NFTs Explained – How to Buy & Sell NFT. Non-Fungible Token
Non-Fungible Token is NFT
Uff, Nyan’s getting million dollars, cat’s pictures sold for millions, the founder of twitter put an autographed tweet to NFT, sold, celebs putting their pictures and treasures to NFT, they are being sold to. Well, this is too much but my kid would say my mom still doesn’t know what NFT is. Here I come with this vlog to explain everything about NFTs.
So, let’s start with the basics.
NFT is unique unit of data employing technology that allows digital content—from videos to songs to images—a lot more. They become logged and authenticated on crypto currency, blockchains, primarily Ethereum.
NFTs are unique cryptographic tokens that are on a blockchain and cannot be imitated. NFTs can be used to signify real-world items like artwork and real-estate. “Tokenizing” these real-world tangible assets permits them to be accepted, sold, and traded more proficiently while dipping the probability of fraud.
Ok so this must be perplexing right, so let me clear it out
To simply put the main influence of NFTs is making it easy to own and sell digital content. Non fungible token is more or less something which can not be substituted and it’s unique and are not interchangeable. For instance, bitcoin is fungible so you trade one bitcoin for another and you get the same thing in return as a bitcoin. For example, you get a painting as non-fungible item – it goes to the one who buys it as non-fungible token – it will be original to the first seller as it can’t be replaced – or changed. Remember there can be no second hand NFT or a copy of it, as it has unique token to it, no matter how many buyers it would have.
Even if one NFT sold let’s say for 1 million – the buyer then sold it to some one else at 1.2 million – next likewise – in that case the copyright and the originality of the seller one will remain intact.
The year 2021 has been the year of NFTs and now henceforth it will be.
The NFT world is comparatively new. In theory, the possibility for NFTs is anything that is unique that desires provable ownership. Here are some examples of NFTs that exist today, to help you get the idea: