What are NFTs?

 NFTs are Non- Fungible Tokens . This article explains what NFTs  are and why they are valuable. 

What is an NFT ?

An NFT is a digital asset. A digital asset that depicts real-world elements like as art, music, in-game items, and films . They're bought and traded online, often using cryptocurrency, and they're usually encoded with the same software as many other cryptos.

In the digital world, NFTs are "one-of-a-kind" assets that may be purchased and sold like any other piece of property, but have no physical form of their own.

The digital tokens can be compared to ownership certificates for virtual or physical assets.

How Do NFTs  Work ?

Paintings and other traditional works of art are valuable precisely because they are one-of-a-kind. Digital files, on the other hand, may be simply and indefinitely reproduced.

Artwork can be "tokenised" with NFTs to generate a digital certificate of ownership that can be purchased and sold.

What are the applications of NFTs?

Artists and content creators have a one-of-a-kind opportunity to monetise their work thanks to blockchain technology and NFTs. Artists, for example, no longer have to sell their work through galleries or auction houses. Instead, the artist can sell it as an NFT straight to the consumer, allowing them to keep a larger portion of the profit. Additionally, artists can integrate royalties into their software so that they receive a share of sales when their work is sold to a new owner. This is a desirable feature because most artists do not receive subsequent proceeds after their first sale.

How to Purchase NFTs ?

If you're interested in starting your own NFT collection, you'll need the following items:

To begin, you'll need a digital wallet that can hold both NFTs and cryptocurrencies. Depending on what currencies your NFT provider takes, you'll probably need to buy some cryptocurrency, such as Ether. Coinbase, Kraken, eToro, and even PayPal and Robinhood now allow you to buy cryptocurrency with a credit card. After that, you'll be able to transfer it from the exchange to your preferred wallet.

Popular NFTs Marketplaces

There are dozens of NFTs Market places. This site allows you to sell and buy items.

1. OpenSea.io  : This peer-to-peer marketplace claims to sell "rare digital products and antiquities." To get started, simply create an account and browse the NFT collections. You may also sort pieces by how much they sold to find new artists.

2. Foundation :  Chris Torres, the inventor of Nyan Cat, sold the NFT on the Foundation platform. 

3. Rarible   : Rarible is a democratic, open marketplace that lets artists and producers to issue and sell NFTs, similar to OpenSea. The platform's RARI tokens allow users to vote on features such as fees and community regulations.

Conclusions

if you're a collector or a buyer:

Collecting NFT has the advantage of being able to be used as any other speculative asset. You'll also be the exclusive proprietor of that one-of-a-kind digital artwork, which you can share anytime and anywhere you choose.

If you're an artist, you should:

You may now digitally sell your artwork and make a lot of money. Additionally, once your NFT is sold, not only can your work be recognized and easily accessible, but so can the work of others. Because you are the one who invented the NFT, you will receive a portion of it.