Getting Started with NFTs
What are NFTs?
NFT stands for a non-fungible token, which represents unique, irreplaceable assets that live on the blockchain. In-game assets, digital art, and collectible-related projects are the most prominent NFT use cases today. In contrast, fungible assets have units that are interchangeable with one another, such as bitcoin or the dollar bill.
What you need to know
NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated.
NFTs can be used to represent real-world items like artwork and real-estate.
"Tokenizing" these real-world tangible assets allows them to be bought, sold, and traded more efficiently while reducing the probability of fraud.
NFTs can also be used to represent individuals' identities, property rights, and more.
Non-fungible tokens are an evolution over the relatively simple concept of cryptocurrencies. Modern finance systems consist of sophisticated trading and loan systems for different asset types, ranging from real estate to lending contracts to artwork. By enabling digital representations of physical assets, NFTs are a step forward in the reinvention of this infrastructure.
To be sure, the idea of digital representations of physical assets is not novel nor is the use of unique identification. However, when these concepts are combined with the benefits of a tamper-resistant blockchain of smart contracts, then they become a potent force for change.
How to sell NFTs?
NFTs are also sold on marketplaces and the process can vary from platform to platform. You'll essentially upload your content to a marketplace then follow the instructions to turn it into an NFT. You'll be able to include specifics such as a description of the work and suggested pricing. Most NFTs are purchased using ethereum but can also be bought with other ERC-20 tokens such as WAX and Flow.
Anyone can create an NFT. All that's needed is a digital wallet, a small purchase of ethereum and a connection to an NFT marketplace where you'll be able to upload and turn the content into an NFT or crypto art. In short, you can use crypto.com to create or sell your NFTs.