Non Fungible tokens or NFT, what exactly does it mean?
Non Fungible means unique. Now to understand an NFT let me give you an example: Popular artists, painters follow a common practice that is they put their signature on the piece of art they create.
These signatures were considered as proof that the painting is authentic. As these pieces of art are sold at significantly high cost, the fraudsters came up with different new ways to create copies of the art and moreover they put fake signatures to fool people.
Only experienced collectors or art dealers can differentiate between the fake and original piece of art.
Now let’s talk about “Digital Art”, it is something let’s say a drawing which is created on a computer using various tools and techniques.
What
is so unique about it?
A
digital art’s uniqueness depends on the factors like:
· The
artist who created it.
· The
date on which it was created.
· The
Techniques used to create it.
· The
Tools and more
To keep all such information safe, it is recorded on the virtual directory that is “Blockchain.” The Special thing about Blockchain is that you can record the information but you cannot edit or delete it further. So, it means that the information present in the Blockchain is authentic.
Here comes the concept of “Token”.
The information related to such digital assets or property registered on the Blockchain is the token. A token represents the specific digital asset that is registered on Blockchain. This token is kind of a key to access the specific digital asset.
So now it’s clear that the digital assets registered on the Blockchain are called, “Non Fungible Tokens or NFTs”.
How to create an NFT?
You
can use following steps to create and sell your NFT:
- Create
a digital wallet to fund your NFT.
- Buy
some cryptocurrency preferably Ethereum (it is widely accepted cryptocurrency)
- Add
the cryptocurrency to your digital
wallet.
- Now, choose one “NFT Platform” as per your preference & requirement. Some popular NFT Platforms are: Binance NFT, Rarible, OPenSea, Nifty Gateway, SuperRare & more.
- Connect
your “Digital Wallet” to the
selected NFT Platform.
- Add
the files you want on this platform to transform into an NFT and create your unique digital asset using the relevant options
using the tools.
- Don’t
forget to add the description to your piece of art.
- Now,
you can set up an auction for your “Digital
Art or NFT”, just pay the required fee to list your NFT.
- Most important thing is to do the proper research and read terms & conditions before jumping
into this virtual marketplace.
The
virtual world is full of possibilities, use your imagination to create
something unique and derive maximum benefit from this latest technology trend.
Last but not least, beware of fraudsters.
