Is NFT the ultimate piece of digital art and collectible? Or is NFT a form of currency, just like crypto? How can you buy and sell NFTs?
Here’s all the information about NFTs…
What are NFTs?
A non-fungible token (NFT) is a digital asset in the form of digital art, music, in-game items, or videos.
Non-fungible means these digital assets cannot be replicated or replaced.
Token means it is proof that this asset is owned by you just like the registry or agreement of a house when you purchase it.
Here’s an example to help you better understand:
Suppose you have made a digital painting of a sun setting behind a branched tree.
When you make an NFT of it, it becomes your digital property that only you own, and if someone wants to take it from you, they have to give a specific amount for it.
Which brings us to why NFTs are getting popular nowadays.
But Why NFTs Are All The Rage Right Now?
NFTs exist on blockchain technology which is a public-led platform that records all digital transactions. They could be anything from video snippets to music files, art, game highlights, and GIFs.
Now, when you make an NFT, you can demand a specific selling amount for it. E.g., $250 (Well, actually, they can be sold for as high as $91.8 million😮).
Anyone around the world who want to purchase this NFT from you will have to pay this amount.
Not only this, if you opt for the royalty scheme, each time that NFT is resold, you will get a percentage of the transaction – that’s the coolest part of owning an NFT.
But there are other reasons for its increasing popularity as well.
The creators, especially artists, don’t have to rely on auctions and physical galleries to sell their art. They can sell it directly to people through an NFT.
There’s no need for any third-party verification while selling or buying an NFT since it’s on blockchain that traces everything.
An NFT is one-of-a-kind. So you can be sure that you are the only owner of it in the entire world.
NFTs are here to stay, and it’s safe to say that in modern times, it is one of the best investments that you can make (P.S. it’s not financial advice ).
The sky is the limit with NFTs – quite literally.
So, discover, collect, or better yet, create your own NFTs!