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What is an NFT? Everything you Need to Know!

What is an NFT? Everything you Need to Know!

NFTs have grown in popularity in recent years. You might have heard about It from your friends or any news; perhaps your favorite celebrities have already mentioned it, citing it as the eternal future.

Curiosity about this word grew even stronger after Twitter CEO Jack Dorsey sold his first-ever tweet as an NFT.

Can you guess the price?? For a Whopping $2.9 million!!

Sound nuts, right?

Furthermore, reports of a slew of new celebrities entering the NFT market fuel the fire. So, what are these NFT’S??? What are its scopes??? Why are they so important???

NFT Explained!

An NFT can be any image, audio, digital video, art, etc., existing in a Blockchain.

NFT is abbreviated as “Non – fungible token”, where “non – fungible” means something that cannot be replicated and substituted with, like a “lucky draw coupon that holds a unique number, which cannot be interchanged”.

How does the NFTs Work?

Suppose you are an artist who has created an amazing digital drawing and wants to sell your work.

But, how would you sell it?

You can make it possible by minting & then listing it in an NFT marketplace, where the value of your item would depend on the demand it produces.

But there arises a question, what is minting, and how it’s done?

“The process of registering a piece of art on the Blockchain is called Minting”. As simple as that.

So, you have understood what is minting, we may now proceed to learn about the process of minting.

In order to mint your digital asset into an NFT, you will need a digital wallet (Metamask, Coinbase are some examples of digital wallets) with some cryptocurrency in them. Step by Step Guide to Setup a MetaMask Wallet.

You may require to pay some money to Mint an NFT, which is called “Gas Fees”.

Wondering, if it has something to do with fuel consumption?

“Gas Fees are simply the payment required to successfully carry out a transaction in the Blockchain”.

There are also some Blockchains that offer to Mint at Zero or Very Low Gas Fees. Which we can discuss in another article.

After that, you may choose an NFT marketplace (Opensea, Nifty Gateway are some of the major NFT marketplaces), which is then connected to your wallet, enables you to pay for the procedures that ought to be carried out to convert your digital art into a saleable NFT.

What makes it more Appealing?

  • They serve as proof of ownership of a digital work.
  • Reduces the possibility of duplicate items existing in digital markets.
  • Ownership can be easily transferred to another person without any hassle.
  • The original creator could continue to receive a portion of the profit, even after selling his NFT to multiple individuals.

NFTs are growing increasingly popular day by day, and there are several opportunities for content creators to utilize them. NFTs provide creative artists with an opportunity to transform their talent into big assets, which is often a considerable challenge these days.

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