NFTs are huge — but what exactly are they?

You could have been wondering: what NFTs are? It's quite strange how the word NFT has become popular. Both in the financial and art world. Is it another crypto coin like Bitcoin, Ethereum and BNB etc.

There’s nothing like an explosion of blockchain news. To leave you thinking, “Um… what exactly is happening in the coin market?” In fact, I've heard people explain how Grimes got paid millions of dollars for NFTs. Also,  how Nyan Cat was sold as one. And by the time we all thought we knew what the deal was. Twitter’s founder put an autographed tweetup for sale as one. 

Despite publications from different sources over a few months ago. Coupled with headlines about people paying house money for rock clip art. Yet, many are yet to understand what NFTs are.

Currently, NFTs are taking the digital art and collectibles world by storm. Artists are adjusting to a whole new market. Thanks to huge sales to crypto-audiences. As celebrities  jump on the bandwagon as a way to connect with their fans. 

What are NFTs?

It means Non-Fungible Tokens. The term, "non-fungible" means that it can't be exchanged for something else. For instance, bitcoin is fungible — trade one for another bitcoin. Still,  you will have exactly the same value.

A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. The non-fungible token is the latest "genie" in the crypto world. They are digital, non-physical tokens that digitally represent an asset or idea. These tokens cannot be duplicated or copied.

NFTs are virtual goods used in video games. They are usually digital representations of objects. That can be traded, sold, or even rented. Examples include skins used on weapons in Counter-Strike. Global Offensive, or Warframe platinum currency that can be bought with real money and used to purchase items in the game.

NFTs can really be anything digital. (such as drawings, music, your brain downloaded and turned into an AI). But a lot of the current excitement is around using the tech to sell digital art.

How does non-fungible tokens work?

As non-fungible tokens, they are unique digital assets. That comes with a Certificate of authenticity. Which informs users that the token is distinct from any other token. Since, token ownership is recorded via blockchain technology. 

With NFTs, you can earn passive income. By imposing terms on digital representations of physical assets. These tokens could represent physical assets such as artwork or clothing.

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How to create NFTs And earn money?

Creating non-fungible tokens and earning money. Has been on the minds of entrepreneurs, developers, and enthusiasts for some time. Non-fungible tokens have unique characteristics.

The steps to create a non-fungible token are as follows:-

  •  First, figure out what it is and you are sure to make one and sell it. 
  • Check out the platforms and choose one to sell at. 
  • Next, set up the crypto wallet and connect it. 
  • The final step is to create your first non-fungible token and list it on your chosen platform. 

After listing the digital assets, you can make passive income for the rest of your life.