Sunday, January 9, 2022

What is NFT or NFTs ? How does it work ? What's the point ? How can you make money from it ?

Lately, the NFT elosion has been making me baffled and shocked! Huge numbers of money pay for weird things! Like tweet the founder of Twitter sold for over 2.8 million dollars! And the 50-second video of Grimes, which sold for over 390,000 dollars! And we still see headlines about people paying big money for pictures and rock clippings. It's really weird and weird! I didn't quite understand what the NFT was, and after literally hours of my research, I finally thought I'd understand, and I'd cry.

All right, let's start with this:

What's NFT or NFTs?
Irreplaceable code.

Hey, you gotta be kidding! What does that mean?

Yes, I'm sorry. The term "irreplaceable" means it's unique and irreplaceable. Take, for example, the dollar currency: it's a replaceable currency -- replace the $1 leaf with 100 cents -- and you'd have exactly the same thing.
While the NFT is a unique, irreplaceable trading card, if you replace it with a different card, you have something completely different.

In other words, we can say that NFT means proof of digital ownership.
That is, someone has proof of ownership of a digital thing (photo, sketch, music, video...). However, having these digital things does not mean having exclusive rights that prevent it from being published because anything digital can be copied into infinity.

Suppose a museum contains a rare artifact, and visitors to the museum come and take pictures and post them on social media. And can they take her home? No, of course not! Because the property of this piece belongs to the museum and they just took a picture next to it. This example fully expresses the term NFT.
This sold for $3600, but the current owner is asking for $16,300. GIF Trevor Andrew
How do NFTs work?
NFTs or non-replaceable digital assets operate with Ethereum's blockchain technology, which is encrypted, such as bitcoin or dogecoin, that ETH's blockchain supports NFTs with some minor differences.

What's the point of NFTs?
It really depends on whether you're an artist or a buyer.

I'm an artist.
First: I am proud of you. you did well.
You might be interested in (NFTs), because it gives you some work. you make really amazing digital stickers, so what would you do? Sell it on SMS? No way. You can promote it using NFT.

I'm a buyer.
One obvious benefit of buying art is that it allows you to provide financial support to the artists you love, which is true with NFTs that are more modern. The purchase of NFT usually gives you some basic use rights, such as the ability to post an image online or designate it as your profile image.

And there's another kind known as circulating .
Uh, well, yeah. NFTs can operate like any other speculative asset, buying them and hoping to go up in value one day, so they can sell them for profit. But I'm ashamed to be talking about it.

What can you buy from NFT stores?
In short, NFTs can be anything digital like graphics, music, video, text, motion pictures, etc., but today much of the current excitement revolves around the use of technology to sell digital art.

It could also be a funny picture or a meme where the famous "Doge" was sold as an NFT in the middle of last year with about $4 million, while the meme was inspired to create a Dogecoin.

The famous doge is $4 million.
It could also be a tweet on Twitter, where the Twitter founder sold a tweet for more than 2.8 million dollars, and a picture of a rock painted on a digital sketch show sold for more than 46,000 dollars.
How do you publish and sell NFTs?
Once the digital file you want to sell is created as an NFT, you need to know the blockchain technology or the digital currency you want to link the file to, and it's often the Ethrom ETH coin that's the most common currency in this field. Then you have to use a digital wallet containing some coins of Ethrom to create an account on one of the NFT sales sites. Some sites allow accounts to be created for free, such as the popular OpenSea platform, but must also be linked to an electronic wallet.

This is a list of some NFT publishing and sales sites:

Who's going to pay hundreds of dollars for the NFT?
Well, it's a playground for the rich, it's part of what makes the NFTs so powerful, and yet the rich are very interested in this subject, which makes it even more fun.

A cat for 170,000 dollars. Photo:
In conclusion, we note that NFT is growing terribly, so would you really consider selling or buying something digital? Share your views on the comments below.

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