The cryptocurrency revolution, powered by blockchains, completely revolutionized the world. In addition, it led to several innovations, and one such example is the Non-fungible tokens, NFTs.
What are NFTs? Non-fungible means something you cannot replace with another. For example, 1 BTC is equivalent to another 1 BTC. However, the Mona Lisa painting cannot be replaced by Piccaso’s art. Likewise, digital assets which are unique and stored on the blockchain are called non-fungible tokens or NFTs. These digital files could be images, art, videos, collectibles – anything!
NFTs work on a set of code statements known as smart contracts , which reside on Ethereum and other blockchains. These codes are automatically executed when certain conditions are met. For example, if you wish to seek royalties on each resale of your NFT, the smart contract can be coded in a way that you receive the amount fixed as per the code. Thus, NFTs offer the option for original creators to be rewarded.
There are various ways to create your own NFT . All you need to do is keep your digital file ready. You could then visit NFT minting websites, and with a small fee, your ordinary file will be turned into an NFT and stored on a blockchain like Ethereum. You don’t require any technical or coding skills here. In addition, you can list your NFTs for sale on the marketplaces where collectors and connoisseurs may purchase them, and you may reap profits.
Alternatively, you could create your own NFTs from scratch if you are an expert programmer. Few steps to follow to get started with NFTs:
– Get a crypto wallet
– Buy some crypto
– Find an NFT Marketplace like OpenSea
– Connect your crypto wallet to the NFT Marketplace
– Mint your NFT or Buy/Sell your NFT
Get started with your NFT journey and take the world in your stride! This category page offers information on NFT Guide and keeps you abreast of the developments.