What is an NFT?
NFT means “non fungible token.” That is it. You have all comprehension, right? Not at all?
NFTs are completely unique assets and cannot be replaced. When trading a one-dollar bill for another one-dollar bill, dollar for dollar it has the exact same value. This is a fungible token.
Now, imagine the Mona Lisa. It is unique and irreplaceable. You can take pictures of it online and even buy replicas, but nothing holds the value like the original piece. This is a nonfungible token.
NFTs have been crafted in all different worlds. NFTs are collectibles, gaming pieces, digital art, virtual real estate, tickets, almost ANYTHING! All of these collide in one marketplace. Any type of media can exist as an NFT. All the way from trading cards to tweets.
It helps to think of NFTs as tradable digital receipts stored on a publicly distributed database.
This database is called a blockchain, and everyone has access to it and can independently verify at all times. It becomes a token through the process of minting (producing a digital file into a digital asset on the blockchain). The exchange to buy, sell, or trade is through cryptocurrency.
As technology is ever changing, NFTs are here to stay. This is a new means for the old ways of human nature. Our purchases just like clothes, cars or collectibles say a lot about us, therefore so will our NFTs. Others can look into our wallets to see our interests, hobbies, what each person values. This forms a bond and grows a community!
How do NFT's make money?
NFT allows you to buy and sell ownership of unique digital items that can represent almost anything like art, graphics, videos, images, etc.
You can sell NFT art and gain royalties, or buy NFTs for a low price and flip for higher prices.
How to purchase your first NFT?
If you do not have a cryptowallet, this is the first step! There are many options for wallets so do your research. Metamask and bitcoin wallet are amongst the most popular.