What is NFT & how is it transforming the world of digital?

What is NFT & how is it transforming the world of digital?

You may have heard of people selling very common things for millions of dollars on the Blockchain. For example, the GIF files sold for 600,000 dollars. Crazy, right? That’s what has become very popular lately on Blockchain, called NFT. Social media was filled with news about people becoming millionaires by just selling NFT.

So, what exactly is NFT?

And let’s find out the reasons why people make so much money by selling NFT.

First of all, NFT is things that can be converted into digital form. You can sell your photo, video, music, GIF, drawings, tweets on Twitter, and even in-game items as an NFT by using a cryptocurrency. They can only trade on Blockchain. After registering on the Blockchain, the user receives a digital asset of their item, allowing them to give their NFT digital assets and sell their artwork or creation as an NFT.

Okay, so the real question is, how come people spend millions of dollars for an NFT? How about just taking a screenshot?

Once an NFT is launched, the gas fee is charged for using Blockchain. As the blockchain assigns copyright to the NFT as per your own address and registration time, the blockchain gives NFT one copyright at a time. Once you have digitally registered ownership of your NFT, the specific information of your NFT will be stored in the place called NFT metadata. This NFT can only be viewed by the buyer so, no matter how many screenshots you take, you do not own it. The person who purchases the NFT is the only owner, no other people own it. The fact that they are spending so much money on such easy-to-see things on the Internet might be a testament to NFT, and in the near future, it seems like people might keep their things safely as NFT documents.

Can we buy NFT?

As mentioned above, you can purchase the NFT in cryptocurrency, so anyone with a Metamask wallet can purchase them at some of the popular Marketplace websites such as OpenSea.io, Rarible, Decentraland, and SuperRare.

What are your thoughts on NFT?  Will you buy one? Or Has one of your creations ever been sold as an NFT?

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