What is NFT or Non Fungible Token, how it works and how it works (Importance, Disadvantages, History,)

Nowadays people are doing every work through internet from their mobiles and laptops. Like someone has to pay money, pay bills, book a car, hotel or ticket, order food etc. Apart from all these things, nowadays people have also made mobile and laptop the means of earning their money. Yes, in today’s time people earn money through digital marketing. This is also going on in trend these days, and even people are leaving their jobs and earning in this business not only in lakhs but also in crores. Let us in this article give you information about what is digital marketing and how people are making their career in it.

NFT Full form, quick view

• Full Name:- Non Fungible Token
• When did it start from the year:- 2014?
• Who sold the first NFT by:- Kevin McCoy and Anil Das
• Purpose:- NFTs act like digital assets from which to generate value
• The special thing is:- NFTs are always unique

What is NFT?

NFT stands for Non Fungible Token. It has started from the year 2014. Whenever something is digitally present on the Internet, it is possible that its copy or copy is also present on the Internet. But there is a special feature of NFTs. NFTs are always unique. A unique ID code is attached to them. If a person says that he has NFT, it means that he has a unique digital work which no one else in the world has. These NFTs act like digital assets from which value is generated. It cannot be exchanged between two people. Each token associated with it is unique. If you understand NFT in common language, then when you register for the ownership of an artwork on the block chain, then it is called NFT.

Importance of NFTs

Friends, who does not like ownership over their assets or creations. Ownership makes your creations unique and no one else can attribute or copy them. If this facility is available in the blockchain or digital world too, then who will avoid it? The use of NFTs makes digital assets unique and can be owned by only one person. NFTs are nothing short of a great help to the artists. The uniqueness and ownership of his artwork is always protected through NFTs. Apart from this, the thing to note is that artists can also monetize their work through NFT. It is up to the person selling NFTs in which type of currency he wants the payment.

What is the history of NFT?

• The existence of NFT i.e. Non Fungible Token first came in May 2014.
• The first NFT was created by Kevin McCoy and Anil Das.
• It works on the principle based on Ethereum blockchain technology.

What makes NFT unique?

Let me tell you that two NFTs can never match. When any person buys NFT, he also gets a certificate which is linked to the blockchain technology. Anyone can convert their creations involving memes, paintings, videos, music albums, games, etc. to NFTs. Due to the unique ID code, fraudulent activities related to NFT cannot be done.

How to earn money from NFT?

• There are many popular platforms to earn money from NFTs. Here you have to store your creations. After this, when your creation sale happens, then you will get royalty.
• Earnings can be done with the help of platforms like bitcoin cash platform, ethereum blockchain platform for NFT. Money can also be earned with the help of recently launched platforms such as Foundation, Rarible, Wazirx NFT etc.
• Block chain technology helps in minting. You have to pay some fees for minting here. A crypto exchange account is required to perform this step.
• There are many platforms available to create a crypto exchange account where the account verification takes place after providing KYC and other details.
• A wallet will be required after verification. This wallet is Trust Wallet or Meta Mask Wallet. There is some amount in this wallet.
• When you are connected to the ethereum platform, you have to digitally sign to get ownership rights on your creation.
• To earn money from NFTs, it is important to keep one thing in mind that when you think of monetizing your creations, keep in mind what art or thing is trending at that time. Creating creations keeping in mind the trends increases the chances of monetization and you get benefit from it.

How are NFTs and Bitcoin different?

Two bitcoins can be exchanged as they will cost the same, whereas this cannot happen in the case of NFTs. The token associated with NFT is unique. Two NFTs cannot be exchanged with each other. It can be said that if bitcoin is a digital asset then NFT is a unique digital asset. In NFTs the creation or ownership of the asset can be established.

How are NFTs and Cryptocurrencies different?

There is a difference between NFT and crypto currency. Let us tell you that while NFTs can be seen as digital assets, crypto currency is a digital currency. This type of currency is used for payment related purposes whereas NFT is made with the idea of ​​getting product ownership to someone.

Why is NFT in the news?

NFT may have started in 2014, but nowadays it remains a topic of discussion. Let us tell you some such examples related to NFT which have brought NFT to limelight:
• Digital artist Michael Winkleman sold one of his NFTs for $69.3 million.
• Former Twitter CEO Jack Dorsey’s first tweet was sold as NFT for $2.9 million.
• A cartridge belonging to the video game Super Mario was sold for 11.58 million.
• A mime that came in the year 2015 was sold for Rs 38 lakh.

NFT in India

Talking about the popularity of NFT in India, then slowly it is attracting the attention of Indians. For example, Indian-origin citizen Vignesh Sundaresan runs a business related to block chain technology and bought a painting by digital artist Michael Winkleman for $69.3 million. Film actor Amitabh Bachchan is also believed to be set to launch NFTs. . It has been told that posters with Amitabh’s autograph will be included in his NFT. Apart from these, actor Salman Khan, cricketer Dinesh Karthik have also taken the initiative to make NFTs. There is also news that the first company to take NFT to the public in India will become a crypto exchange.

Disadvantages of NFT

Ordinary people can also fall prey to any fraud or scam due to lack of information.
One may also have to wait for a long time to earn through NFTs.
Computers working on this technology use a lot of electricity, which can have a negative effect on the environment.

FAQs

What is the full form of NFT?
non fusible token

When did NFT start?
2014

Who sold the first NFT?
By Kevin McCoy and Anil Das.

Is NFT different from bitcoin?
Yes.

Is NFT Different From Cryptocurrency?
Yes.