First of all, you will need to be aware of what is called the crypto wallet. It is this system that will allow you to make virtual moves in a crypto account. It is through this and using a platform of your choice that you could create, buy and sell NFTs. Despite the many existing tutorials on the subject, the use of NFTs remains a gray area for some. This is why we are going to dissect the subject from top to bottom.
When we talk about NFT, we also often talk about Ethereum. It is a cryptocurrency like Bitcoin. In popular forms of NFT, we have digital artworks, GIFs, videos, tweets, and jpeg images. NFTs are mainly famous because of money. The NFT technology offers creators the opportunity to make a lot of money.
Who created the NFT?
The fungible token (NFT) dates back to 2012. It all started with the “colored coins” proposed by Yoni Assia in an article titled: Bitcoin 2.X. The Satoshi which is the smallest division of Bitcoin becomes a colored coin when we attach identification data to it which characterizes the uniqueness of the digital asset. When the Blockchain became capable of supporting unique digital creations, Ethereum launched Cryptokitties. Users could therefore exchange and sell virtual kittens. The most expensive was $170,000.
Why buy NFTs?
NFTs allow you to authenticate anything you create via the internet. Internet users have therefore used this technology to make money. The advent of NFTs has created a kind of virtual art market trend. It is thanks to this technology that tweets or videos are similar to works of art. Everything that exists in digital can be transformed into nft. In addition, NFT are highly rated because of their unique, original character. Additionally, they are sought after because sellers and buyers can trace the journey of the NFT from its inception and authenticate its originality from the blockchain.
What are the best NFTs?
Everyone is talking about this revolution that is NFT. The Twitter boss' tweet caused a stir for around $3 million. The artist's digital work Beeple has sold for $69 million. To exist, the nft is first "minted" and then "burnt".
Why sell NFTs?
To better understand the value of NFTs, here is an example that can perfectly explain what NFTs stand for. In real life, some collectors buy limited edition products, keep them, and then sell them. This is the case, for example, of a limited edition shoe, a tennis ball signed by the hand of a champion, etc. It's the same with NFTs. These digital artworks are bought and resold for millions of dollars. The point of purchasing an nft is to be able to show up as its owner and use the original NFTs while supporting the creators.
Which platforms for buying and selling?
NFT – Create, buy or sell at your convenience
NFTs are truly an incredible opportunity to make money in digital art because they help fight against copying. The platforms for managing this type of sale are Valuables, Nifty Gateway, Rarible, or OpenSea. NFTs can be purchased using digital currencies such as Ethereum or Wax. Keep in mind that platforms like Nifty Gateway specialize in digital art. The buzz around nft clearly shows a new way of consuming art through cryptography.
Who can create an NFT?
Anyone can create, buy or sell NFTs. It is a title deed that no one can cancel or duplicate, but that everyone can consult. In the field of sports, for example, it's fabulous to see the exploits of the NBA Top shot application. The NBA earns money with percentages of transactions on video content, shareable via NFT. In the field of video games, Ubisoft has launched Rabbids Tokens to donate profits to UNICEF.
NFT: Investing in crypto
Each nft represents a unique digital contract recorded in a secure ledger, the blockchain. This decentralized network offers highly secure storage technology. To be created, an nft must be designed from specialized platforms. The creation of an nft can be between 80 and 100 euros. With the current trend, NFTs can be considered interesting cryptos offering good investment capacity. Investing in crypto requires a good knowledge of cryptocurrencies and a good taste for risk.
How does Ethereum make money?
The main reason for entering cryptocurrency is obviously to make money. To succeed in cryptocurrency, it will be necessary to invest in currencies for the long term. With cryptocurrency, you have a great chance of getting rich. Ether is the cryptocurrency of the Ethereum platform. It can be purchased by investors on several exchanges. This is how the platform receives trading profits. The platform promotes smart contracts that automatically execute once conditions are met. The volatility of cryptocurrencies is also an advantage for crypto platforms.
Understanding Solana
Buy and sell
Only a few sites and platforms allow you to buy NFTs. We can mention among others NBA Topshots or Valuables. Token-fungible technology inspires a lot of trusts. By purchasing an nft, you are sure to own the original file. Selling an nft can bring in several thousand dollars or euros.
To help you understand Solana, let's first try to define what it is. Solana is an Ethereum competitor that saw its price explode in 2021. Solana enjoys the unwavering support of public figures like the entrepreneur Bankman-Fried. The Solana project is therefore a crypto platform, an open-source blockchain project. Solana is a fairly profitable blockchain with over 60,000 transactions per second. The Solana crypto can be stored on a physical cryptocurrency wallet: a secure solution for storing and backing up your SOL tokens.
The certificate of authenticity
An nft contains the authenticity of the property, its origin, and also the history of its sale. NFTs are very secure because sales are secured through the Blockchain. In reality, everything that is unique and digitally storable is brought to appreciation via the blockchain. It makes the nft exciting, that's what makes it special. The non-fungible nature of tokens is simply unique. The data that passes through the blockchain is secured by a global and decentralized system. This is what limits the risk of hacking.
How to buy a token?
Utility tokens are tokens that provide certain access. They are created by a specific blockchain like Ethereum. Security tokens grant their holders a fraction of the ownership of the project. Still called asset tokens, asset tokens are backed by currencies such as gold or oil. Reward tokens are used on specific platforms. They are not purchased but rather collected in the form of rewards. Joke coins can be sent and even exchanged for fiat currency. Binance is the platform par excellence for the purchase of tokens. It's fast and secure. Coinhouse is also a reliable platform for buying tokens from the euro. It is also secure and the percentage is affordable.
Nft and bitcoin: differences
NFTs are of course non-fungible. They are also not interchangeable. In contrast, Bitcoin and other tokens of its kind are the opposite. They are fungible by nature. It is important to understand the difference between these two elements involved in the world of cryptocurrency. NFTs are quite popular because of their multiple possibilities of use. The recent crises linked to COVID19 have reinforced the popularity of cryptocurrencies and especially NFTs.
What to buy with NFTs?
NFT – The art associated with the blockchain
Something unique can potentially become an nft. A person who owns this token for a work of art or other becomes its exclusive owner and only he can decide to sell it. NFTs are like the digital version of collectibles. It's worth gold when it's original and unique. NFTs are assets that support the development of blockchain exchanges. Investors should keep in mind that there is a possibility of choosing the best nft. This is possible by ensuring that the transaction is reliable and secure. We must also not forget to understand everything that relates to the value of the asset. It is essential to do research before buying an nft. And if you're not sure yet, let time develop things around you.
Example of a digital work sold in NFT
NFTs attract the interest of many capable people and investors. This is the case with the bosses of Twitter and Tesla. NFTs broke a considerable record in the first quarter of 2021. NFTs technology makes it possible to create something unique in this digital world dominated by copying and sharing. Many digital works have been sold in NFT. These include in particular:
- The digital work of the musician Beeple sold for 69 million dollars.
- Digital works by Canadian musician Grimes are for sale on Nifty Gateway. The "Death of the Old" video sold for $389,000. The complete WarNymph collection sold for $5.8 million.
- Nyan cat meme sold for $500,000
Collectors are ready to pay high prices for certain works and thus show what they possess. The NFTs is quite simply a new art market.
Impact of NFTs on the real economy
The world has witnessed attempts to connect NFTs to real physical objects. This is the case for example of CryptoKitties from Nike. The objective was to verify the authenticity of the pair of shoes. Since collectors collect limited edition shoes, the Nike brand has been strong. It has implemented a blockchain-based system to link digital assets to a physical product. Fast food brand Taco Bell also made a big impact with its taco GIF for example.
The growth of NFTs is a real revolution that is impacting the art and collecting markets.
What can we remember?
In conclusion, NFTs have a very promising future. They are just as useful if you are artists or creators, but also if you are investors. NFTs are incredible ways to make money in the cryptocurrency universe. In 2020, NFTs already represented 207 million euros, and this figure continues to increase. Now that you know everything about NFTs, do not hesitate to go to the platforms indicated to buy and sell NFTs.
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