The beginners guide to NFT
Let’s get familiar with this Non Fungible Token
Wondering about the recent boom of NFT especially, in the field of art? What makes people spend half a million dollar on a picture of rock with laser eye? How are they selling and buying it? Want to create your own? Then scrolling down is definitely going to be worth your time.
First things first, before going into details about NFT let’s get to know what does NFT mean.
Non Fungible Token
Fungible means it can be replaced with identical items. For instance, it’s like exchanging Dollar for Euro. Whereas,non fungible means it’s unique and cannot be replaced or exchanged for similar or identification substitutes.
NFT represents any digital assets like art. As of now digital art like painting, photographs, tweets, 3d animations, GIFs, memes can be converted to NFT and can be traded publicly.
Now get ready to get acquainted with the important jargons related to NFT and how to create an NFT.
Block chain – It is a digital ledger that records and tracks the activity of transaction which is tamper proof.Ethereum is the leading block chain that works with NFT. To create an NFT you need to select your block chain. Don’t forget to choose the most affordable one. Still not clear? To deposit money we need a bank and an account right? Likewise to convert a digital art into NFT you need a block chain. Process of creating an account in it differs from one block chain to another.
Minting – This refers to the process of turning an art into an asset in the block chain to put it out there for trading. It’s like depositing money in your account to get it counted. After minting, your NFT will be listed out for trading. This will help the buyers and collectors to view your NFT and buy. Minting requires you to pay some crypto currency in exchange of conversion of art into asset. Hence, you need to have a digital wallet that works with the chosen block chain. Example, if you are using the Etheremone then you need to have crypto wallet of Ether. Other crypto currency won’t work with it.
Isn’t it simple?
But why people are going crazy about collecting NFTs?
It’s very simple, NFT gives you ownership. Yeah, definitely it’s the artist’s intellectual property. There is no doubt in it. But, it gives the right to the buyer or the collector to do anything with art.