What is NFT ,How to buy and sell NFT | Things You Should About NFT

First of all you might be eager to know what is NFT? Things You Should About NFT | What is NFT ,How to buy and sell NFT

NFT

In simple word to say it stands for Non Fungible Token means non replaceable or non exchangeable. Thousand of famous and not so famous people are making the NFT of their unique property and selling it as NFT online and people are buying it in millions of dollars.

The trend is catching up as many people are making different types of cartoon NFT and selling some are busy in colleting the NFT as their future asset.

NFT History

NFT very first introduction happened in may 2014 as NTF Quantum by Kevin McCoy and Anil Dash. A video clip by McCoy’s wife, Jennifer McCoy registered to Name coin and was sold at $4 during a meeting. Earlier it was referred as monetized graphics.

NFT marked grew after that and become more prominent in 2017 as people started buying it through blockchain technology. But its market become US$250 million in 2020 and many reputed brands start registering their brand into it.

But according to The Wall Street Journal reports as of 2022 there is decline of 92% in the daily sale of NFT as compared to previous year and active wallet fell by 88% .So it will remain most speculative market as of now.

What is NFT

What is NFT ,How to buy and sell NFT | Things You Should About NFT
What is NFT ,How to buy and sell NFT

As we have explained above that its a Non Fungible Tokens means it can’t be replaced with any item and its unique. A boy collected photo 1000 selfies and made collection of these ,made the NFT and sold it for 1 million dollar. Former twitter CEO Jack Dorsey’s made NFT of his first tweet and sold it for $2.9 million. Amitabh Bachchan’s NFT sold for 7 crores as it was a unique picture.

But there is a problem how to check the genuineness of a NFT or its uniqueness. So this problem is addressed by blockchain technology like in the case of crypto coin. The token of the NFT is a process of registering a NFT which monitored by all the people connected in NFT blockchain and could be known that it is unique or not. Every transaction of buying and selling is in public domain.

How to make NFT

Its a easy process to make a NFT you just need a unique item same of which is not available to anybody or you are the one who is making it first digitally. Then there are many network which allow you to make ,sell and buy NFT but they chare some amount initially to create the account on there platform.

Once you create your account on the platform you have to make its digital form and list in you account with a price tag if you want to sell that. Even you can go through different account to explore what other people are doing and if you liked something, then buy form there to make collection which could be sold at higher price in the future.

How do you make money with NFTs?

There are different ways by which you can make money through NFT , What you need is a unique art , picture ,video ,gaming video or even digital asset which have some uniqueness could be made into a NFT and sold through listing it .

Or you can collect NFT by buying it from different listed items and hold it for some time and resell it to another buyer at higher price .That could be a way to earn through NFT without making it.

Selling a NFT only gives the ownership of that item not the copyright ,as copyright can’t be transferred through this medium so its original owner can generate the same NFT and sell it to another buyer .

NFT gaming industry in also booming now a days ,in 2020 gamming industry was $150 million and its going to be $3 billion by 2024. So NFT gaming provide the gamers to have the ownership of time they spend during their play. But it depends on the demand of the game and how ii will change over time. That’s way NFT is very volatile industry right now and now one can predict what’s its future

How to buy and sell NFT

Buying and selling need to be understood more properly as you should first know the platforms where you have to make account before buying and selling starts. To create a account you have to pay some amount which differ for different accounts.

Once you have created a account you need have a unique asset which could be made into NFT by mining it and the list it on your account. After that if people get interested in you NFT and want to buy then they will notify you and but it by paying the amount you have listed on your account.

Selling a NFT is very ,there are two types of sellers First is the fresh seller who have make there own NFT with unique asset and second seller who first buy the NFT make some collection and then again sell them to other person

How NFT Works

NFT works on the blockchain technology same as crypto coin ,decentralized so that no one can temper with the process. Blockchain means once block is created for a particular transaction then there is a code generated which is called genesis code then each time it process further then the previous code and create a new code at every stage and all the block information have with all the members.

If you are thinking that you can change the code of the block than you are wrong. When you change a code of any block if will corrupt the further block and it will not work. It will only work when who change a code at the genesis and the send it to all the blockchain holder they will approve it then only it will change. So hacking is difficult in this technology as it is decentralized and power is distributed.

FAQs

What is NFT in simple worlds?

In simple words, NFT stands for Non Fungible Token which is non replaceable or non exchangeable.

When did NFT started?

It firstly introduced in 2014 and get it prominence in 2017

Who started in NFT?

Kevin McCoy and Anil Dash

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