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Beginners guide to NFTs: What are non-fungible tokens?

tezos and NFT

You have probably heard the word NFT hundreds of times so far. At first glance, you thought it only had to do with art and that digital art was selling for an incredibly high price.

You may have been shocked by the information of selling the most ordinary painting for a few million dollars, but it is all but not ordinary.

Most people may think it’s hard to learn how to make money with NFT projects, but it’s not.

Through a detailed explanation, you will understand that this type of technology is very special, unique and specific, and different from all previous ways of doing business.

Currently, everyone wants to be a part of the NFT world from celebrities to athletes, various artists, brands as well as banks, everyone obviously believes that this way of doing business will survive and sustain.

We will explain to you as simply and clearly as possible what NFT is and everything it represents, and how it reads the ecosystem that works. And in order to understand some things, you must first master the basics.

NFT hype

NFT is a non-fungible token or non-replaceable token. In economics, the term fungible refers to the property of goods and commodities. If a certain asset is non-fungible, it means that it is unique, and not replaceable.

NFT is a digital product, ie a token that is tied to a blockchain. NFT is unique and non-fungible. There is no other same one that is its equivalent.

Confirmation of its uniqueness is digitally and permanently recorded in the form of a blockchain. We can say that NFT is a digital certificate or license that proves the uniqueness and authenticity of a digital part.

NFT can be traded, you can make it yourself with a process called minting or make money from it.

What can NFT be?

NFT can be any digital file, such as a photo, gif, graphic design, text, tweet, video, etc. NFT is traded and in some cases sold and bought for serious sums of money.

This is a good way that if you have a good idea, you can earn a serious amount of cryptocurrencies. The price that NFT can reach is determined by the market or demand.

How to make money from NFT?

There are several ways you can make money from NFT, one way is to be an author yourself – that is, to create your own NFT and put it up for sale.

There is another way and that is to be a collector or investor, by buying NFT, and then selling it at a higher price, which carries a certain risk, or simply keep the piece in your collection.

But to make matters even more absurd, when you buy NFT you can’t bring it home and hang it on the wall, you can’t physically own it because it’s a digital format.

How to invest in NFT?

To enter the world of NFTs at all, you will need to have a cryptocurrency. Some platforms will allow you to convert fiat currency into cryptocurrency, after that you just need to find an NFT that is worth your investment.

Think about what is interesting to you, and the people around you, and then based on that you can come up with some good NFT.

Remember that a good NFT project brings together people who follow it and who make one homogeneous community.

You will need to design the project well, whatever it is, it must gather a certain number of like-minded people who want to achieve the same goals by buying NFTs.

It is not enough to just set up NFT or choose it, you have to advertise it and compare it on its marketing as well as visibility. Like any business, NFT should have its own goal, story, thoughts, and vision.

 

Jacob Maslow is a Columnist at Disrupt Magazine. Based in the Middle East, he specializes in Journalism. He is the founder and editor of several news sites including Legal Scoops and Streetwise Journal.

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