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
๐ Artworks are the most popular kind of NFTs
Non-fungible ๐
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 ๐ต๐พโโ๏ธ
NFTs may look like images you can just 'copy-and-paste', but they have unique metadata attached to them which looks like this ๐๐ฝ
The images we see are just a representation of this metadata. So technically, this is all an NFT is ๐๐ฝ๐๐ฝ
So why are NFTs 'Expensive'๐ค๐ญ
- 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'?๐ค๐ญ
- 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
๐ 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 ๐๐ฝ
An NFT is minted once its created
Difference between Minting and Buying an NFT๐ค๐ญ
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 ๐ค๐ญ
- 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 ๐
How to create an NFT๐ฆ
- 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 ๐
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