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NFT is a crypto term that stands for non-fungible token. They are units of digital content or digital representation of physical content that are linked to cryptocurrency blockchains. Several varieties of content like photos, artwork pieces, videos, music, GIFs, texts, and so much more can be converted to NFTs through blockchain technology.
Popular cryptocurrencies like Bitcoin and Ethereum are considered fungible, meaning they can be replaced or exchanged with another identical digital access of the same value. NFTs are non-fungible because no two NFTs are the same. They have unique value and one NFT is not interchangeable with any other.
The process of converting digital content to an NFT on the blockchain is known as minting. Once an NFT is minted on the blockchain, every transaction from transfers to sales is recorded on the blockchain, making it easy for anyone to validate ownership and track its price history
NFTs are making it easy for digital creators to own and sell their digital content. Before now, digital artists would need to have large followings on social media and attend several art exhibitions before they would be able to sell a large number of their collections. But now, NFTs have made it super easy for digital artists to connect with a lot of art lovers and sell their works easily.
Before you buy an NFT, there are a few things you should consider. You’ll need to decide the marketplace that is suitable for you to buy from, the type of digital wallet you intend to store it in and you will need to have enough tokens to complete the transaction..
Some of the most popular NFT marketplaces include OpenSea, Mintable, Nifty Gateway, and Rarible. You can also purchase specific types of NFTs from branded marketplaces like NBA Top Shot for basketball video highlights and Valuables for selling tweets such as Jack Dorsey’s tweets.
The biggest use of NFTs today is in the digital content creation industry. This is because many content creators don’t receive enough profits that are due to them from the platforms that manage them. They are in need of a way to have complete ownership over their digital content
NFTs introduce a new creator economy where creators enjoy a great level of ownership over the creation, distribution, and sale of their digital content.
Even if a digital content has unique attributes like rarity or scarcity built into it, it is the NFT community behind that NFT collection that creates a successful market for these digital assets,
NFTs are currently attracting the attention of big brands like Twitter, Coca-Cola, and the NBA, as an attractive revenue stream. For instance, the US basketball league NBA has developed NBA Top Shot for selling digital collectibles in the form of trading cards representing iconic basketball moments. NBA also plans to include more items on the marketplace like virtual jewelry, accessories, and clothing that can be used across social media.