NFTs

NFT Explained, Everything you need to know

What is NFT?

In the world of cryptocurrency, tokens play many very  important roles. Tokens are like holding a $10 note. You can buy a pizza or a burger using that $10 note. Similarly in the Crypto world you can trade a taken with another token.That means they are interchangeable. For example bitcoin is a token with which you can buy Ethereum.These tokens are Fungible tokens i.e., are entirely exchangeable with each other. NFT or Non-Fungible Tokens are also a token with unique characteristics. For example Crypto Kitties is one of the most popular examples of non-fungible tokens out there in the crypto world.

Ok now let’s see the main difference between fungible and Non-fungible tokens

Fungible Vs. Non-Fungible Tokens

Fungible TokensNon-Fungible Tokens
InterchangeableNon-Interchangeable
DivisibleNon-Divisible
UniformUnique

How does NFT work?

For example the GIF below is Nyan Dogecoin, a NFT. the current owner of this GIF is  Foundation-Market-Contract.

doge NFT
GIF: NyanCat on OpenSea

Where I can buy NFT?

There are several online trading portals that have been created around NFTs, which allow people to buy and sell. Some of the popular ones are OpenSea, Rarible, and Nifty Gateway etc. But you can find numerous such sites on the internet.

What does NFT mean in gaming?

Now we have seen that  No NFT is the same as another, that is, its qualities are unique, exclusive and authentic. Now using the advantages of  NFT, many crypto games have been developed.Each game creates its own elements and assets while playing  and those can be converted into real money.If you want to know more about how this works, please click here.

NFT games are based in Two models.That are

  • play-to-earn NFT games

Axis infinity is the well known play-to-earn game.

  • In-game NFT games

CryptoKitties is one example of a game that relies only on the collectibility of in-game NFTs

Currently, the most popular NFT game is Axie Infinity. You can earn real money while playing this game. This game has $1.6 billion of revenue as per CrytoSlam.

How do you make money with NFT?

You can make money  using three different methods. They are,

  1. Create and sell your NFT
  2. Trade NFTs
  3. Invest in NFT based startups

1.Create and sell

You can create and sell any  digital art as NFTs. That can be anything from a to z items such as GIFs,videos,music, audio etc. In fact, a New Yorker sold his farts as a Non fungible token! So don’t hesitate. Sky’s the limit for you.

2.Trade NFTs

Or you can trade NFTs like trading in normal share/stock markets. But keep in mind not all NFTs are like golden eggs. Some may give you rollicking profits.other may give you nothing. Apply some logic and research before buying them.

3.Invest in startups

The third method is investing in Non fungible token based startups. 

What is the most expensive NFT ever sold?

Everydays: The First 5000 Days is the most expensive Non fungible tokens ever sold till now.

The artwork’s name:“Everydays: The First 5000 Days.”

Initial price: $100, sold at a price of $69.3 million!

Everydays The First 5000 Days

Artwork name: CryptoPunk #3100 – Sold at $7.58 Million 

CryptoPunk #3100

How You can lose your NFT

There are few possible ways you may lose them.

  1. Transfer NFT from your wallet to another that doesn’t support your NFT’s token standard.
  2. Tricked by scams.
  3. You lose if you lose in a game if it is one of  its rules.

Steps for how to make a NFT and sell it?

  1. You need some cryptocurrency as an entry fee. Ethereum is the most commonly used for this purpose
  2. Create a Ethereum based wallets such as Metamask,Ledger Live etc
  3. Connect your wallet to a NFT platform such as Rarible. 
  4. Upload your artwork
  5. Pay the Auction fee and start the auction.

Here is a list of the most popular NFT platforms.

  • OpenSea.
  • NiftyGateway.
  • Rarible.
  • SuperRare.
  • Mintable.

Top 5 Best NFT Stocks to buy

1. Twitter, Inc. (NYSE: TWTR)

2. Cloudflare, Inc. (NYSE: NET)

3. Mattel, Inc. (NASDAQ: MAT)

4. Funko, Inc. (NASDAQ: FNKO)

5. PLBY Group, Inc. (NASDAQ: PLBY)

You Can destroy an NFT by the concept called burning which is irreversible.

Top Crypto and NFT Games for Android and iOS

NFTs and its games may be the next big things in the crypto world. There are millions of opportunities it will throw at you as it matures. So Feel free to comment below what is your opinion about this budding space.

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