NFT is short for Non-Fungible Tokens
They may look like pictures, but there's a lot under the hood.
NFTs are:
- one-of-a-kind
- rare
- are non-fungible
- can be sold
Any digital item can be an NFT - audio, photo, video, etc
🏞 Artworks are the most popular kind of NFTs
Non-fungible 🔐
NFTs are termed non-fungible because they can't be traded for other NFTs
They're one-of-a-kind and each NFT holds a specific value.
An NFT can't be exchanged for another NFT cos NFTs have different values unlike money where 1$ is worth 1$, and 2$ worth 2$...
Under the hood 🕵🏾♂️
NFTs may look like images you can just 'copy-and-paste', but they have unique metadata attached to them which looks like this 👇🏽
The images we see are just a representation of this metadata. So technically, this is all an NFT is 👇🏽👇🏽
So why are NFTs 'Expensive'🤔💭
- they can be traded easily through NFT marketplaces
- they allow buyers to own the original item, acting as a collector's item
- they are rare, unique, and scarce since only one original version exists, thus, making them expensive
Popular NFT marketplaces
- Opensea
@opensea - Rarible
@rarible - Axie Infinity
@AxieInfinity - Super rare
@SuperRare - Decentraland
@decentraland - CryptoKitties
What makes NFTs 'Valuable'?🤔💭
- Owning a kind of NFT can represent your engagement with a particular group
- They can act as tokens to exclusive & premium content of the group it acts in
- They represent complete ownership of the item
You can own an NFT by:
- creating one
- buying from an NFT marketplace
- being gifted one
The only networks today that support NFTs are the Ethereum and Solana blockchain networks
🛠 Minting
Minting is how a digital item becomes part of the blockchain. Similar to how money is printed and put in circulation.
It can be done by linking your wallet to a crypto marketplace to get an NFT after minting 👇🏽
An NFT is minted once its created
Difference between Minting and Buying an NFT🤔💭
When you mint an NFT, you will be creating an entirely new item onto the blockchain
But when you buy an NFT, it'll require that a pre-existing item has already been minted into an NFT before you can buy
How to mint an NFT 🤔💭
- create an account on MetaMask,
@coinbase, etc
- Load your wallet with crypto
- Then go to an NFT marketplace like
https://t.co/4yAUXemBNY - start minting 😎
How to create an NFT🦄
- Identify the digital item
- install Metamask
- choose a marketplace (eg
https://t.co/4yAUXemBNY)
- Sell & Mint your NFT from the marketplace
Thanks for reading!
I post daily Web3, NFT & Blockchain development 👋
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