Saturday, 1 May 2021

All you need to know about NFT

Why would you pay 300 ether worth $600,000 for below rainbow cat meme? 


Are you joking? Why would anyone on their right mind will do so. 


This picture is available all over the internet even in my own blog now, I allow you to download this image from my blog. Please go ahead.


You will be amazed to know on February 2021, the original GIF was sold at an online auction for 300 Ether, the cryptocurrency that powers the Etherium network. That was equivalent to nearly $600,000 at the time.


You may be asking how someone can own the original copy of a GIF that is easily available in the internet. It's because it was sold as an NFT or non-fungible token, which acts like a digital certificate of authenticity.


The market for NFT escalated in 2020, climbing to a market cap of at least 338 million from about 41 million in 2018.  It's the weirdest thing. Right? To understand the concept behind, let's understand what exactly is a NFT.


What exactly is NFT?


NFT stands for Non Fungible Token. Let's talk about word fungible. It's this very specific word that economists use, it has a very precise definition. I wanna use a different word for fungible for a second. Let's just use the word replaceable. Non-fungible means non-replaceable, you can't replace it, there's only one of them, it's unique. Non fungible. To understand the word token, you need to understand basics of blockchain technology where all of this relies on. In the Blockchain ecosystem, any asset that is digitally transferable between two people is called a token. In the case of NFTs it represents a digital asset that represents real-world objects like art, music, in-game items and videos. These tokens are issued on a blockchain, most often on Ethereum.


What you actually get when you buy a NFT?

"The buyer of this artwork is purchasing an 'NFT' (non-fungible token) which contains the high resolution digital artwork file itself, as well as an indelible signature of the artist and all transactions associated with the artwork — basically digital proof of authenticity and uniqueness," Chu said.


Can I create my own NFT?

There are many NFT marketplaces such as OpenSea, Rarible or Mintable where you can create NFTs for your artwork in a matter of minutes. To start creating your NFT, you will first need to connect your crypto wallet to an NFT marketplace of your choice.


What do you think about about this new emerging market for NFTs? 

Let us know in the comment section.

11 comments:

  1. Thank you for sharing good knowledge and information. It's very helpful and understanding. As we have been looking for this information for a long time.NFT Art Marketplace

    ReplyDelete
  2. You've provided some very useful information about NFT Art Marketplace. I'm glad I came into this article because it provides a lot of important information. Thank you for sharing this story with us.

    ReplyDelete
  3. nft metaverse I think this is an informative post and it is very useful and knowledgeable. therefore, I would like to thank you for the efforts you have made in writing this article.

    ReplyDelete
  4. Your post is very informative for NFT Marketplace Crypto. excellent article, I really like this post, and thanks for sharing.

    ReplyDelete
  5. You have a genuine capacity to compose a substance that is useful for us. You have shared an amazing post about NFT Marketplace Crypto. Much obliged to you for your endeavours in sharing such information with us.

    ReplyDelete
  6. play to earn I would like to say that this blog really convinced me to do it! Thanks, very good post.

    ReplyDelete
  7. nft calendar Wow, cool post. I'd like to write like this too - taking time and real hard work to make a great article... but I put things off too much and never seem to get started. Thanks though.

    ReplyDelete
  8. A non-fungible token (NFT) is a non-exchangeable unit of information put away on a blockchain, a type of digital record, that can be sold and exchanged. ... Since every token is interestingly recognizable, NFTs contrast from blockchain cryptocurrencies, like Bitcoin.
    If you want to know more, Please check out here - nft calendar

    ReplyDelete
  9. I need to thank you for this very good read and i have bookmarked to check out new things from your post. Thank you very much for sharing such a useful article and will definitely saved and revisit your site.
    NFT Token Development Company

    ReplyDelete
  10. Very efficiently written information. It will be beneficial to anybody who utilizes it, including me. Keep up the good work. For sure i will check out more posts. This site seems to get a good amount of visitors. emo chain necklace

    ReplyDelete
  11. devil horn beanie We are really grateful for your blog post. You will find a lot of approaches after visiting your post. I was exactly searching for. Thanks for such post and please keep it up. Great work.

    ReplyDelete

Let's make it better!
Comment your thoughts...

Whatsapp Button works on Mobile Device only

Start typing and press Enter to search