Today, we’ll talk about NFT, a relatively new internet phenomenon (well, technically new, but its principle has been known since 2012). It may be a new topic for you or you already know about it in both cases we invite you here and we will give our best to explain it to you in the simplest way.
What is NFT, exactly?
NFT stands for non-fungible token, which doesn’t exactly sound familiar, does it? The non-fungible element is straightforward; it just says that it cannot be substituted with something else. You can compare it to other things like bitcoin, which could be swapped by others without facing any loss. However, each NFT is unique, and one of the most distinguishing characteristics of NFTs is the unique asset connected with each token. NFT basically denotes ownership of the token’s related item.
A Non-fungible token can be allocated to a variety of different things:
- a musical composition
- Memes ,
- Art,
- Movie,
- GIFs,
Almost anything that may be regarded as unique can be linked with an NFT, including in-game objects (cosmetics, weaponry, etc.).
You could think to yourself, “Is it truly worthwhile? It’s just another cryptocurrency “. So, here’s an illustration of how much a (relatively) basic thing may be worth as an NFT: If you don’t recognize this image of a side-eyeing toddler, don’t worry, it was once a popular meme, and now its NFT has been sold for nearly 74,000 USD, which is insane, right?
How does the NFT function?
So far, all we know is that NFT provides you with something that (supposedly) cannot be duplicated; nonetheless, you may wonder, “How does all of this work?” We now have a response! NFTs are based on a technology called blockchain, which is a type of information storage system (or database) that makes it extremely difficult to alter or manipulate the data contained on it. At first, it will be difficult for you but with time you will gain experience and you’ll get the hang of it. Normally, NFTs have been used to trade, but you can simply buy a single NFT; there are many auctions for several different NFTs all over the internet!
Where can you trade NFTs?
Here are a handful of the many trading marketplaces open to everyone (after you’ve set up your cryptocurrency wallet, of course):
- OpenSea– OpenSea is a marketplace that was launched in 2017 and is one of the most well-known markets. It is frequently complimented for its ease of use and website navigation.
- Axie Marketplace – This one’s unique; it’s an NFT-powered video game that’s a wholly original and fantastic concept.
- Rarible– Rarible is a community-driven platform that specializes in digital art and collectibles, and it’s one of the best NFT markets out there.
- SuperRare – This marketplace is just a stripped-down version of Rarible.
- BakerySwap -One of the tiniest marketplaces is BakerySwap.
- Solanart – The newest marketplace, which is a competitor to Etherum, on which most tokens are built. You must first download a unique Solana Wallet.
So, if you’re ready, get out there and trade (but please don’t spend everything)! We hope that our brief article has greatly increased your understanding of the Non Fungible Token!
Source: Hardreset.info
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