NFT (non-fungible token) is a non-fungible token. In simple words, this is a virtual certificate consisting of a unique digital code that confirms the authenticity of the content you created (image, music track or album, video, photo).
Goods and services are fungible – they can be exchanged directly without losing anything in the transaction. Non-fungible objects, such as works of art, are unique. And NFT is a unique digital representation of other unique objects in the real world: music albums, picture collections, avatars, photographs, art objects, even game objects in the metaverse, etc.
Who pays huge sums of money for them and why?
Does it make sense to acquire objects, the ownership of which will not be confirmed by law? There are, if you consider them in terms of art, collecting, investing or using within the digital world.
One of the newest and most popular applications for NFT tokens is crypto art. Artists can create and auction their tokenized works. NFT collectors collect sets and collections of digital paintings as a hobby and compete for exclusive copies, offering thousands and millions of dollars for them. Gamers extract value from gaming activities by trading skins, textures, weapons. Many buyers see this area as favorable for use as an investment and are engaged in the resale of objects.
Should I invest in NFTs?
Regular users should hardly consider NFTs as an investment opportunity. But, of course, if you really want, you can.
Basically, creators need NFT: musicians, artists, authors of unique photographs, website developers to digitize their work, secure copyrights and protect themselves from data theft. Plus, make money from your work.
NFTs are also needed by art connoisseurs, collectors – everyone who cares about having unique objects, even if in digital form. Judging by the amount for which NFTs are bought, collectors do not spare money.
How to create and sell NFTs?
- Get a crypto wallet in the Ethereum system.
- Register on platforms that work with NFT: OpenSea, Rarible, Mintable. On these platforms, you can both create an NFT and sell it. These are virtual marketplaces.
- Create your own collection there.
- Create a digital object file: photo, video, audio, etc.
- Add it to the collection.
- Click on the Create button.
That’s it, your token has been created! It remains to wait for verification, click on the “Sell” button and wait until buyers are interested in it. When the purchase is made, the money will go to your wallet.