The news about the so-called NFT or NFTs has become the most popular during the last period, as every period of time appears a news about selling a picture, a music clip, or even a tweet for huge amounts amounting to millions of dollars, but despite that, the term NFT is still not understood by most people far away. About its connection to digital currencies or cryptocurrencies.
What is NFT?
NFT is an abbreviation for non-fungible tokens or non-fungible tokens, but as it turns out, the phrase “non-fungible” is somewhat vague, in short, it means that it is unique and cannot be exchanged for something else, for example, digital currencies such as Bitcoin It is exchangeable, as one currency can be exchanged for another of the same value, but for NFT they are digital assets, each of which has a different value that cannot be exchanged for other assets.
While NFTs give a person proof of ownership of a digital asset (a photo, video, drawing, tweet, or music track, so that they can monetize ownership or the right to own), because the image or video, for example, is easy to obtain and difficult to maintain after Publish it online, owning an NFT does not necessarily mean that a person has exclusive rights because anything digital can be copied infinitely.
To be clear, the NFT can be compared to the Mona Lisa, where anyone can go to the museum and see the painting and even take a picture of it, but he can’t bring the painting home with him because he doesn’t own it, but the painting hanging on the wall in your home is like an NFT board because it’s all yours and you decide what you want to do with it.
How do NFTs work?
Non-fungible digital assets (NFTs) are based on the blockchain technology on which digital currencies depend, specifically on the same blockchain technology that the Ethereum blockchain depends on, as the technology can store additional information that makes it work differently from the Ethereum currency itself, and other blockchain technologies can also provide Special versions of their technologies also support NFT.
How do you verify the authenticity of your NFT?
Due to its reliance on the blockchain technology, it is easy to trace it transparently and verify its authenticity and authenticity, as the technology records the complete history of all its owners, and some see NFTs as a digital contract like various digital contracts.
How to create a non-fungible NFT token?
While the value of non-fungible digital assets or tokens can reach millions of dollars, creating an NFT is not difficult at all, as an image or GIF file can be created in any way, including any drawing or photo-editing application or even Windows Paint. , but the user has to choose the format first – it can be any type of digital file – including text, music or video, and the more unique the better.
Once the user chooses what you want to put up for sale, you will need to know the blockchain technology you want to use or simply the digital currency you want to associate your NFT with, Ethereum is the most used cryptocurrency by NFTs platforms, and the user may need some ETHER or Ethereum to offer its NFT in one of the stores, where these stores charge a fee for this, except for the open-source OpenSea platform, which provides the process for free, but the user still needs a digital wallet to create an account and register, and after registering in any platform for trading tokens or digital assets that are not For NFTS, the user just uploads the digital file and writes some details.
That’s is it for today’s blog, make sure to share this with someone you think is interested in crypto.