What Is An NFT – Everything You Need To Know

NFT stands for Non-Fungible Token. Each NFT represents the ownership of a singular piece of digital property as a token. These tokens exist on and are secured by a blockchain so as to be resilient towards theft or copy attempts.

…Okay, I admit, that could be lots to digest. Let’s break this down Cryptocurrency for Freshmen style.

A blockchain is a distributed public ledger that records verified information across a network of computer systems around the world. Since they’re verifiable, decentralized records, blockchains are incredibly tough to tamper with. When an entry is verified onto a blockchain it’s basically immutable from then on.

Fungibility is the ability for items or assets of the identical type and equal value to be traded or exchanged.

While there are highly fungible cryptos like Bitcoin (meaning each Bitcoin shares the exact same properties as every other Bitcoin and may subsequently be traded 1 for 1), there aren’t any two NFTs that are precise equals of another. Even when 100% of one NFTs’ contents are copied into another it will never be original.

So while anybody can copy some image from off the internet, nobody can ever make a copy of or steal an authentic NFT thanks to blockchain technology. Hence, the ‘Non-Fungible’ part of the name.

The entire NFT market is kind of like comparing apples to apples — but imagine we’re comparing granny smiths to honeycrisps, or fuji apples vs galas. Oh, and we only have 100 apples. Many will be comparable, but no will have the exact same weight, shape, coloration, flavor, quantity of seeds, and so on. Even when we compared one granny smith to another.

Creating, or moderately, minting NFTs is fairly straightforward. When you’ve made the art you need to turn into an NFT, select a blockchain that helps NFTs. The most popular is presently Ethereum.

By the way, your NFT is usually a photo, painting, image, gif, video, music, meme, or really any digital piece you might have intellectual property rights to, so get creative!

The NFT minting process requires a crypto funding upfront to add to the blockchain, so that you’ll must make a digital wallet with a purpose to switch crypto in and out. You’ll also collect your earnings by way of this wallet once you sell your rockstar NFT!

NFTs don’t have to be super expensive though. The common price for an NFT varies from marketplace to marketplace, but most run on Ethereum’s blockchain. On ETH, it costs a minimum of about 0.6ETH or $250. So most projects end up in the $250-$a thousand range. That’s much more palatable, right?

So what have we learned? In brief, Non-Fungible Tokens symbolize unique items of digital property that are secured by a blockchain. They draw value from association to an artist, the scarce communities they reside in, as well because the artistic qualities they could contain.

These pieces of digital property could be just about anything you need them to be, so long as you may have the rights to the creation. Plus, they seem to be a cornerstone technology for the digital future fast approaching.

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