If you are engaged in blockchain activities or crypt world , the probability qare higher that you must have heard of a word called ‘NFT’ ( Mom Fungible Token). So it’s important for you to have a basic understanding of NFT.Let’s get started.
WHAT IS NFT?
NFT simply means Non Fungible Token , which means an asset on a blockchain with a unique id or number differentiating it from others. “UNIQUENESS” is the thing which differentiate an NFT from a cryptocurrency as cryptocurrency can be identical and are non fungible which simply means they can be used as means of transaction but on the other hand NFT are unique hence they are not similar every single has some uniqueness in them and they also cannot be used for transactions.
Let’s take an example of some legal document like property paper, when you purchase a property you receive some legal documents on which your name and other legal things are written . somehow you lost your document it all can be traced back to you. Anyone can make copies of documents or just steal it but that doesn’t work because it belongs to you. Until and unless you decide to sell it to someone else .
NFT works in the same manner instead of physical documents where you have a digital asset and with the beauty of blockchain all these are secured and can be easily traced who is the real owner of the asset.
WHY NFT ARE IN TREND?
Lets cover some news through which NFT came into trend:
THE TWITTER FIRST TWEET
The first ever tweet by twitter founder Jack Dorsey was sold for $2.9m to a malaysian based company and the tweet was “just setting up my twttr”
Through this you can have an idea how crazy people were for the NFT tweet.
NBA TOP SHOT
Doesn’t it sound crazy that someone an digital assets of Giannis Antetokounmpo dunking on the indiana pacer for $95,000 on NBA top shot
And if you think this is the end , believe me this is just the start of the NFT trend.
Another dunking shot by Khris Middleton against Washington Wizard was sold for $11,000
NYAN CAT GIF
A flying pop art cat meme called “Nyan Cat” was sold for nearly $600,000. Investor just went crazy to buy the Nyan Cat meme.
A digital artist who started to create art 14 year ago containing his everyday single art piece into a big collage called “ Everyday : the first 5000 days “ sold for $69 million.
WHICH INDUSTRY WILL HAVE A MAJOR IMPACT THROUGH NFT
I strongly believe that NFT will have a major impact on the gaming industry.currently NFT are used in storage of digital arts but in future we might see nft in gaming.
Let me explain through an example: anyone who belongs to the gaming industry or has a little interest must have heard of FORTNITE. It’s a free to play battle royale game with millions of players . It’s one of the most playable games. FORTNITE earns through the micro transaction. This micro transaction includes things like skins and other wearable items like backbling and emote too. Buying of this item does not have any impact on the gameplay of the player; these are based on aesthetics. Fortnite made a revenue of $1 billion in just 2 years through the micro transaction. S study shows that these micro transactions were predicted by the social influencer to provide a status to the player.
As nft being purchased by the investor a major problem came forward that where they will display them as this problem does not come in the gaming industry, with being a digital medium it helps gamers to see or display and also even to interact with them. This is the reason why I believe nft will have a major impact on the gaming industry.
HOW TO CREATE AND SELL NFT
YOU NEED TO FOLLOW THESE STEPS TO CREATE AN NFT
- Have an art that you can turn into NFT. it can be anything you like
- Have ether in your wallet worth of $50 to $100 but now many new projects are coming with low fees you can consider them also as a source
- Connect your crypto wallet to the NFT marketplace
- Create a folder for your NFT
- Upload the art with attractive description
- Add properties to make the art expensive
- Set the price and sell NFT