What Is NFT? Everything You Need To Know About Non-fungible Tokens

Posted by TotalDC

Perhaps by now you’ve heard term NFT somewhere on the internet. And you might be wondering what is NFT anyhow?

So What Is NFT?

It’s a rising type of technology called a non-fungible token, or NFT. Non-fungible tokens, or NFTs, are pieces of digital content linked to the blockchain, the digital database underpinning cryptocurrencies such as bitcoin and ethereum. Unlike NFTs, those assets are fungible, meaning they can be replaced or exchanged with another identical one of the same value, like a cash. BUT NFT’s are unique and not interchangeable, which means no two NFTs are the same. Think of an NFT as a unique proof of ownership over something you can’t usually hold in your hand – a piece of digital art, a digital coupon, maybe a video clip. NFTs are typically used to buy and sell digital artwork and can take the form of GIFs, tweets, virtual trading cards, images of physical objects, video game skins, virtual real estate and more.

CryptoKitties
CryptoKitties

How to buy NFT’s

Any digital image can be purchased as an NFT. But there are a few things to consider when buying one, especially if you’re a new to this. You need to decide what marketplace to buy from, what type of digital wallet is required to store it and what kind of cryptocurrency you need to complete the sale. Some of the most common NFT marketplaces include OpenSea, Mintable, Nifty Gateway and Rarible.

nyan dogecoin
OpenSea NFT Marketplace

How to sell NFT’s?

NFT’s are sold on marketplaces as well and the process can vary from platform to platform. You basically upload your content to a marketplace and follow the instructions to turn it into an NFT. Most NFTs are purchased using ethereum but can also be bought with other ERC-20 tokens such as WAX and Flow.

Finally, how to make an NFT?

All you need is a digital wallet, a small purchase of ethereum and a connection to an NFT marketplace where you will be able to upload and turn the content into an NFT or crypto art.

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