable. Each NFT is unique to another. So, a non-fungible token commonly represents some unique, non-transferable object.
Cryptocurrencies like Bitcoin, Ethereum are fungible, meaning that every one unit of BTC is exactly the same as another unit of BTC and they can be exchanged for one another with no further considerations. Having fungibility is one of the fundamental properties of traditional currencies too, like the USD.
How to Create NFT?
Creating NFT is an art. In the early days of NFT, it was not easy to create and publish an NFT token. In the year 2021 as the Cryptocurrency market has boosted, NFT’s also get a Boost. The emergence of Metaverse also gives fuel to NFT’s and these two are somehow connected. There are some websites, where you can create and list your NFT. One of the most user-friendly websites is Opensea.io. Opensea is the world’s first and largest NFT marketplace. You can discover, collect, and sell extraordinary NFTs there.
You need to have a MetaMask, Wallet Connect, or Coin Base Wallet to open an account in Opensea.io. After creating an account with MetaMask, you need to log in. You can either access Opensea from Chrome/Firefox (Desktop) or can download it from Google Play Store or from Apple Store. Now go to “Create”. You need to Autharendicate with MetaMask or another Wallet. Now upload an Image, Video, Audio, or 3D Model as your choice. Give it a name and description, add any external link if you want (maybe your website link). Select supply (it should be 1 to keep its non-fungibility).
Now select the Blockchain you want to run your NFT. Here you have to keep in mind that, if you run your NFT in Ethereum you need to pay some $ as a Gas Fee. So, you can select Polygon to run your NFT for free. Now press the “Create” Button. Your NFT has been created. Now you can list this NFT for sale at the price you want for a certain period (Default 6 Months). Price should be in Ethereum value. E.g: 0.12 ETH.
From the very first sale, you would get the amount set during the Listing process. Once the first sell is over you would get the commission of the selling amount every time it would be traded. The amount will be automatically added to your MetaMask or any Wallet you have selected during login. That’s the reason people are now crazy about NFT’s! This is a very good passive income source for many crypto enthusiasts and creative people too.
How to Buy NFT? | Where to Buy NFT?
Do you want to buy NFT? That’s easy! There is so many NFT marketplace, where you can buy the NFT of your choice. You can buy NFT at Binance also, the world’s largest Crypto Exchange, or at Opensea.io. To buy an NFT you must have a Binance account. Deposit any Fiat Currency at Binance and then follow the steps mentioned there to buy NFT. You can also Collect (buy) NFT’s at Opensea.io. There are tons of NFT’s listed at Opensea. Just you need an account at Opensea.io and a MetaMask Wallet. There are so many other NFT marketplaces, where you can buy NFT. Just Google it!
I think you have got all the answers regarding NFT’s here. Despite the many controversies and challenges associated with NFTs today’s world, one thing is obvious: they are here to stay for long. NFTs will be a great component of our digital futures and will help us to open up exciting possibilities in new digital worlds. All the Savvy and lucky participants in the NFT economy may be well rewarded in the near future for the financial risks that have been taken today. But, as is commonly expressed in the world of cryptocurrency – “invest only what you are prepared to lose.”
What does NFT mean?
NFT stands for Non Fungible Token.
Is NFT a cryptocurrency?
Yes, it’s a form of Cryptocurrency.
How can I buy NFTs?
You can buy NFT’s at various NFT marketplace.