What is The NFT? Or NFT Art? How Exactly It Works Overall?

What is The NFT? Or NFT Art? How Exactly It Works Overall?

NFT

NFT is an abbreviation you might be hearing or reading on the internet nowadays a lot. First, Visa has bought a token CryptoPunk avatar that cost $150,000 which stunned everyone over the globe, and second since this happened many of the digital artists has evolved in it.

NFT has taken few steps further in creating big opportunities for digital artists all around the world. it has given leverage to them to sell their digital stuff.

Source: 99 Designs

It doesn’t matter the NFT token can only be art, no it can be a music album, sticker, an actual image, or anything available digitally.

Non-Fungible-Token (NFT) is the big world where so many sellers and buyers roaming around to exhibit their work. The new entries should know the background of the NFT and NFT art. Not only that how it works too.

Source: Forbes

Because there are hundreds of digital artists out there who are creating some crazy illustrations that blow my mind off. So, without further a due let’s enter into the heaven of NFT.

What is NFT & Art NFT?

Source: Proactive Investors

As mentioned above NFT is Non-Fungible-Token which grew or say become popular this year. In simple words, if you want to understand what is NFT, then it’s basically a digital asset that represents your work in a form of art, music, in-game items, etc. and most importantly they are being sold and bought online using cryptocurrency.

Source: Blockonomi

It’s not that NFT came a few years back, no it’s been in the market since 2014 but now it got rapid growth due to an increase in the digital art demand. But what makes them different from cryptocurrency.

The only similarity is that they both are digital currencies. One main reason is that NFT is non-fungible like you cannot trade it just like you can do it with physical or cryptocurrency.  

For example, one Kobe Bryant Mamba art isn’t equal to EVERYDAY clips simple. Even though one Kobe Bryant Mamba art is also not equal to another art of him.

Source: Redit

Why is that, because every item has its signature. It’s simple and clear without any complications.

Now how it works? That’s another stuff that comes in. which cryptocurrency is mainly used in it? Is there any third person involved while buying the asset?  

What are the digital assets that are part of NFT? These questions will be focused on now.

How Does an NFT Work?

One thing you need to understand, that NFT does exist in blockchain, which is distributed public ledger that records every transaction.

Source: Trust Wallet

NFT cater only one cryptocurrency when it comes to payment method and that’s Ethereum. Although other blockchains are also supported, Ethereum is the main player.

Items or digital assets that are minted by NFT includes:

  • Gif
  • Art
  • Videos and Sports Highlights
  • Collectibles
  • Virtual Avatars and Video game skins
  • Designer Sneakers
  • Music

Fun fact, Tweets are also counted as NFT as the Twitter co-founder Jack Dorsey sold his first-ever tweet for over more than $2.9 million.

How To Sell & Buy It?

Whether you are a buyer or seller you need an authentic site or platform from there you can purchase your favorite artwork or any digital asset without any complications.

Source: CoinDesk

Platforms for the sellers, where they can exhibit their work so the buyers can visit and go through your collections.

It’s important because on the internet you can find endless platforms but which one is legit you won’t know at all.

So, if you are very much keen to start your collections or want to have some key items for a lifetime then you first need an online wallet to store your cryptocurrency or NFT. You better own some crypto either Ethereum or any other coin depends which currency the seller accepts.

Source: Cryptoworld

Platforms like Coinbase, Kraken, eToro and even PayPal and Robinhood will allow you to have or purchase coins.

Source: Rarible Documentation

Remember once your wallet is filled with cryptocurrency, then there’s no way you can find any obstacle while buying NFT. NFT market is huge and you will find thousands of websites. But it’s better to reach a place where things get legit so here are the three best sites from where you can start your journey as a collector.

  • OpenSea.io
  • Rarible
  • Foundation

One thing, these platforms are not only for buyers here artists can also join and sell their assets. Here seller can directly sell their items to the buyer without any problem. The only thing you need to be aware of is that your wallet should be filled with the required cryptocurrency.

Before filling your wallet do some research and then filled it with the required crypto.

Source: Hive Life

You might find yourself in a dilemma while purchasing because there are many consequences when you buy it. There’s no certain guarantee about the future of the item you are going to buy it.

To take the risk go for a small amount instead of a big leap jump, experience it and figure out whether you want to invest more in the future or not.

Although for all the digital artists NFT is worth getting into, because if you are pro in your work then here you can showcase your work as per the demand and start earning thousands of dollars.

What do you think of the story? Tell us in the comments section below.

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