What Is NFT? Here’s Everything You Need To Know About NFT

What Is NFT
Image: Forbes

“A picture is worth a thousand words” is probably one of the most cliche sayings that most of us know. Thanks to the solid forward leaps in technology, photography, music, and art have immensely evolved over the past few years. All of this is cool, but what if I told you that you could make millions of dollars from your unique art by selling it as an NFT?

In this article, let’s look at what exactly is NFT and everything else you need to know about it if you’re an artist looking to earn quick bucks.

What Is NFT?

NFT stands for Non-fungible token. With its full form out of the way, it is one-of-a-kind art exchanged on the blockchain. They’re a part of the Ethereum blockchain, which is one of the most popular blockchains. While most blockchains have crypto coins, Ethereum also supports NFTs.

Why NFT?

“Why buy art when you can invest in any crypto and see it grow?” That’s a great question, and the answer is the price you can sell in with flexibility. While the market value of crypto depends on the demand, a Non-fungible token is unique, and you can choose to sell it for whatever price you want to sell it in.

“If I upload my NFT on the internet, will others not sell it and earn it from my work?” That’s another excellent question, but no; people can copy the art but never become the official owners. That’s when blockchain comes in. Every non-fungible token has a unique identifier in the blockchain. Hence for others to own it, they’ll need to buy it from you so that the blockchain can transfer the identifier to the buyer. Pretty cool, right?

Where Can I Buy NFT? Can I Create and Sell NFTs?

quick Google search will guide you to the stores from which you can buy NFTs. Some of the most popular NFT stores are Axie Infinity and OpenSea.

And yes, you can create NFTs. For example, the founder of Twitter, Jack Dorsey, sold the image of his very first Tweet for over $2.9 million. So, does that mean people will buy my Tweets too? Well, technically, yes, they can, but who would buy it? Non-fungible tokens should be rare and unique. You could try selling your art if you’re an artist.

Should I Invest In NFTs?

Just like cryptocurrencies, there’s still a lot of risk in buying and selling NFTs. Therefore, you should proceed only if you’re willing to bear the risk. You can start by buying cheaper NFTs and selling them again.

Have you ever invested in Non-fungible tokens? What was your experience like? Let us know your thoughts and opinions in the comments section below.

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