Do you know what are NFTs? The full form of NFT is Non Fungible Tokens.
With this NFT full form now, you would have recalled a buzz that these non-fungible tokens are creating. The NFT was brought forward by two talented artists, on Rare Pepe. Matt Hall and John Watkinson wanted to create something out of the ordinary. That is what all artists do.
Now with NFT, the artists are literally creating stuff that is extraordinary and setting up their anonymity. This is not the future, it is happening all around us since 2014 now. The NFT according to the market analysts is fairly just a child.
So the growth of NFT is certain. But what is NFT?
Let us understand a few things before jumping on NFT.
Ethereum- a Blockchain Crypto
Why knowing about Etharium Blockchain is necessary is because all the non-fungible tokens are stored in ethereum blockchains. To explain in the layman language, the ethereum blockchain is a digitally working ledger system in public networking.
The information of the digital creations, the ownership is recorded and worked upon on this blockchain. Just like other digital creations like websites the digital Non-Fungible tokens need maintenance.
FYI- Ether costs fluctuate according to the market. Today it values 3,286 INR. Investing is subject to market risks, readers discretion is advisable.
Fungible and Non-Fungible
Ah! Fungible, anything that is ordinary is basically fungible. Hypothetically, go to Amazon and look for a white Polo t-shirt in L-size. That my friend is fungible. How? Because Amazon alone has an abundance of these. There is nothing unique about it. You can have it, your friend can too.
However, if you own one and have loved wearing it for years now. There’s some emotional attachment with that t-shirt. It becomes non-fungible for you at least.
NFT aka Non-Fungible Tokens
These can be anything that is a digital creation. Yes! That is right. It could be a picture, digital art, poem or even a tweet. The creation is then minted i.e. put on the market that requires ether. The bidding takes place to decide the value of the creation. The exchange happens publicly.
Everyone keeps a record of the transaction. The whole essence of NFT is based on public recording and approvals. All this happens digitally, using computers and computer language that is fully encrypted and highly secure.
How To Sell An NFT
The NFT’s are sold and purchased in some digital markets like Rarible, Crypto Kitties, Zora, SuperRare, Open sea, Nifty Gateway. The marketplaces are guarded by gatekeepers so only genuine clients and artists can walk through.
To get into the markets you will need a wallet with ether in it. Most of the NFT markets deal in ethereum alone. The reason is its tight security system. A few of such wallets are Rainbow, MetaMask, Coinbase Wallet, Decrypt.
To put it in simple words. You first have to download any of the wallet applications. The suggestion is MetaMask. Add ether in it using your financial balance. Head to the markets to buy or sell digital creations.
NFT has given genuine creators a ray of hope. The spaces where NFT group conversation goes on are located on the Clubhouse, Telegram and Discord.
NFT Exchange In India
India is witnessing a surge in NFT. Three markets have emerged namely WazirX, NFTically and Wall. The Indian creators who were seeking a window of opportunity are using these places to earn what they have been starving to receive.
Artists are minting their artworks and earning a fortune in the NFT markets.
Global Warming And NFT
Simple language, the NFT information stored in Ethereum uses big computers. These big computers use a lot of electricity. The electricity is produced using coal. That in turn causes harm to the environment.
Everything is very connected; we just fail to see it. Or we do not want to address these situations before it gets late. The facts stay intact.
The existent ethereum blockchain gets more secured when miners add transaction blocks to it. This mining keeps happening 24x7x365. The blocks are too difficult to be cracked, like puzzles. Also, they can not be traced back to the miner.
This makes the currency unbreakable. Highly secured. But this is the reason why ethereum and its users are leaving carbon footprints all over the world.
When we address the problem the solution comes up too. Hope we all make a lot of money with NFT and at the same time find ways to reduce our carbon footprints.
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FAQ’s About NFT or Non Fungible Tokens
Does it cost to create an NFT?
Yes, in order to mint a creation a fee is charged. Every marketplace has a different minting price. That listing fee is low that ranges from 4-7 USD on Rarible. But that is followed by minting changes which can be as high as 45 USD. Followed by sales commission.
And since the transactions are happening in crypto, there are market fluctuations. So, technically putting the NFT in the market can be a costly affair.
How can I monitor the NFT market places?
Summary: NFT Full Form
NFT has come into our world to change a few things. If someone says that it would go, tell them that the world said that the internet will slowly fade away, but look where we are standing today. As a reader, you have to decide whether you wish to deal in NFT or not. How much and till when.
We have tried to provide you with a fair insight into this hyped subject. All we can do is tell you to start looking at the world from a distance. A distance from yourself. That will help you with NFT decisions and sometimes life decisions as well.
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