What is an NFT?
NFT is a non-fungible token. A non-fungible token is a sort of virtual asset that only has one type.
NFTs are digital assets that have been enhanced using blockchain and cryptography technology, allowing only one to exist and making them unique and impossible to copy.
Any type of digital material, including images, movies, gifs, documents, avatars, and memes, can be an NFT. By turning these files into tokens and putting them on the blockchain, they can be conveniently purchased, traded, and transferred.
Similar to cryptocurrencies, NFTs can be bought, sold, or transferred using the blockchain network through an NFT marketplace, which functions as a super market for buying and selling NFTs.
Some of the marketplaces where you can buy these NFTs are
- OpenSea
- Rarible
- NBA Top Shot
- Binance
What are NFT's used for ?
The best way for artists and content creators to monetize their work is through NFTs, which frees them from having to rely on galleries or auction houses to sell their work.
Instead, the artist can offer their work as a direct-to-consumer (DTC) sale. In addition, creators can receive a share of the sale price as part of a royalties program anytime their work is transferred to a new owner. NFTs can be used for both profit and charity.
Celebrities like Amitabh Bachchan, Sunny Leone, Justin Bieber, Kevin Hart, and Yuvraj Singh all have their own NFT collections.
How can you buy NFTs?
To buy NFTs from your preferred market, you’ll need to set up a crypto wallet with some cryptocurrencies and buy NFTs .
Visit OpenSea article on How to Purchase an NFT.