Now a days every one talking about NFTs let’s find out what are NFTs Non Fungible Tokens. Many people claim that NFTs are the future of artwork. Many creator’s already get early access to NFTs. On the other side investor’s see a good and profitable investment in NFTs.
In this post I’ll try to describe how NFTs Non Fungible Tokens are created, sold and purchased.
NFT (Non-Fungible Tokens)
NFT is based on two forms. A digital photography image asset that are created and traded via Blockchain technology. On the other side you will see its proof of authenticity. So NFT is a digital asset and evidence. You cannot deny its existence because its being traded on blockchain.
NFT can be anything such as images, art, music, tweets, memes or video.
What is NFT Creation:
Process of creating NFTs called Minting just like paper currency coins that get government stamp to confirm their legitimacy. NFT minting mean producing some kind of token on blockchain and an electronic certificate of authenticity.
On the web photo assets like GIF images and videos are easily downloadable and also can be distributed. In this case buyer do not know who is the original owner of the assets. So he do a lot of research before buying the asset. But in NFT case its totally different and secure. Blockchain technology validate Both buyers and sellers. Blockchain nows who is the original creator of NFT product. And these recored cannot be changed. In this case buyer knows that he buying asset from its original owner.
“Fungibility” in economics means a good is interchangeable. Examples include commodities, currency, and common stocks. Thus a non-fungible good is not interchangeable. It’s unique — one of a kind.
Creators of NFT gets profit from NFT supply and demand. That’s why creator creates limited quantity to get the demand. So the asset get the high value. They spread the word on social media about their NFT Product and on trading Platforms,
NFT can only be purchased via cryptocurrency.
Both buyer and seller have to use cryptocurrency. To purchase NFT you can get a cryptocurrency on exchange Platform like Binance.com After that you can browse some NFT platform to purchase NFT assets. Here are some platform to buy NFTs.