What is NFT ? | How does NFT Work ?

What is NFT ?

The full form of NFT is Non Fungible Token . Non Fungible means which is unique and can not be replicable . Non Fungible item has unique identity and it can not be replaced by other similar items . For example an Art , Paintings , Antique etc may be Non Fungible items .
Suppose some gift has given to you by your father , mother , brother or any other , then this item is non fungible for you and it can not be replaced by a similar item available in the market because you are emotionally attached with this gift items . Therefore art , paintings , songs , videos , posters may be Non Fungible items .

How NFT Works ?

The mechanism and Technology behind NFTs is same as in Cryptocurrency , but Cryptocurrency and NFT are not same . Cryptocurrency is fungible asset whereas NFT is Non fungible . One Bitcoin can be replaced or exchange by other Bitcoin as 100 US dollar can be replaced or exchange by other 100 US dollar or two 50 US dollar .
The Technology used behind both Crypto & NFT is Blockchain Technology . This Technology is safe & secure and any manipulation is next to impossible . Every Non Fungible item tied to a specific token in block chain network having immutable record . This is like your digital signature ownership that can not be changed .

What is NFT Art ?

Any art that has been sold or purchased vis NFTs are known as NFT Art . Since NFTs market is in nascent stage but still it is growing significantly . The trading in NFT market is to be fare . The people are not much aware about this , but day will come when it will gain popularity .

How to Create NFT ?

There are some important steps by following that you can create your own NFT & can earn money .

Step #1 : Select the Item

At first you have to select an item which you have to use for NFT . It should be unique because uniqueness gives value . For example Art , Paintings , Music , Video or any other digital items .

Step #2 : Select Blockchain Technology

After creating NFT , now you have to select Blockchain Technology so that you could do your transactions . The most popular Blockchain Technology which is to be used by most of the NFT creators is Ethereum .

Step #3 : Create digital Wallet

You should have a digital wallet because it is must in creating NFT , where you can store your NFTs and Cryptocurrency . Some digital wallet are : Metamask , Alphawallet etc. Now with the help of digital wallet you can create and trade your NFTs .

Step #4 : Select NFT Market

As you have completed all the steps required for NFT , now you can sell it . But for selling you need a market place . Some popular market place are : Opensea , Rariable etc. Since all the market have same purpose but they are not same . Different market utilize different tokens . Opensea is the market leader in NFT market .

Final Thoughts :

I have given some basic knowledge about NFT here , i.e. What is NFT ? How to create NFT ? How to sell NFT ? Step by Step . Before going to take any steps you should have proper knowledge about these things . Therefore at first you should enhance your knowledge then starts your journey , certainly you will be successful .