What is an NFT?

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NFT, NFTs, what is nft?

 

NFT is a non-fungible token, here actually the term token means digital assets and the term non-fungible means irreplaceable that means any unique digital asset that cannot be replaced with same any other thing. I would clear little more about the fungible and non-fungible with an example, Suppose if John borrows $100 from Smith for a week and Smith gives 10 notes of $10 and after one week John returns him one note of $100 that would be acceptable because value is same that is called fungible. Now come to the term non-fungible suppose again if  Smith gives his Original National Identity Card to John for any reason and If  john does not return same Card and gives any other person National Identity Card to smith so that would not be accepted by Smith, he must get back the same Card that was given to john this is called Non-fungile.

Similarly in this freelancing world,  It is happening right now. If  you own any unique creative digital asset like photos, videos and gifs or something else, then you can get the authentication certification on the block chain marketplace by following little process of authentication  then  every one can see that who is the owner of the assets  and whoever is interested in your NFTs, he/she will easily buy your assets and this is how you can make money from selling NFTs in online marketplaces.

Types Of NFTs

  • One that you create your own NFT arts.
  • One that you buy NFTs form someone and Resell in the marketplaces.

Things That We Need For Selling NFTs

  1. Wallet
  2. Digital Currency
  3. NFT Marketplace

There are many wallets that can be used but Metamask is a wallet that is accepted on all NFTs Marketplaces for Payment Transaction. You need to install the metamask extension in the browser of your computer or laptop for creating the wallet account, which is very simple and easily creates in few minutes.

After creating the wallet you must need the digital Currency for buying and selling non fungible tokens and  Ether or Ethereum is very dominant and essential currency to have in your wallet for buying and selling these NFT Arts from NFTs  Marketplaces and  if you don’t have Ethereum then you can buy Ethereum from any crypto exchange website like Binance.

Best Marketplace For Selling NFTs

There are many non fungible marketplaces  for selling NTFs but Opensea is the best, biggest and very famous non-fungible marketplace for buying and selling NFTs. It charges some amount as a service fee whenever any NFT sells.

People are making money by selling NFTs but there are also possibilities of risk, the Price can be increased as well as decreased of NFTs it depend upon the situation. So I would suggest you to understand the system first and start from little investment to experience the complete process and then if you think that you can easily make money by selling NFTs so you have to go ahead.

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