?What are NFTs How do you create and sell it
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The sale of a photo, a music clip, or even a message on Twitter for millions of dollars has become one of the most popular stories in recent months, although the phrase NFT is still not connected with digital currencies or cryptocurrencies by most people.
What is the NFT?
And NFT stands for non-fungible tokens or non-fungible tokens, however the term “non-fungible” is a bit of a misnomer; in brief, it indicates that it is one-of-a-kind and cannot be traded for anything else, such as digital currencies like Bitcoin. It’s exchangeable in the same way that one currency can be swapped for another of equal value, but NFTs are digital assets with unique values that can’t be exchanged for other assets.
While NFTs provide proof of ownership of a digital asset (a photo, video, drawing, tweet, or music track) so that they can monetize ownership or the right to own, owning an NFT does not necessarily imply that a person has exclusive rights because anything digital can be copied indefinitely.
To be clear, the NFT can be compared to the Mona Lisa, where anyone can go to a museum and see the painting and even take a picture of it, but he can’t take it home with him because he doesn’t own it; however, the painting hanging on your wall in your home is similar to an NFT board because it’s all yours and you can do whatever you want with it.
What is the difference between exchangeable and non-fungible tokens (NFTs)?
All digital currencies or cryptocurrencies, such as Bitcoin, Ether, Doge, and other exchangeable tokens, where each currency can be exchanged for a currency similar to it because both have the same value, are considered a form of digital assets, whereas non-fungible tokens NFTs are considered a form of digital assets, because, unlike cryptocurrencies, each NFT has a unique valuation that cannot be exchanged for another, just as it is not possible to exchange a house for another.
How do NFTs work?
Non-fungible digital assets (NFTs) are based on the blockchain technology that underpins digital currencies, specifically the same blockchain technology that underpins the Ethereum blockchain, because the technology can store additional information that allows it to function differently than the Ethereum currency, and other blockchain technologies can provide similar functionality. NFT is also supported by special versions of their technology.
How do you verify the authenticity of your NFT?
Due to its reliance on blockchain technology, it is easy to trace it transparently and verify its authenticity, as the technology records the complete history of all its owners, and some see NFTs as a digital contract like various digital contracts.
NFT sales increased from $13.7 million in the first half of 2020 to more than $2.5 billion in the first half of this year 2021, a 20-fold increase.
What forms of NFT can be sold to others?
Any digital asset or digital file, in short, can be or sold as NFTs, including graphics, music, videos, animated GIFs, and any other digital format, but most non-fungible symbols now are related to digital art, as can a tweet on Twitter, where Jack Dorsey, co-founder and CEO of Twitter, sold one of his tweets for nearly $3 million as an NFT.
NFTs may also be memes or comics, like the “Doge” meme featuring a Shiba Inu dog was sold as an NFT (non-fungible digital asset) for roughly $4 million earlier this year 2021, and was the meme that prompted the establishment of Dogecoin digital currency.
How to create a non-fungible NFT token?
How do you sell your NFT once it is created?
The NFT is accessible for bidding by others when it is listed on any of the digital platforms or marketplaces, but a fixed price can also be specified on the sale page, as well as the returns you wish to obtain from the original sale and subsequent transactions.
SuperRare, Nifty Gateway, Foundation, VIV3, BakerySwap, Axie Marketplace, Rarible, NFT ShowRoom, NBA Top Shot, and others are among the various platforms or stores for exchanging digital assets or non-fungible tokens.
Is trading NFTs the same as collecting works and artifacts?
Some people believe it, since one person paid approximately $390,000 for a 50-second video by Grimes, another paid $6.6 million for a film by Beeple, another someone bought a video by Beeple for $6.6 million. For roughly $3 million, people tweeted Jack Dorsey, the creator of Twitter.