There are various terms in the digital world, that I may not know of, I am familiar with lot of terms. But suddenly a friend of mine happened to mention to me about NFTs. And I was like – what really is NFT, so he said that its an abbreviated form of non-fungible token.
Still, I was zonked as usual – because we have heard of reels, hashtags, vblogs, that blog and what not. But non-fungible token. I was completely blank. So I researched and tried deriving what it means in simpler terms.
This is what I found.
Non-fungible token is something which is irreplacable and unique. Probably an autographed t-shirt or shoes by some high end celebrity cannot be copied. A Mona Lisa painting cannot be copied. These things are unique and rare.
Now what does NFT do in the digital world and why is it the hot topic that suddenly everybody is talking about.
NFT are tokens that help you to buy and sell ownership of unique digital items. It can represent anything from graphics, music, videos, images, art, etc. There is usually lot of confusion about them being similar to cryptocurrency. They are not, but they use the same technology that is used in Bitcoin. Now you know why the confusion right? Moving on.
So NFTs can be obtained on blockchains, the individuals are equipped with a unique proof of ownership that is secure. There is also an interesting feature such as ‘smart contracts’ enableing the creators to receive royalties from every future resale, depending on the contract’s structure. And one more thing, they are not a currency or they are not fungible like Bitcoin.
Most NFTs work on the Ethereum blockchain, however there are other blockchains that do support NFTs.
So why should you be interested in NFT?
That is because you can make millions out of selling things that you own from your tweets, GIF, video, image, art stickers, anything that comes out of your imagination can land straight towards NFT obviously anything that is digital basically!
Jack Dorsey CEO of Twitter is selling his first tweet as an NFT (currently valued at $2.5 million) Elon Musk was selling a song about NFTs as an NFT. Other celebrities and digital artists too have followed the same league. So why can’t you? The highest price paid for an NFT is about $60.3.
Got you curious? So let’s know about NFT marketplaces
So NFT marketplaces are almost similar to Amazon – where you can buy and sell something. There are websites that cater in buying and selling NFT items. Some of these websites are:
- Nifty Gateway
Dealing in NFT is fairly simple. Just create an account on a marketplace that you wish to buy or sell and then set up an Ethereum wallet.
Many consider NFT to be the future of digital art. Others claim that it also consumes lot of energy that leads to increase in emissions of greenhouse gases which further gives a rise to global warming crises. But with every cons there are definitely pros as currently NFT is gaining attraction and have changed the concept of buying and selling stuff.