There is a new system in the cryptocurrency space that seems to be dominating digital transactions on every side.
And that is NFT
What Exactly Is NFT And Why Does Everyone Keep Talking About It?
NFT is an acronym for Non-Fungible Token
Let’s start with the word ‘NON-FUNGIBLE’;
Non-Fungible also means Non-Replaceable. i.e., when you purchase a non-fungible item; you cannot get a duplicate or replica of that particular product or Token.
They are just a single entity that is purchased once and for all.
If you are buying an NFT, you own the ownership of the product, and you have a complete say over the product. However, the maker of the NFT also has a copyright over the products to an extent, presumably.
Most NFT transaction takes place in the Blockchain/cryptocurrency space. A few platforms allow you to use credit cards like Mastercard. However so far, most sites where you can purchase and sell NFTs expect you to utilize digital money like cryptocurrencies.
You’ll have to build up a wallet for your preferred cash. Blockchain, Coinbase, or Electrum are well-known platforms that permit customers to make wallets without charges.
Because of the high rate of investors and the rate at which influential people keep pouring money into NFT, online entrepreneurs have started moving from other online programs such as affiliates marketing, freelancing or even legit online betting like https://casino.netbet.com/in/
How NFT works;
You went to a Gucci store to purchase a transparent Gucci bag. Now when you get there, there are lots of exact similar transparent Gucci bags. Let’s assume you want to buy the particular transparent Gucci Bag as a Non-Fungible token. In that case, you will be the ONLY PERSON to have the Gucci Transparent Bag all over the world; and you or the owner choose to dispense any other similar products or tokens.
We all know the famous Monalisa Art. There is only one original Monalisa Art in the world (any other one you see is just a counterfeit), and it’s usually being sold based on the auction.
The same thing applies to NFT, just that it will be in digital form, and you buy them as a Token at exorbitant prices.
Okay, so basically, NFT helps to retain the original content of a digital platform. It prevents piracy that happens in the physical space from happening in the online digital platforms. Also, it prevents fake identities and gives credit to the original owners of the Token.
When it comes to NFT, you can typically buy anything as NFT, Like the Malaysian entrepreneur who bought the Twitter CEO’s first tweet -Jack at a ridiculously high amount.
The same thing applies to anybody; you can buy an NFT record.
You can buy an Emoji; you can buy an online platform, you can even make your idea an NFT or download your brain as AI and use it as an NFT; you can even buy this particular post as an NFT…
Sounds strange, right?
So how can you make money from NFT?
First, you need to provide an original item, which you create or own the copyright. It can be gif you create, songs, or any original item you own the copyright and get them displayed on sites like Rarible for auction or sales. All you need to do is create an account on these platforms and follow the on-site prompts to prove ownership of your NFT. In a couple of minutes, you’ll be able to show off the unique digital content you own to the world!
Although, the future of NFT is unknown; it is believed that NFT products will appreciate and double their original price in a few years to come. So, you might find someone who wants to buy the NFT because of its potential.
This is not what all NFT is all about, there is more, but this is just basic knowledge of what an NFT is and how to make money with it.