Lately, NFTs has been the main topic that gained popularity by many famous blog sites,social medias and cryptocurrency communities. NFTs also gives puzzlements, questions and hope for the digital artists to make values on their artworks using the power of cryptocurrencies. If you haven't already read the article Beeple NFT Artwork Sells for $6.6 M wherein the Digital Artist 'Beeple' with a original name of Mike Winkelmann sold his artwork for the higher price. So how that artwork sold for $6.6M? What's with that artwork? Is that artwork special? well I'm gonna explain to you what exactly NFTs are and reasons why they can sold for a million dollars.
The word NFTs got my attention when noise.cash noise about the website where you can buy and sell NFTs using Bitcoin Cash. I found that most of the people who commented asking what are NFTs are? I think NFTs makes them questioned and confused. Well we can't blame them due to the fact that even my curiosities got triggered by this thing. I have make research about it and found interesting articles and of course some of them aren't clear. So, I want to share my own explanation too hoping that this will gives you some knowledge about NFTs in a simple way.
What are NFTs?
According to Gadget 360, NFT or Non-Fungible Tokens are cryptocurrency assets that represent a wide range of unique items, both physical and virtual like real estate or digital art.
I know this description isn't clear for your. Don't worry , I'm gonna give some simple explanations how you can understand it easily without checking your dictionaries. First, we have to differentiate Non-Fungible and Fungible since they have connection to each other.Fungible and non-fungible assets can be in a form of digital or in physical.
Fungible assets examples are gold, money, bitcoin and or other cryptocurrencies. So what makes them fungible? Fungible are able to exchange and or substitute. For instance, let's say if you are going to buy a diamond ring with a price of $6,000. And if you sell it again , you are going to sell it too with the same price as you bought it. Even they are different but their value is the same.Check the the photo below for easy understanding.
Now let's defined the non-fungible one. Non-fungible has no exact equivalent value and they are unique. You can't exchange it to the other assets with the same price unlike fungible.These tokens are created intended for one person or a company only. If you are familiar about 'Monalisa' famous painting, this is the best example of a Non-fungible Token(NFT).
How Does NFTs Makes Special? How To Make NFTs?
NFTs are can be in a form of art series, videos, memes and even tweets, musics, video game skins and collectibles.Basically, every individual can make their own NFTs that can be sold expensively.
If you already knew about the Nyan Cat GIF, you cannot believe that this simple work can be sold for 300.00 ETH or $548,493.00 in an online auction.Check the photo of the artwork below.
Now look at this simple GIF. Maybe you are wondered why its too expensive and how this can sold for that huge amount of Ethereum. This GIF can easily copied(just like what I've did) and you can downloaded it in every part of the internet. Well, all you have downloaded was the copy of it. The people who bought has the original copy and already named to him with the help of blockchain. This NFT was authenticated by Blockchain technology with encrypted images/videos or a digital signature to serve an assurance that the copy is original.
Where To Buy and Sell NFTs?
There are a lot of marketplace where you can buy and sell NFTs like Superrare, Decentraland, Gateway,OpenSea , Juungle many more.
FINAL THOUGHT
So, can we get rich creating NFTs?
Answer can be yes or no for some reasons. If you are going to check those marketplace of NFTs, they seems like "effortless" kind of artworks to be honest and I think that some of their owners are venturing to earn big with NFTs but the thing isn't simple as that.
"Popularities Is Always Matter In Able To Sell Your NFTs."
We can easily doing artworks. We have the tools that even our phones has the capabilities to make them. But the question is "Are we popular?"
If you compare 'Beeple' the owner of CROSSWORD and Chris Torres the owner of Nyan Cat. Their artworks are popular enough to make it as NFT and worth to buy. I think beginners like us can't earn huge amount of buck selling NFTs for the first time.
Thank you for reading
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Thanks..now i understood it.. where are you submitting your work to become an nft?