Blockchain technology has grown so much within the past few years. Recently NFT in crypto is becoming popular due to its grown awareness by various celebrities. NFT means Non-Fungible Tokens, and it’s basically a unique asset. NFT is the digital token equivalent of an asset. Non-Fungible means it is unique, indivisible, and cannot be replaced. So one asset can have only one unique mapped NFT to represent that asset. i.e the Mona Lisa painting is unique and hence it can have its own unique Non-Fungible token (NFT). NFTs can be created using existing blockchain technology platforms such as Ethereum, Polkadot, Solana, etc. So the blockchain technology keeps it secure and safe.
NFT can represent a celebrity, an art, a piece of land, etc. So, if I own the NFT of art that means that art is owned by me. If NFT in crypto represents a celebrity then the value of NFT can represent the value of the celebrity. If the value of NFT of an actor is high, it means the actor is more popular and if the value of NFT is low that means the actor is less popular. So the fan of an actor can buy his NFT token to increase the popularity of the actor. This means if an actor has more fans, then more persons will buy his NFT token, and hence the value of NFT will increase to increase the popularity of the actor.
NFT in cryptocurrency can represent a piece of land (NFT token can be considered as the certificate of an asset ). So, if I own the NFT of a particular land, it means I physically own that piece of land. So by transferring the NFT via smart contract to another person, we can transfer the property such as land to another person. This can solve the future of buying and selling property such as land, house, etc by creating Non-Fungible Tokens for each asset.
At present time, if we want to buy land, we need to go to various central authorities to finalize the deal. We have to follow the lots of documentation before transferring the property. This consumes a lot of time as well as effort. This problem can be solved by blockchain technology and decentralization. Simply we can transfer the NFT of a piece of land to another person without involving any central authority, which means no paperwork because there is no central authority in blockchain (Blockchain is decentralized). NFT holder of a particular land tells that he physically owns that piece of land.
Like other digital assets, we can buy and sell NFTs in NFT Market Places such as Opensea, Rarible, Nifty Gateway, Enjin Marketpalce, Ethernity Marketplace, Superrare, Axieinfinity, Foundation App, Sorare, Decentraland, etc. Hence on price action, the value of NFT can go up and down. So, if the NFT value of a piece of land increases that means the value of that piece of land has increased and it is more costly now.
NFT has a bright future and endless possibilities because of its huge application to the real world. We can create NFTs of any asset, person, place, music, property, data, etc. By creating the NFT of a particular art, we confirm that the art is unique and its value is equivalent to the value of its NFT. Transfer of cryptocurrencies are secure via blockchain technology and hence it increases the security to transfer digital assets i.e NFT of an artist. So, blockchain technology can be used to decrease the fraud in the properties or transfer of assets to one person from another.
NFTs are becoming popular in the gaming industry. We can create NFTs for any asset in a game and we can reward the participants by awarding a variety of the NFTs in that particular game. So one can earn some money by playing the games in the blockchain ecosystem. When you buy NFTs, you become the legal owner of the art, music, videos representing that NFT.
List of best NFT Marketplace:
We can buy and sell NFTs in the NFT marketplace. We have listed some of the most popular NFT marketplace to trade NFTs. These marketplaces may allow you to create your own NFTs for your arts, music, videos, etc and you can earn money by selling them in the marketplace. Learn about these NFT marketplaces by visiting the websites listed below.
- Opensea
- Rarible
- Nifty Gateway
- Enjin Marketpalce
- Ethernity Marketplace
- Superrare, Axieinfinity
- Foundation App
- Sorare
- Decentraland
- Atomic Market
- Known Origin
- Mintable
- NBA TOP SHOTS
- Buy & Sell Tweets
- Musician Marketplace
NFT marketplace has already proved that anything can be sold through its equivalent digital asset called its NFT in crypto. That is all for this post title: what is NFT?. Most Famous NFT marketplace and the idea behind creating the NFTs. Hope you have enjoyed the post. Drop your comment for positive feedback and reach out to us for any queries or suggestions.
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