What is NFT (Non – Fungible Tokens)

NFT (Non – Fungible Tokens)

Today’s era is all about digital currency, cryptocurrency, blockchain technology, etc. This time people are running toward cryptocurrency other than share market. As we know everybody want to earn more and more, so they have started to deal in cryptocurrency. In India about 10 million users are of cryptocurrency. You were heard about Blockchain Technology. This blockchain technology is one of the secured technology that deals in cryptocurrency. Many new project are making on this Blockchain Technology. 

The Bitcoin, a cryptocurrency uses a technology of Blockchain. Ethereum, another of the famous cryptocurrency has its own Ethereum Blockchain Technology and works on Smart Contract. The Smart Contract means is an agreement or deal between two people that runs on blockchain in the form of digital codes. Smart Contract Project runs on Ethereum Blockchain Technology and the most secured one. The transactions which we made on it can see by anyone. In simple word you can say that it is like as clean as mirror. 

Here, in this article we are explaining you about NFT (Non- Fungible Tokens). The NFT or Non – Fungible Tokens also uses in Smart Contract and runs on Ethereum Blockchain Technology. So if you are interested just read and check out the details that are provided below.

What is NFT?

NFT or the Non – Fungible Tokens is a way to signify anything unique through Smart Contracts on the Ethereum Blockchain Technology. This Non – Fungible Tokens (NFT) are powered by Smart Contract that runs on Ethereum Blockchain Technology. Firstly, you have to understand the meaning of Non-Fungible. Suppose you have something special, a unique thing that others doesn’t have. It means, a thing, any art, and a unique coin that others can buy it. 

Let us explain it with an example. Suppose I have 2 notes of same currency and have same value and distribute it between two persons A and B. This time both A and B have same note with same value. But suppose, on A’s note, Prime Minister of India signed on it and person B want to exchange their note with A’s note, but A doesn’t want to exchange it. Why? Why this happen? Both of them have same note, then what is the problem in exchanging. I will tell you. 

Both A and B have same note with same value. After PM signed on it the value of A’s note increased. So, A have unique note which can be sell in the market with higher value and cost. That’s why, A ignores B exchange offer. This is a Non – Fungible and when it comes in contact with Smart Contract or the Ethereum Blockchain Technology, it becomes NFT, a Non – Fungible Tokens. 

How NFT works?

An NFT or Non – Fungible Tokens works on Ethereum Blockchain. An NFT is created from digital code/ objects that uses the technology of Ethereum Blockchain. An NFT or Non – Fungible Tokens are tokens that can be used to represent ownership of unique items. Items can be any art, any music, any GIF, any image, any entity. Any unique item that is present at Ethereum Blockchain have their only one ownership. Suppose I have a Non-Fungible Tokens at Ethereum Blockchain Technology and I will sell it in 11 thousand dollars. Suppose Amy buy this token from me in 11000 dollars and then Amy sold it 15 thousand dollars to other person. In that condition, I am the owner so I will get 10% of 15000 dollars. In every selling of our NFT or Non Fungible Token, I will get 10% of selling of price. This is the way by which an NFT or Non – Fungible Tokens works.

How can we earn by using NFT (Non – Fungible Tokens)?

We can earn by using NFT simply by trading on Ethereum Blockchain Smart Contract. Suppose you have a unique GIF/ Image/ Music/ any entity and want to convert it in NFT (Non – Fungible Token). For this you have an id on blockchain and Ethereum Blockchain platform. An NFT are computer codes that can be only see on computer, mobile phone. There will be no hardcopy of it. All this will be digital. 

If you want to make your own NFT you have to make an id on any one of the token wallet, i.e. Metamask, WalletConnect, WalletLink, or Fortmatic. When your id is made on any of these token wallet, you will have to login the token wallet through email or id and then click on create collectible and then click on single and then upload your image/ gif/ any music, etc. When an image will be uploaded you have to fill all the details like name, description, number of copies, etc. and then set the price of it and finally upload it.

This is the process of making your own personal NFT. If anyone will buy your NFT or Non – Fungible Tokens you will get an Ethereum coin. The rate you will fixed for it will be in Ethereum. Once you will get your Ethereum transfer it to your crypto exchange like Wazirx, Zebpay, Binance, Coin Switch, etc. and sell it there and transfer your amount in your bank account.

 For more details, ask in comment section.

Important FAQ:

Ques 1. Anyone can buy or sell NFT?

Ans: Yes, anyone can buy it, sell it or even create it.

Ques 2: It is necessary to have bank account for it?

Ans: Yes, it is necessary to have bank account for using NFT.

Ques 3: Can we make an NFT or Non – Fungible Token on Ethereum Smart Contract?

Ans: Yes, you can. It is very process.

Ques 4: Can we earn from Non – Fungible Tokens (NFTs)?

Ans: Yes, you can earn lots and lots from it.

Leave a comment

Your email address will not be published. Required fields are marked *