What is NFT: NFT is being used for digital art and digitally available things. It has a unique code, which cannot be anyone else’s in the digital world. Some time ago, former Twitter CEO Jack Dorsey auctioned his tweet as NFT (non-fungible token), which was sold for $ 2.4 million i.e. Rs 17 crore.
Often NFTs i.e. non-fungible tokens remain in discussion. Today NFTs remain a good source of earning, from which megastar Amitabh Bachchan has earned crores of rupees. He earned Rs 7.18 crore from the NFT collection, which included tavern copy, signed poster, and a few other things. If you want, you can earn well through NFT, just you have to understand some important things about the NFT, which we can tell you here, so just stay with this post. Now let’s see “What is NET” in detail.
Let’s Know “What is NFT With an Example?”
NFTs are used for digital art and performance in this digital world. , but using NFTs is like giving the original contract to a performer. This is the reason that out of lakhs of copies of the artist’s collage ‘Everydays-The First 5000 Days’ by the name of Bipal, one original copy was sold for Rs 517 crore during an auction. Non fusible can also be called unique. With the help of NFT, Beeple proved his original artwork to be original.
Let’s know with an Example
NFT Example: Suppose you have a note of Rs 100. It can be replaced with any other 100 rupee note, hence it is a fusible asset. On the other hand, if you have a cryptocurrency, then you can also exchange it with another cryptocurrency. But if we talk about non-fungible assets, then these are those digital assets, which cannot be replaced with anything else. Like Jack Dorsey’s first tweet turned out to be NFT, so you can’t replace it with any other tweet. In this way art pieces, music, games, videos etc. are placed in the digital world through blockchain technology in the form of NFTs. It has a unique code, which cannot be anyone else’s in the digital world.
How to Use NFTs?
NFT provides a great platform for any artist and content creator to monetize or sell their valuables arts and products. Meaning now there is no need for any auction house to auction unique and valuable things, you can auction it as NFT. A big advantage of this is that if this NFT is sold elsewhere, then the artist also gets a royalty on it. Just like the sale of any copyrighted song, music, book etc., the author of the book gets a royalty.
How Can Sell NFT For Earn Millions?
NFTs can be sold in many places. Some of these are platforms like OpenSea, Rarible, SuperRare. In order to sell something you own as NFT, you will first need to create a wallet and keep the Ethereum cryptocurrency in it, as most NFT platforms are built on Ethereum. The wallet needs to have some ethereum in it, so that the transaction fees can be paid. After this, whatever you want to sell, you have to put it on the NFT Marketplate, which can have a maximum size of 100 MB. If the maximum price for your NFT is water, then definitely promote it in many places, so that the auction can be done at the maximum price.