What is NFT ?

 

NFT is a new concept and everyone wants to know how people are earning money through it To know completely about it read it ...

Table of Content.

1.What is NFT?

2.How NFT is created?

3.Where to Buy NFT?

4.Benefits of creating NFT.

5. Steps to create NFT.

What is NFT?

NFT-means Non Fungible Tokens.The word ‘Non Fungible’ means something which is unique and cant be replaced. Each NFT has a  digital signature,which make NFT unique.Unlike money and crypto currency which can be traded or exchanged.Therefore NFT ‘s are digital asset and could be things like art work,photos,videos,books,comics,etc. Some regards diamonds also as non fungible as each diamond has different cuts and are therefore unique.

How NFT is created?

The NFT is created through blockchain technology,where the ownership and authenticity is certified and recorded.This can only be transferred by the owner allowing it to be sold.

Where to buy ?

One can find NFT Collections at Sothebys.Sothebys has also launched Metaverse for NFT and digital arts.

Some of the most popular NFT are Bored Ape Yacht Club and Cryptopunk.

Benifits Of Creating NFT

Creator gets royalty even after selling the NFT,for every transaction of the NFT.This means if i have created a NFT and i have sold it for say $50, to MR.A .If Mr.A sells it to Mr X for$80 i will get royalty 1 % or 2% .

Steps to create NFT

1)      Create wallet –ex at Metamask –Create account

2)      Connect the wallet with the market place-like Wazir X/opensea

3)      Upload your dgital design ,photo etc and selet the block chain –etherium or polygon,after selecting the item will be created

4)      Then you can keep the price or let it for auction.

5)      Then you need to list it for selling- if you have selected etherium as blockchain  then you need to pay a fees called GAS fee but if you want to do it for free then you need to choose Polygon as your blockchain.

6)      Finally you NFT will be listed and ready for sale.