What is NFT😕😕
An NFT(Non-Fungible Token) is a digital asset and we also call cryptocurrency which is use to represent or store the details like art, photos, videos, music in token form. Which buy and sell on NFT supported platform or exchange.
In 2014 the first NFT token would be introduced in the crypto market but since 2015 it is growing, In 2017 the NFT market volume is nearly 174 million$ and after this many of Dex exchanges are showing interest in NFT tokens.
In 2020-21 the NFT technology is growing rapidly because of the artist are showing interest in this and they have to be invest their money into the development of NFT tokens.
The Non-Fungible Token is seems to be used to keep the authenticity of the particular art in the digital form, it is like we make the digital asset of painting or sculpture from 18th century and selling in some for millions of dollars.
In early days there many NFT arts or digital creation are already exist like video clips of NBA and securitized version of art is floating in every Social media.
The point is this, at that current time anyone can view a video or image – or a collection of images and videos free for online. So why are people willing to spending millions of dollars on this, they can easily can take download.
But when we use NFT they give you the authenticity of the particular product and the is own the original product, it also contains built-in-authentication, which is also a proof of the ownership of the item.
Is NFT is same as Cryptocurrnecy or it Different from it??
NFT (Non-Fungible Token) is nothing but it is built in programming token like Bitcoin, Ethereum, only its programming is same as crypto but its working proficiency is differ from it.
First we have to know that one thing about the physical money or cryptocurrency which is that these are “Fungible” means they can be exchange or traded each other at any of platform because it’s values are equal like: one Euro or Dollar is equal to the one Euro or Dollar, just like one BTC is equal to the another one BTC.
In NFT which is means Non- Fungible which is mean each of the coin has signature which defines it’s authenticity, which means one NFT is totally different from another NFT token so you cannot exchange or trade one NFT to the another NFT. And this nature of the NFT is making him different from cryptocurrency.
How NFT is working
NFT is working blockchain technology, which is used record or save the transaction data which is distributed public ledger.
Basically NFT is using Ethereum blockchain to saved his transaction but it also support the other blockchain as well.
You can be create your NFT through using the Art to make its digital representation, which is tangible and intangible both. You can use
• Image
• Videos
• Arts
• Paintings
• Sculpture
• Virtual Avatar and Video Games
• Music
• Designer Sneakers
You know that Twitter Co-Founder Jack Dorsey sold his first tweet as an NFT in more than 2.9 million$.
When the collector buy a physical art in the form of the NFT, so the buyer is also get the digital file also.
Where and how you can buy NFT
If you want to buy a NFT art or a collection of NFT art, so first you have to need a digital wallet who support the NFT tokens and after this you have to need also a digital currency like Bitcoin, Ethereum, or which currency is demand by the seller to sell it.
When you setup all these things now you are able to buy NFT through the NFT platform and when you buy a NFT, now are able to transfer your NFT to your wallet after successful transaction.
There are some of the NFT sites name where you can buy or sell NFT easily.
• Opensea.io
• Rarible
• Benzinga
• Coindesk
• Binance is also create its NFT platform in now coming days.
But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.
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