A few things about NFTs | NFT explained

How does blockchain work for NFT?

You can use NFT tokens to describe ownership of unique items.

They let us tokenize things like art, collectibles, equally like real estate. One official owner only has one official NFT at a time

And that owner is protected by the Ethereum blockchain and no one can customize the ownership record or copy/paste new NFTs into presence.

When 3D artist BEEPLE sold a digital piece of art for a record $69 million dollars through Christie’s, the world went NFT crazy. But what exactly is an NFT?

Short for the non-fungible token, an NFT is a unique, non-replicable token a virtual asset that contains immutable unchanging data about the token’s creator and current owner.

Like other crypto tokens, NFTs live on the blockchain a digital ledger that records all smart contract transactions. Most NFTs come in the form of photos, gifs, videos, and music files, but more applications are being explored.

Technically a type of cryptocurrency, NFTs are created through the process of “minting”.  but unlike the 21 million Bitcoins in existence each NFT is unique.

When a creator mints an NFT they turn their work typically a digital file into a digital asset or crypto collectible.

To really grasp NFTs it’s important to understand the basics of how they’re created and how anyone can mint NFTs of their own.

It starts by opening a crypto wallet on a blockchain platform of choice and then choosing an NFT marketplace. After joining a marketplace minting an NFT is as easy as 123. Creators include the price number of copies.

And other exclusive content that can be unlocked by buyers and collectors. Because each NFT is cryptographically unique and of a limited edition it helps creators ensure the scarcity of the digital asset. which assures buyers and collectors that they hold the original.

It is this scarcity and proof of ownership along with the demand for and interest in crypto art that makes NFTs so valuable.

but NFTs aren’t just limited to 2D and 3D digital art. While these NFTs might be the most popular creators can mint a variety of artistic media.

Gaming developers are minting NFTs for avatars, skins, and other in-game assets.

Musicians are packaging MP3s and other exclusive content as NFTs.

Fashion labels are releasing NFT collections that mix clothes with virtual equivalents.

Sports teams and athletes are also minting collectibles, and some are experimenting with NFT-based news publishing. Other NFT collections, like those released by Bored Ape Yacht Club, come with perks, which give NFT owners access to a social club in the metaverse.

You may scratch your head at a $650,000 virtual yacht, non-fungible toilet paper, and a VR house on Mars. And NFT speculation is also a thing with crypto millionaires and other blockchain natives trading NFTs like investments.

But NFTs are bringing change to lives and bringing real-world impact to local communities in India young people are using NFTs to transform their family’s and villages’ wealth in the Philippines.

An NFT-based video game is giving people alternative paths to income and wealth generation.

These and other projects showcase just how creative and vibrant the NFT space really is, as well as the potential NFTs hold in bringing the open, decentralized Web3 experience to the masses. 

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