Non-fungible Token (NFT). What is NFT meaning, it’s definition and how it works.


Assalamu Alaikum.

Friends, how are you all? Hope you are well.

Nowadays the popularity of nft is increasing along with the popularity of cryptocurrencies. NFT is built on Blockchain Technology. With Nft you can buy and sell games, paintings, music, albums etc. online, which cannot be touched by hands, only seen on digital platforms.

From 2021, NFT popularity continues to grow exponentially. Many people around the world earn a lot of money by selling digital art, videos, photos, etc. through NFT.

For those of you who don't know much about NFT then today's article is for you. In today's post I will discuss what is NFT, how NFT works and why NFT is so popular.

So let's go to the main discussion.

🔵 NFT:

The full form of NFT is Non-fungible Token.

🔴 Tokens are basically of two types:

1. Fungible token:

Fungible token means interchangeable. If different people have these tokens, the value of both is the same, that is, they can be exchanged.

2. Non-fungible Token.

And NFT or Non-fungible Token is not interchangeable. You cannot exchange these tokens.

🔵 What is NFT?

NFT or Non-fungible Token is such a digital asset, for example some pictures digital art, song, video etc. can be converted to NFT and then sold to earn a lot of money. NFT or Non-fungible Token does not exist in reality it is a completely digital thing.

For example, if you convert a digital art drawn by me to NFT, the ownership of that digital art will come to you, even if the art is owned by someone else. If it is truly unique and valuable, you can sell it at a high price and make a lot of money, or rent it out to someone else.

🔵 How does NFT work?

NFT is built on blockchain technology. NFTs are highly secure as they are built with Blockchain technology. Selling through NFT does not change the new ownership record or anyone can copy the new NFT, only a token can confirm ownership of the product.

That is, nft works entirely based on blockchain technology.

🔵 How are NFTs created?

NFT has no intrinsic value. The value of the file linked to the NFT is the value of the NFT. So if you are a creative person, if you have any digital asset like art, graphics, video, meme etc. then you can create NFT of it.

You can purchase NFTs secured by the Ethereum blockchain. Each individual token has a unique code, so no one can ever change the data of the NFT.

🔵 NFT Creation and Trading Platform:

There are various NFT marketplaces for creating, buying and selling NFTs; Such as OpenSea, Axie Marketplace, NBA Top Shot Marketplace, Rarible, SuperRare etc. By visiting these marketplaces you can create NFTs and buy and sell NFTs very easily.

You can earn income by buying and selling your own art, photos, videos, etc. on these popular NFT marketplaces.

🔵 How to buy NFT?

NFT is usually purchased with Ethereum cryptocurrency, you may need some ETH Token to purchase NFT.

And if you don't have an account on a crypto exchange, then you must open a cryptocurrency wallet on exchange websites like Coinbase, Binance, Metamask, Trust wallet etc. and collect or buy ETH Token.

The cryptocurrency wallet you open must be connected to the NFT marketplace, then you can easily create and trade NFT.

🔵  How to make money by creating NFT?

You can earn money by minting NFT. But it is not that easy to make huge amount of money by minting NFTs. There is a lot of competition in the NFT space, so you need to create a high-quality token that people want to buy. If you can do this, you can make a lot of money minting NFTs.

You can mint as many NFTs as you want, there are no hard and fast rules. But don't forget, you need to have a compatible wallet to mint your tokens.

🔵 Weaknesses and Cons of NFT:

I said a lot about NFT. But along with so many advantages, NFTs also have some weaknesses.

However, digital assets are linked through NFTs. Even so it cannot prevent copyright. Because it is only linked and nothing else. So if the owner of that digital asset wants, he can make and sell multiple NFTs of the same asset. Through which scams are possible and many scams have been done.

 So guys, there are many ways to make money with NFT. But you just have to be creative and work patiently.

Hope you got to know more about NFT from today's article. Do let us know how you liked today's article on NFT in the comment box below.

And if you have any question about today's article then definitely comment and if you like this post then share more among your friends. And keep visiting this Juifullbangla site of mine to get latest updates about income.

So friends, so far today.

Everyone will be well, healthy and beautiful. Allah Hafez.

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