What are non-fungible NFT tokens and how do you earn from them?

What are non fungible NFT tokens and how do you earn.webp

What is NFT
Surely you have heard of the term NFT or non-fungible tokens and have found a lot of digital images that are being sold for millions of dollars. What is the meaning of NFT? And what makes these images of such material value? We also learned in previous articles about some of the technical concepts associated with digital currencies, cloud mining, blockchain technology, and cloud computing. In this article, God willing, we will look at the meaning of a non-replaceable NFT token and what is its use? What are the best NFT platforms to rely on to generate non-fungible token?

What is NFT?

NFT is an acronym for Non-Fungible Token or Non-Fungible Token. Briefly; Irreplaceable tokens are unique digital objects (they don’t have a physical existence) that hold special value for several reasons which we will discuss later. These symbols cannot be replaced by other symbols, because each symbol carries a unique value in itself that no other symbol has. For this; These symbols are expressed as Non-Fungible, meaning they are not replaceable.

– Each digital code carries with it a set of metadata that documents the information about the code and its owner. This data makes token rigging not possible, because that data is recorded on Blockchain, which is a huge decentralized ledger; It contains all the transactions that took place on a particular network, and it is almost impossible for someone to succeed in modifying a particular transaction that was previously recorded on the blockchain.

What is the significance of NFT

– When I see a post on a social media site that a non-fungible token has been sold for a huge amount of money, I wonder at the commenters on those posts who don’t understand how rich people spend their money; Rather, they simply declare that they are “money laundering” operations! Let’s find out together from where the non-fungible tokens gain their value?

1- Momentum of beginnings

Non-fungible token NFT

– It is known that new things and technologies in their infancy receive great interest and acceptance, before the influence of the beginnings begins to recede; And the interest in this technology turns to the appropriate level according to the benefit it provides.

– note from graph Above that sales of non-fungible tokens are taking a downward trend; This indicates a naturally low interest in this technology, given the current poor economic situation globally.

2- Rarity

– As mentioned earlier; Non-fungible NFTs are rare in number as well as unique in themselves. You cannot find more than one copy of NFT being sold. This feature makes those interested in unique collectibles buy these tokens.

– This feature is not limited to digital codes, but you will find it in old postage stamps that sell for millions of dollars, although they do not contain any material value, but they gained their value from their rarity. On the contrary; Digital tokens have no physical existence, and all their uses are done digitally through smart contracts and registration on the blockchain.

4- bragging

Profit from NFT

There are a lot of people who buy expensive products just to be proud of them. This is the case with non-replaceable tokens. Simply posting a digital photo from a popular group of NFTs like the Bored Ape Yacht Club as their Twitter or Instagram profile picture is reason enough for some to spend hundreds of thousands of dollars.

A famous example is a purchase or tweet posted on Twitter as a non-fungible token for $2.9 million.

4- Reliability

The token is not exchangeable, it is registered in a blockchain such as the Ethereum, Polygon, or others. As mentioned, recording the transaction on the blockchain means that it cannot be forged afterwards. Thus, the buyer guarantees that he will remain the owner of this asset unless he decides to sell it, so that the ownership will pass to another person.

It should also be noted that non-fungible tokens can be stolen. They are like digital currencies; Assets that can be transferred from one wallet to another. Subsequently; If someone succeeds in hacking into a wallet containing NFT they can steal its content.

5- Profit

There are a lot of people who buy digital tokens in order to profit from them by reselling them. Marketing plays an important role at that point. If a celebrity acquires an NFT from a particular set of tokens, this increases the value of all the tokens in the set. In this way, the NFT can be profited by reselling it.

– This point can be checked by reviewing the history of any NFT from a famous group such as the Azuki group for example, to see the records of each token’s sale and the price, and we will most likely notice that the price of the current token is higher compared to its price from months ago.

Best NFT Website

NFT photo selling website

We will now talk about the best NFTs platforms that can be used in order to buy or sell NFTs easily. These platforms can also be relied on to get ideas and know the most types of digital tokens being sold, collect industry statistics and a lot of other features.

1- OpenSea site

OpenSea is the most popular NFT site ever, and is home to the most popular non-fungible token set. Registration on the site is completely free. The site is considered one of the oldest sites in the field, as it was established in 2017, and includes more than 2 million combinations and more than 80 million non-replaceable codes.

The site is distinguished by its support for the creation of a non-fungible token on more than one network such as the Ethereum network with a fee, or you can use the Polygon Blockchain to generate a non-fungible token for free.

2- Rarible website

Rarible is also one of the most popular NFTs platform that can be used, and it has a lot of popular digital token collections like CryptoPunks – Azuki and others. The site mainly supports the Ethereum blockchain; In addition to some other networks such as Flow – Tezos and others.

– The platform can also be used by creating a digital wallet such as Trustwallet Or Metamask, you will then link the wallet to the site, and you will then be able to make transactions on the platform.

3- SuperRare site

– The last site with us on this list is SuperRare, which is also a great NFT site that can be relied upon to generate and sell non-fungible tokens with ease. The site supports NFT digital images as well as videos, and can also offer 3D designs for sale. The site provides a lot of features for those interested in the field, but it is less known than the previous two sites.

Create a non-replaceable code

– After we know the meaning of the non-fungible token NFT and what is its importance? Where do physical symbols gain their value? And what are the best NFTs platforms to use? You can now get started in the field, create a non-fungible token and offer it for sale.

– Selling NFT is not complicated; Even if you don’t have any experience in the field. You can also create and sell a completely free NFT without paying any fees by using the method in the video above in which I explained how to create and sell a completely free non-fungible token through the most popular NFT site OpenSea.

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