What is NFT or Non Fungible Token, how it works and how it works (Importance, Disadvantages, History)
NFTs are a type of digital asset or data, whose full name is Non-Fungible Tokens. NFTs are recorded on the blockchain.
NFT is in a lot of discussion since few years, you must have also read and heard in many places, game painting album music etc. is being sold by NFT, NFT is also like cryptocurrency which we can only use or see. and cannot touch. Many people are earning a lot of money from NFTs. The government has no control over NFTs, it is completely based on blockchain and is considered completely secure. So let us know what is NFT, how does NFT work.
What is NFT
NFT was started in the year 2014, the full form of NFT is Non Fungible Token. Its special thing is that it is always unique, so no one can make a copy of it. NFT works like a digital asset in which the value is generated and it cannot be exchanged among themselves. When you register to own an NFT on the blockchain, it is called an NFT.
Importance of NFTs
The use of NFC makes digital assets unique and is owned by only one person, no one can own it from another person, that is, no one can copy it. NFT is the most beneficial for artists, it is through NFT that the uniqueness and ownership of their artwork remains. Artists can monetize their work through NFT. And can receive any type of digital currency.
What is the history of NFT
It was started in 2014. NFT stands for non fungible token. The first NFT was created by Kevin McCoy and Anil Das. It works on Ethereum Blockchain technology.
What makes NFT unique
If any person wants to buy NFT, then he also gets a certificate which is based on the blockchain. NFT Every person has a unique one. Anyone can convert painting video music album game meme etc to NFT. There is a Unicode for every NFT because of this Unicode NFT is secure and no one can copy it.
how to make money with nft
NFT There are many platforms to earn money, out of which the recently launched platform Foundation, Rarible, Wazirx NFT as well as the bitcoin cash platform Ethereum Blockchain Platform for NFT can make money with the help of platforms. Apart from these, there are many popular platforms of NFT, here you have to store your creation, after that when your creation is sold then you get royalty, NFT requires a crypto exchange account like cryptocurrency .
To earn money from NFT, you have to always pay attention to the trending, monetize your creation according to the trending, which will give you more profit.
How NFT and Bitcoin differ
Bitcoin can be exchanged but NFT cannot be exchanged. NFT tokens are unique and cannot be exchanged with anyone. Bitcoin is a digital asset and NFT is a unique digital asset. In NFT the creation is owned.
How is NFT and cryptocurrency different
NFT and crypto currency are both different NFT is a digital asset and cryptocurrency is a digital currency.
Disadvantages of NFTs
Common man can get into any type of scheme due to lack of knowledge. Earning through NFT takes more time and computers working on this technology use more electricity.