What is this digital asset that makes so many millionaires?

NFT. There has been a lot of talk about NFT these days. People are making millions of dollars from NFTs, and some weird things are sold for incredible prices. For example, llama images are currently sold on OpenSea for around 100,000 Ethereum coins. That’s over 2,100 rupees! Or sushi like the grinch which fetch around 78,294 ETH coins. That’s around 1700 rupees! Flat twitter Founder Jack Dorsey’s first tweet was sold as NFT earlier this year for $ 2.9 million. Or a collage of digital artwork by artist Mike Winkleman, known as Beeple, auctioned off at Christie’s for $ 69 million earlier this year. It is a ridiculous amount.

So there isn’t even a fitness that makes that kind of money, and sure enough, there is a lot of interest in NFTs. But what is an NFT and why is it considered so valuable by people? And why is everyone involved, including many celebrities? Let’s go check it out.

What is an NFT?

Therefore, in the most basic terms, an NFT or non-fungible token is a digital asset stored on the blockchain. Well, it can be anything – images, videos, graphics, icons, or even a single pixel or text, or a tweet about it.

The non-fungible nature of the Non-fungible token means that the item is unique and one of a kind. For example, a smartphone that you own is an alternative item because it can be exchanged for the exact same when sold or away from home. This makes smartphones an alternative element. But on the other hand, things like Koh-i-Noor diamonds are not substitutable. Because there is only one, not all diamonds are Koh-i-Noor diamonds. Therefore, each irreplaceable token is unique and one of a kind. NFTs can actually be anything digital like gifs, videos, photos, etc.

Now for photos and videos, NFTs get a bit more complicated. For example, suppose someone pays around $ 6.6 million (about Rs 49.42) or less than Rs 49 for a Beeple video downloadable from the Internet. Likewise, anyone online can copy an image.

So why buy an NFT when anyone can copy pictures and videos? Buying an NFT can prove ownership of this digital asset. This means that on the particular blockchain network where NFT operates, everyone knows and can see that you are the owner of the aforementioned NFT or non-fungible token. This property can be sold to others.

Like people who copy and download pictures and videos, this is just a copy of the NFT that they store, not the real thing. For example, there are many copies of the Mona Lisa painting, but only one in reality. However, NFTs can be created in sets of the exact same 50 or 100 NFTs for sale, such as collectible cards.

What are the points of NFT

Currently, NFT points may vary for different types of people. For example, if you are an artist, it provides you with a platform to sell your art. For example, if you are an artist and have a really cool sticker idea, creating an NFT is way better than selling to. IMessages app store.

For NFT buyers This is a speculative asset. This means that people buy things and want their value to increase over time. This is separate from the idea of ​​supporting your favorite artists. Another factor is that it gives you the right to brag about owning a work of art. Simply put, NFTs are being treated as the future of art collections.

Since anything digital can be an NFT, there are several possible use cases. One of the coolest things we’ve found is Nike, which uses the NFT system to check sneakers for reliability.

How to buy and sell NFTs?

Therefore, NFTs are very easy to buy and sell. There are many open markets around NFTs. The most commonly used NFT markets are OpenSea, Rarible, and Nifty Gateway. There are many other NFT markets where you can buy and sell NFTs.

How to create a TVN

Therefore, creating an NFT can be complicated. The first step is to select the artwork or item for which you want to create a DTV. It could be a photo you took, a graphic you designed, or a video you took that you can claim ownership of. Second, creating an NFT is expensive and most NFTs work on the Ethereum network, so you need an Ethereum wallet.

Take an example of OpenSea. This is because users can register for free and there is no moderation in the content they can list. Currently, OpenSea uses MetaMask as its Ether wallet. The process of creating an NFT through OpenSea is free, but you need to connect a wallet to create an account.

After creating an account and connecting your wallet, you can proceed to create an NFT. The OpenSea website displays the Create option. With this option, enter all the required information and[保存]You must click to create the collection. You are now ready to load the illustration and start the process of extracting your new NFT. On the platform.

As a reminder, creating an NFT costs money. Currently, the prices required to create a TVN vary widely. Therefore, you will need an Ethereum wallet that contains Ethereum coins. One safe way is to put around $ 100 worth of Ethereum coins in your wallet before you start.

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Michael J. Birnbaum

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