A Definitive Guide to NFT for Beginners
Non Fungible Tokens (NFTs)! You might have heard this term a lot these days. However, do you have a sound idea about this term? Well, we can tell you that NFTs are just another name for opportunities for you. Let us tell you more. In essence, NFTs are digital assets and part of blockchain technology.
Moreover, these digital assets are entirely unique in nature. In the past few 2-3 years, the hype of NFTs has drastically soared because the sales skyrocketed. In fact, in the first six months of 2021, there was a massive sale of a staggering $2.4 billion in total.
Now, these sales continue to rise at a rapid rate. If you have not tapped into the NFT industry yet, you might be missing opportunities. We can tell you that it is worth the shot. If you are thinking of getting a lead in that, this guide is for you. Here, we will round off all the essential aspects of NFTs that you need to know as a beginner.
What are Non-Fungible Tokens?
In a word, NFTs (Non-Fungible Tokens) are digital assets.
Moreover, in the cryptographic sense, NFTs are unique and digital in nature. However, in some cases, one needs to have physical proof or evidence of the NFT ownership. In the larger picture, the NFT market is a valuable part of the global crypto market and blockchain market. That means one needs to have cryptocurrency to deal with NFTs. Now, let us learn more about Non Fungible Tokens.
How do NFTs work?
Each NFT stores a certain kind of information that makes it unique. Moreover, it is obvious that no two alike NFTs can exist. This unique nature of an NFT makes it very likely to be a real-life asset. Just think of a painting by a 19th-century artist. Now, that painting is unique and one of its kind. That is certainly the case with NFTs. Now, you can make an NFT of your own. Let us tell you there is much flexibility when it comes to making a digital asset.
Moreover, just like a physical asset, non-fungible tokens can be sold as well. Commonly, NFTs are artwork.
Here is a quick fun fact about non-fungible tokens. In 2019, Jack Dorsey, CEO of Twitter, sold the first-ever tweet on Twitter as an NFT for a whopping $2.9 million.
How to make Non-Fungible Tokens?
Now, it is time for you to make an NFT. Just go through the points below.
- First, you need to pick an item to convert it into an NFT. Non-fungible tokens require the digital format of the selected item. It can be a painting, image, text, or music. It can be anything in the digital format.
- Next, you need blockchain technology. Honestly, no other name comes when there is Ethereum Blockchain. Moreover, you will need a crypto wallet. For that, you can avail an Ether Wallet.
- Thirdly, having a marketplace to create, list, and sell the NFT is mandatory. Just the one which seems the best. On this platform, you will first create the NFT. For that, go in the options and look for “create new NFT.” Further, provide the information it asks for. After that, upload your digital file. Finally, click on the “create NFT” button. There you go! Your NFT is ready.
- Next, link your Ether wallet to your marketplace for any transactions required.
- Now, you can directly list it on the same marketplace. After that, wait for the desired buyer to show up. Good Luck!
That is all! You have a clear idea of what Non-fungible tokens are. Now, you are fully ready to dive into the NFT world.