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Total NFT: A basics guide to NFTs

Non-fungible tokens (NFTs) broke into the global scene when billionaire co-founder of #Twitter, Jack Dorsey, put up his first-ever tweet for sale as an NFT.

The tweet that read, “Just setting up my twttr”, was eventually sold for $2.9 million, and the proceeds were donated to a charity. Until then, not many had heard of these new cryptocurrencies taking the world by storm.

Lately, the term #NFT is all over the crypto space with transactions involving millions of dollars.

This post explains all you need to know about #NFTs, how they work, what their purpose is, and how and where you can buy them.



So what exactly are NFTs?


NFTs are collectible digital assets that hold value just like other #cryptocurrencies, although in a unique way. Unlike other mainstream cryptocurrencies such as #Bitcoin (BTC), #Ethereum (ETH), #Dogecoin (DOGE), etc. that can be recreated to come up with the same form and value,



NFTs are unique hence can never be recreated to come up with the same value. You can only recreate a copy of it, which cannot attract the same value as the original.

You can never exchange NFTs like-for-like as is the case with other cryptocurrencies, hence non-fungible.

There could be many types of NFTs, however, they must be in digital form such as jpegs, video clips, audio, gifs, etc. to be called an NFT.

If you buy an NFT, you’ll receive it in any of these digital formats instead, and not the physical collector’s item. In other words, an NFT is any unique item in a digital format that is seen to hold value.



What’s their purpose?


NFTs emerged from the Ethereum #Blockchain. However, unlike other cryptocurrencies hosted on the Ethereum ecosystem, an NFT as this extra information defines its market value.

NFTs emerged to give meaning to digital art. Creators and collectors have discovered a decentralised way of making and selling their unique and valuable digital footprints. Additionally, NFTs help to curb counterfeits, hence have expanded the revenue for the rights of copyright holders such as creators and collectors.

It must, however, be noted that NFTs are not only in original versions. A valid copy of NFT can be made from the original copy and be sold in that form and value. Of course, the copy will certainly have a lesser value than the original NFT.



How and where can you buy NFTs?


Just like #mining other cryptocurrencies such as Bitcoin, NFTs can be mined by anyone in a process known as ‘minting.’


You can then put it up for sale on a marketplace. There are various types of NFTs marketplaces where people sell and buy different types of NFTs. Therefore, your choice of a marketplace platform will be determined by the type of NFT you want to sell or buy.

Some of the popular platforms where you can sell or buy NFTs are #Foundation, #OpenSea, Axie Marketplace, VIV3, Rarible, SuperRare, Myth Market, etc.



Conclusion


The creative world has experienced massive challenges over the last few years, but now NFTs are providing the opportunities to expand their revenue sources as well as fight piracy. It’s not far-fetched to state that NFTs are the future of collectibles or the art industry.

Personal Thoughts


For me, I feel the NFT space if becoming the new "Shitcoin" space, be weary as there are many projects forming attempting to charge extortionate amounts of money off the back of hype based on false rarity. However just like a classic car, or a piece of art created by our own child, the value essentially is whatever one is willing to pay.



https://icpunks.com/ https://foundation.app/ https://opensea.io/

https://marketplace.axieinfinity.com/

https://viv3.com/

https://rarible.com/

https://superrare.com/



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