What is NFT (Non Fungible Token)? When did NFT start?


We all are seeing that the world is moving very fast in the digital world. Every day some new digital currency is launched. Many of you must have known about crypto currency, in the same way NFT is very much discussed at present. It is moving very fast at the global level, which means that it is strengthening its hold not only in India but also in other countries.

You must have got information about NFT sold by Beeple from internet source that they have earned $69 million by selling digital art as NFT which is the world’s most expensive sold NFT till now.

Nowadays, many people are earning a lot of money through digital art, but those who do not know about it, they must have wondered what is NFT and how money can be earned from it.

In today’s article, we will give you all the detailed information about NFT, what is NFT? How do NFTs work and how can NFTs be sold? Along with this, some other information related to NFT will also be given to you.

What is NFT? (What is NFT)

NFT is similar to a type of crypto token, which is in the form of unique tokens or digital assets. It represents unique things like an art, game, video, picture etc. If a person has NFT, it means that he has a unique art work, which is not owned by anyone else in the whole world.

NFT is similar to bitcoin or ethereum which can be used only digitally and anything is received in digital form only i.e. nothing comes to you and you cannot touch and feel it. It is a digital object, just as crypto currency is based on block chain, similarly it is also based on block chain technology.

When someone buys an NFT, he alone owns that digital art, no one else can download that art because all the information about the owner of the NFT is stored in the block chain. This block chain is public so that who is the real owner of NFT can be traced.

Full Form of NFT (NFT Full Form in Hindi)

NFT ki full form in hindi “non-fungible token” which in English Non-Fungible Twindows It is said

When did NFT start?

NFT was started in the year 2014 by Anil Das, a software entrepreneur, and Kevin McCall, an artist. After this NFT became popular when Twitter CEO Jake Dorsey sold his first tweet for more than Rs 21 crore. After this, the artwork named “Everydays: The First 5000 Days” was sold for 69.3 million dollars i.e. 500 crores.

Recently, a 12-year-old child named Benyamine Ahmed created a digital art work during his school holidays called Weird Whales, which sold for Rs 2 crore 93 lakh.

How do NFTs work?

NFT works on block chain technology, which is the Ethereum block chain. NFT has no existence without block chain. Due to working on block chain technology, it is very safe because through this anything is digitized and its record is kept.

It works as a digital token that means when any picture, song, video is made in the form of NFT then it can be used only by the person who will have the digital certificate of that thing. In the form of a digital certificate, that thing is stored in the block chain and this certificate can be bought and sold digitally.

How to make and sell NFT?

If you are interested in NFT and you want to make and sell NFT, then you must have some special skill for that, because if you are thinking of selling videos, pictures or anything else from the internet, then it will be just stupidity.

NFT simply means something unique. If you can compose a song, then you can sell it by recording it in your voice or you are fond of painting and can make unique painting, then you can sell it also through NFT.

When you decide what you want to sell on NFT, then your next step will be on which block chain you sell that thing. The Ethereum block chain is most commonly used to buy and sell NFTs. Apart from this, you can use block chain like Binance Smart chain, EOS etc. to store NFT.

After you have decided which digital art you want to sell, you will need to buy some Ether. Ether is the token of Ethereum, only through this you will be able to store your digital art on the block chain. After this, when you list your digital art here, you will have to pay the gas fee.

You have to take special care that the network you are using supports Ethereum like Rarible, Super Rare etc. Along with this you will also need a digital wallet.

Your art will be auctioned off when you list your NFT. It’s just like auctioning off your items. The more people who bid, the more you are likely to make a profit. Apart from this, you can decide the price of your NFT yourself.

Where are NFT tokens used? (NFT Token Uses)

NFT token is used for ownership of digital product like if you have created any digital art then you can register it in your name through NFT.

What is the importance of NFT in gaming? (NFTs in Gaming)

NFT is considered very important in the digital world, which will have an impact on the gaming world as well. Through this, only those people will be able to use the game character who will own it, other people cannot use them.

For example, if you have bought a weapon to play your game, then the other person has to pay you some money to use it. In such a situation, it is absolutely right to say that it will be a big market place in the gaming world.

What are the things required for NFT

If you are also interested in NFT and want to make digital art and sell it, then we will give you detailed information about what things are required for NFT: –

  • Digital Wallet:- If you want to mint NFT then you must have crypto currency for that and for that you will need a digital wallet like METAMASK, Math Wallet, Alpha Wallet etc. After creating the digital wallet, you will have to buy Ether, so that you will be able to complete the further process.
  • Select NFT Marketplace:- After the digital wallet is ready, you have to connect it with NFT marketplace like Opensea, Rarible, Mintable etc. where you will be able to create NFT.
  • Upload File:- You will have to upload the digital file of the digital art you have prepared on the NFT marketplace.
  • Transaction Fee:- To complete the process of NFT, you will have to pay a transaction fee, which you will pay with Ether crypto currency.
  • NFT waiting to be minted:- After you pay the transaction fee, the minting process will start automatically, after which the Ethereum block chain will issue a unique code for your digital art.
  • Sell ​​NFT:- When your NFT Mint process is completed, then after that you can sell your digital art by placing your price or bidding.

How much does it cost to make an NFT token?

Each platform charges its own fee for NFT tokens, such as the cost of creating an NFT on Ethereum ranges from $40 to $100. Although the minting of NFT remains free but a fee is charged to manage it because special token ERC-721 token is required to make it.

Advantages of NFT

  • Unique:- Each NFT has its own unique identity, no NFT is similar to each other. All this information is recorded in the token. You cannot sell anything here by picking it up from the internet.
  • Digitally Rarities:- NFT is kept in the block chain network, so that the information of who owns it remains present in the block chain.
  • Can’t divide into pieces: – Just as crypto currency Can be bought in pieces, in the same way you cannot divide NFT into pieces. If you think that you can buy one part now and the other later then it is not possible.
  • possession:- The information about who owns the NFT is guaranteed by the token.
  • Fraud:- NFT is digitally secured in the block chain, due to which any type of fraud is not possible.

Loss of NFT tokens

  • It cannot be predicted when the price of digital currency will rise and when it will not.
  • NFT is still new to the people, so it is difficult for common people to believe it.
  • You all have come to know that it is stored in digital form in block chain and sometimes technology is affected by doing something, then it is difficult to check it.

Why are NFTs expensive?

The reason why NFTs are expensive is that the things that are sold in digital form are unique to see, seeing which anyone gets attracted towards them.

Future of NFT

  • The NFT Report 2020 was shown during the Corona period, according to which the sale of NFTs during this pandemic exceeded US$ 100 million.
  • Talking about the future of NFT, now the Government of India and RBI are preparing a blueprint for digital currency so that digital currency is officially recognized.
  • NFT can become a big thing in the coming times which will revolutionize the way we deal with our money, wealth etc.

Demand of NFT in India

In India too, the demand for NFT is increasing day by day. Indians are getting attracted towards digital currency. From Bollywood actors to sportspersons, you are joining the race to launch NFTs. Recently Salman Khan has announced to bring his NFT collection in association with Bollycoin.

The same superstar Amitabh Bachchan has also talked about launching autographed posters of his films in the form of NFTs. Along with this, Indian cricketer Dinesh Karthik is digitally launching the art of the cricket match in which he won by hitting a six off the last ball. They have fixed a price of 5 ethereum i.e. 15 lakh rupees for it.

There are many famous Indians like him who are trying their hand in NFT. Now you must have got an idea that NFT is going to play a big role in future.

What is the difference between NFT and Crypto currency? (Difference between NFT and Cryptocurrency)

As we told you that NFT is based on block chain, but it is not interchangeable like crypto currency. For example:

Suppose you have 1 bitcoin and you want to convert it to ethereum or other crypto currency, then you can easily do this or you have an old note of 20 rupees and you want to change it to a new note, then you can also do this. You can, but if you want to replace one NFT with another NFT, it is not possible because both NFTs are different from each other.

You cannot divide NFT into pieces like we can buy bitcoin in 0.2, 0.02 pieces but NFT cannot be bought like this.

Important Questions (FAQs) related to NFT

  • What is NFT?

    NFT is a type of unique digital asset.

  • What is NFT token?

    Unique number is given for digital art through NFT token.

  • What is the full form of NFT?

    The full form of NFT is Non-Fungible Token.

  • What is NFT Marketplace?

    NFT Marketplace is Opensea, Rarible, Mintable etc.

conclusion

As the discussion of NFT is very high these days, we have tried our best to provide you all the information related to NFT in detail, so that whatever doubts you have about NFT are removed.

Today, through this article, we have told you what is NFT? How do NFTs work and how can NFTs be sold? Along with this, I have tried to give some other information related to NFT as well. Hope you liked our article.

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