Owning an NFT-Everything You Need To Know


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How Do You Own an NFT?

Are you asking about owning an NFT?, Right. There is a lot of super strange stuff going on the internet right now and I need to tell you about it. Let’s first look at this tweet. The first tweet ever tweeted in the history of Twitter. The tweet was by Jack Dorsey one of the co-founders of Twitter and his tweet was purchased for only $2,915,835.47. Sounds hilarious right?

Owning an NFT

It is not just a tweet. In recent days, we’ve seen the NBA selling little moments of basketball games for hundreds of thousands of dollars. If your question is, why should you pay for NFT and you can just look at it for free, then you need to sit your ass down and read this article.

WTF is NFT? WHAT DOES NFT STAND FOR?

Non-fungible token

WHAT EXACTLY IS AN NFT?

Non-fungible tokens are cryptographic assets on a blockchain with unique identification codes and information that separate them from one another and prevent them from being randomly exchanged with another. They cannot be swapped for equivalent, unlike cryptocurrencies.

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It doesn’t seem clear.

Right, let us understand all these terminologies.

What does non-fungible mean?

It means something which is unique and cannot be exchanged for anything else. 

Let us use the word replaceable in place of fungible for easy understanding. These come out as non-replaceable tokens.

Fungibility refers to an asset’s capacity to be interchanged with other assets of the same kind.

What the hell is cryptography?

Cryptography is the science and practice of securely transmitting encrypted communications between two or more people. It enables safe, pseudonymous, and “trustless” digital currency transactions without the need for middlemen like banks.

What is a Blockchain?

blockchain

Blockchain is a digital ledger of decentralized data that is securely shared.

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It doesn’t make it clearer?

I got you. By far the most prevalent expression of NFTs nowadays is digital art.

A clear example of an NFT is a work of art, such as the Mona Lisa. While Leonardo Da Vinci is renowned for countless works of art, the Mona Lisa is unique. While one dogecoin may be exchanged for another, one Mona Lisa cannot be exchanged for another Mona Lisa. There are several copies – computerized versions – but only one original.

An NFT establishes an irreversible record of ownership that cannot be tampered with.

How Are NFTs Created?

They are very easy to build, in comparison to cryptocurrencies and blockchains.

At the moment, marketplaces like as OpenSea, Rarible, and Mintable enable users to freely develop NFTs without requiring any programming experience.

Minting NFT is the process of converting a digital file to a collectible cryptocurrency or digital asset on the Ethereum blockchain. The digital object or file is permanently saved in this decentralized database or distributed ledger and cannot be edited, modified, or deleted.

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After you’ve chosen a platform and before you begin minting NFTs, you’ll need a digital wallet or an Ethereum wallet.

Metamask, Trust Wallet, Coinbase Wallet, and Rainbow are the most popular digital wallets.

When you establish a wallet, it produces a “seed phrase,” which is a 12-word string that enables you to access your assets in the event that you lose or forget your wallet password.

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How do I buy or trade NFTs?

The first thing you need to know is that NFTs can only be bought with cryptocurrency.

You will also need a cryptocurrency wallet (Metamask, Trust Wallet, or Coinbase Wallet). Then, you add some Ether (ETH) to your wallet.

Find the NFT you want, bid on it, and win the auction. The token will be sent to your wallet right away!

Hurray! Now, you can own your digital items in the way that you like and want.

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