You’ve had to meet NFT by now or at least pass by to hear about it. It may not be clear to you what it is, because it all seems confusing, with all these abbreviations.
All of a sudden digital art is almost as much if not more valuable, than some masterpiece painted by the hands of artists who have marked history. How is that possible?
Of course, it’s all a matter of perception, how you look at things. Maybe all this even intrigued you, so you decided to inquire and explore all about NFT, so you can become a part of this new world.
You can buy an NFT, and also make your own NFT, and that process is called minting an NFT. Now, when you know that you can make your own collection or an NFT.
What you need is to find something that is unique, and that has potential for a wider variety of people, something imaginative and innovative. At any moment, you can get closer to the world of NFTs through digitaleyesnft.
You have come to the right place, where we will explain to you in the simplest language everything you need to know about NFTs.
Meaning and Function of NFT
NFT is, in fact, an abbreviation of the word non-fungible token, which means it is unique, unique and irreplaceable.
There are certain types of assets that are fungible i.e. interchangeable, while some types of assets such as NFT is unique and one of its kind because it is irreplaceable.
The token can most easily be translated as a certificate stored on a blockchain network. The principle is the same as with information on cryptocurrencies, which are also stored on the blockchain (transfer time, amount, etc.)
NFT is created on a blockchain, or a more professional term that is used to “minting” on the blockchain, where it is stored, exists and lives.
Thus NFT is a form of digital asset, which cannot be replaced by another NFT, and data on its purchase or ownership are transparent as they are stored on a blockchain.
Because this record is stored on a blockchain network, each NFT is unique and its data cannot be changed. NFTs can represent absolutely everything digitally, from music, art, real estate, avatars, video files, maps, and many more.
Choose the right NFT marketplace
Of course, one of the most important things is choosing the right marketplace.
For example, there are several platforms for trading NFT projects, some of the largest, profiled, and most recognizable are DigitalEyes, OpenSea, Rarible, and others.
Markets vary, in the number of fees you have to pay as well as the price of gas fees, which means some are more expensive and some are cheaper.
Also, keep in mind that certain markets only accept their cryptocurrencies. Some markets offer special and numerous benefits and advantages if you become part of their community.
Characteristics of NFTs
There are a lot of differences compared to other currencies and cryptocurrencies as well as NFTs. The system is organized in a special way to be decentralized, transparent, and unchangeable.
Decentralization of the system is an innovation in the business world since there is no superior individual, government, organization, or bank.
Computers are interconnected where all data is transmitted simultaneously to all computers around the world.
Therefore, the hacking process is difficult since all assets are analyzed on a blockchain that is encrypted.
Transparency of the system is another positive side of this technology.
You have easy insight into information about the author of the work, customers (how many times the work has been sold), etc.
The authenticity of the system is that NFT is unique, and cannot be easily falsified.
Each NFT has unique metadata, which cannot be manipulated and which proves the authenticity of the work.
We have briefly explained to you what NFTs are and what they represent, now that you know the basics, you too can embark on an adventure called NFT.
Do not be discouraged, just be creative and imaginative and do not bother with the result, but enjoy this process.