What is NFT? How to make NFT that combines art and technology?

NFT, which is the most popular topic of recent times, is wondered and researched by many people. In this article, I will answer the questions like what is NFT, how NFT works, and where to buy and sell NFT?

NFT draws attention as one of the most interesting and discussed digital data of recent years. NFTs, which have a very different application than classical cryptocurrencies, attract attention as a concept that can interest many works you have produced in the digital environment. With a concept that has made a name for itself since 2015, you can evaluate your existing digital assets or acquire new collections for yourself. In order to understand all these topics in detail, let’s examine together what NFT is, how to make money using NFT, and see some NFT examples.

What is NFT?

An NFT is a digital asset that represents real-world objects like art, music, in-game items, and videos. another example of NFT is, it is the combination of art and technology you can buy and sell them online using cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.

This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.

But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram everyone can see the collection of them for free.

If anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?

The answer is that an NFT allows the buyer to buy the original item. Not only that, it contains built-in authentication, which shows the ownership proof. Collectors value those “digital bragging rights” almost more than the item itself.

Read our article about 12 ways to make money online

How to Make an NFT?

NFT technology, which sounds quite complicated at the beginning, becomes easier with the possibilities offered by the digital world. NFT is obtained by blockchain developers named Ethereum. There are platforms that make these blockchains not lost and help transactions to be carried out more easily.

Each blockchain’s marketplace and wallet service are different. Therefore, it is very important to choose a reliable blockchain with a wide usage network. Once you have all this, you need to be a member of a platform that allows you to connect your wallet and upload the file or image you want to convert to NFT. Then you can upload the works you want to convert to NFT on the platform.

How NFT Works?

NFT is created with the ERC-721 standard, which is a code compatible with Ethereum, by CryptoKitties developers in general. Apart from this, the newly developed standard is ERC-1155.

This new standard also offers the solutions to work together with new opportunities. This means that the blockchains of NFTs, which are unique assets, are compatible with each other and additionally, they can be easily transferred within different applications.

If you want to keep your NFT and create a collection, you can use wallet applications such as Trust Wallet. In this way, your NFT is located on a specific address, along with any other blockchain tokens you have used. In addition, NFTs may not be copied or transferred without the consent of the owner.

You can hire a freelancer from Fiverr to make an NFT collection for you

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Why Should I Invest in NFT?

Many people make purchases in the NFT world to be part of the online community. Owning certain NFTs gives access to personalized content and live events. Digital investors are also taking advantage of NFT markets to make a large amount of money, which they hope will be in a short period of time.

A single NFT can be bought or sold multiple times. But the remarkable part here is that the buyer has to pay a royalty fee to the original owner or creator on every sale. In addition, NFTs are also used to show a certain wealth in social media accounts.

NOTE: This content is not financial advice. investors should review and make their own discussion.

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Vahid Sediqi

Vahid Sediqi is a WordPress and web designing expert, content creator and blogger that helps you to define the right goals for your website and make it become digitally successful with the existing or newly created website.

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