Non-fungible tokens or NFTs are not a new concept, they have existed since 2014 but have reached the height of their popularity in the last 2 years, due to the rise in the popularity of the cryptocurrency and the feasibility of transactions through it.
Many are taking interest in this not-so-new world of crypto, and even more, don't understand the concept of buying something, but now owning it at the same time.
What is NFT?
NFT are essential pieces of artwork, music, or any other digital item of fixed value on the blockchain, that is launched in the crypto world. This launching of a new NFT is called minting, and when the artist releases the digital piece, it is encoded with software, and then launched into the market.
The user can purchase the piece of art, music, game, or video with cryptocurrency, usually with Ethereum. The digital asset is still registered under the name of the artist, but a token of a piece of the NFT is distributed.
Purchasers now have digital proof of the share of the NFT, which is not fungible or transferable.
What are the benefits of NFT?
NFT allows the artist to sell their work in the digital world without the interference or requirements of an art curator museum or market.
NFT does not have a physical use like any other piece of art, except being a collectible item. The uniqueness and verified ownership of the NFT, along with the associated process, make the NFT worth making.
How to buy NFT?
To buy anything, fungible or non-fungible you need, you need money, but in the world of NFT, it is a cryptocurrency, that you will need to make transactions. Before buying any NFT you need to set up a crypto wallet and purchase some cryptocurrency.
Then you need to select the marketplace from where you want to buy your NFT. Make sure it works on the Ethereum network. register, on the market with all the necessary details, browse from all the NFTs that you desire, and make a purchase from your digital wallet.
