WTF is an NFT? NFT stands for Non-Fungible Tokens. I know you don’t understand what it means, let me explain. An NFT is a digital asset that is unique and is stored on the blockchain. If you don’t know what blockchain is, you might need to understand the fundamentals of blockchain before you try to get into the NFT world.
Non-Fungible Token’s aka (NFT) comes in different forms, it could be digital artwork, digital sports cards, or a product. It could be anything that you wanted in your childhood. Just kidding!
It reminds me of my childhood when I used to collect Pokemon cards. I was so obsessed with it that I had bought almost every popular pokemon card. This is very similar. NFT’s are pretty much the same, you can buy any digital art, video, gif, e.t.c.
WTF is an NFT hype about?
WTF is an NFT hype and craze that is growing day by day so much because people don’t want to get behind this digital transformation age and it is paying them well. Thanks to the pandemic that led many investors to rethink their portfolios and led them to invest in digital assets and cryptocurrencies and which not only led Bitcoin to surpass its highest value but also gave a boom to the NFT economy.
According to Forbes, A blockchain analytics company estimated that the number of active wallets with NFTs on a daily basis grew from just 5,000 at the start of the year to approximately 140,000 on year’s end.
Every single Non-Fungible Token is unique because it stores the ownership on a blockchain network which basically means if you have bought a Pikachu NFT you are the only owner of that unique art unless you sell it.
Why are companies selling their NFT’s?
Marketing is one of the most important points for companies like Pepsi, Adidas, Gucci to jump early on this hype.
Adidas made $23.1 Million by selling 30,000 NFTs for 0.2 Ethereum on their first NFT drop.
Pepsi also launched their “Pepsi Mic Drop” genesis NFT collection which has 1,893 generative NFT’s on the Ethereum Blockchain.
Every company is trying to get on board with this hype. This not only helps them market their products for a targeted audience but they want to create a community of their NFT holders.
Every NFT is an art and it is priceless just like the Mona Lisa. There are copies of the Mona Lisa but there is only one original Mona Lisa. It’s the same with NFT’s.
WTF is an NFT marketplace?
NFT’s are sold on marketplaces like you buy stocks from the exchange. Here are some most popular marketplaces.
Most popular NFT’s
You can find hundreds of thousands of NFT’s out there. I have bundled some of the most popular NFT’s sold not for thousands of dollars but for millions.
- CryptoPunks
CryptoPunk is the most popular NFT. These are 10,000 unique collectible characters using Etherium Blockchain and with a $17.5 million 7 day sales volume.
- Bored Ape Yacht Club
Bored Ape yacht Club are also one of the most hyped NFT’s with 10,000 Bored Ape collections. This is also on Etherium Blockchain and with a $52.2 million 7 day sales volume.
How to buy NFT’s?
NFT’s are sold at a fixed rate or on a virtual auction, NFT’s that are sold on auctions have more volatility because the higher the demand the higher the price. To bid on these Non Fungible Tokens you need a crypto wallet or a digital wallet that is connected with the Marketplace. You need cryptocurrency in your wallet to buy. Most of the NFT’s are sold on Ethereum blockchain or Solano blockchain. You need Ethereum or Solano in your wallet to mint the NFT. Now, you might be wondering WTF is an NFT minting?
Minting is the process of buying a digital asset. It is a process
In which a digital file is turned into a collectible or a digital asset on the blockchain. Creating NFTs, buying, selling, or transferring an asset at an Ethereum address has a fee and that is called the “gas fee”. So, WTF is an NFT Gas Fee, Gas Fees are not charged by any platform they are charged for using the Ethereum Blockchain. The Gas Fee is not fixed, it depends on the demand.
Once you have minted an NFT it will show up on your wallet.
How to sell NFT’s?
If you are a content creator, graphic designer. You can sell it as a Non Fungible Token. Any digital content like tweets, pdf, documents can be turned into an NFT.
You just need a crypto wallet and a marketplace to start. Look for the link “Create an NFT”. You can upload your images in PNG, JPG, or GIF formats, a music file in MP3 or. Wav formats, a video file in MP4 format, or a 3D file in GLB format.
You will need to have a “Gas Fee” in your crypto wallet in Ether.
After all the process you are good to go. Now, wait for your NFT to be minted by the Ethereum Blockchain.
When your NFT is minted, you can choose an original selling price, program the royalties you wish to get in commission whenever your work is resold, you can promote your artwork on social media or your particular blog, or do a‘ drop’.
Conclusion
NFT’s are becoming very popular. It has opened a lot of opportunities for content creators and digital artists to monetize their skills through this technology. As more big companies are getting into the digital world the demand for digital products is increasing as it is for NFT’s.
Do let me know in the comment what you think about the NFT boom and what it holds for the future?
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