NFTs are one of the best technology revolutions, This article tells you about What is NFT, How you can earn money with NFT, Ways to make money by selling NFT, How to buy NFT, NFT Concept explained, and a lot more. You can have a glimpse at the Table of Contents.
Table of Contents
- What is the meaning of NFTs?
- What is the Meaning of Token?
- Blockchain explained in an easy way
- Token Explained in an easy way
- How is Blockchain related to NFT?
- Make Money by Selling NFTs.
- Do not forget to read this!
What is the meaning of NFTs?
Friends, If you are actively involved on Social Media Platforms, you might have heard about something called NFTs. The word NFT Stands for two words- Non Fungible and Tokens. If we express the term Non-Fungible, we can also say it as “Non-Replaceable”.
If we take an example of the book “Rich Dad Poor Dad”, we can buy it in 100s from amazon and the same from offline book stores but there will be no difference in both books. Hence This Book is Replaceable.
Now If I bought a Rich Dad Poor Dad book from Amazon and have done some research work on the same by highlighting some of the points then the copy of my book becomes unique and This will be the only type of copy in the world. You cannot buy this copy anywhere else. This becomes non Fungible as No one can get a copy of the book in which I Have done some research and highlighted points.
I hope now You have got an idea of how a thing like of CD, Car, Bike, and anything can become Non-Fungible by having one of its unique qualities.
What is the Meaning of Token?
Let’s move to the next part of the article in this I will tell you about the concept of Token. Tokens are riding on the concept of Blockchain. Now you will be wondering what is Blockchain so here you go,
Blockchain explained in an easy way
Let us Assume that I buy a book from you for 100 and I will scan your UPI code by entering your PIN. Now Bank checks that if I am having 100 Bucks in my bank when the bank verifies that I have then it approves the transaction. This is happening at a Bank Level and Bank records every transaction, This is known as the Centralized Way Of Banking. Money is unlimited for the Government.
In this case, the truth is that value of your money can be decreased because a lot of money can be increased or if we take the example of the Demonetization that happened in India in 2016 in which the note or currency itself is disregarded and overnight Prime Minister announced to Demonetization. This is called Centralization in which one person is founding the rules and regulations but it is also not good because that person has also a lot of power. It can not be only one person, it can be a collective group of persons or an organization.
Satoshi Nakamoto 2009, said that We can make this whole world decentralized. In decentralization, if we make a transaction that should be in the public record. The whole concept is regarded as blockchain.
Token Explained in an easy way
The token is the name of the currency in the world of Blockchain. If I give you 100 Tokens then someone will check if I am having 100 tokens already or not. That someone will not be only one person or one institution as that was in the case of Centralization, It will be the entire world. Millions of computers across the world will check if I am having 100 tokens or not, If a Transaction is declined that will also be recorded, and if it is approved then also it will be recorded. The good fact about blockchain is that no one can ever edit or remove the record of transactions that happened on Blockchain.
How is Blockchain related to NFT?
Let’s take the example of my “Rich Dad Poor Dad” Book from which I have researched and highlighted a lot of points. If I want to sell this book and you want to buy it for 1000Rs. Then There should be a way to prove that you want to buy it. Now You will have to prove the ownership of that product which will be a unique piece or NFT. Yes as we discussed that unique piece is the Non-Fungible Token.
Ownership of Digital Products
The ownership of that unique piece will be proved by NFT. NFTs are the trusted way of transferring the ownership of digital or physical products. The ownership will be always on the record, it can never be edited or removed from the record.
Now you will be thinking that how rubbish it is, You can download a pdf of my ebook if it is leaked somewhere as you do for other books. Here you are long for example the Orignal PDF of my own edited eBook – Rich Dad or Poor Dad is available which I will be selling to you. If you will buy it from me then no one will be able to buy the original item.
Make Money by Selling NFTs.
If you want to make money by selling NFTs, then you are at the perfect place to learn all about Them. We have penned a whole article on the same which is of 5 Minutes Read. So Take a Notebook along with you to make your own notes from our article. Become NFT Artist and Make Money in Metaverse in 2022 | Make Money with NFTs
If you still think you should ride this NFT Wave or Not. According to our perspective, it is still early. If you still want to try something unique technology and a new world then you should definitely experience this completely new form of technology.
You will feel the same as the other users felt when they experienced the Internet for the first time. You should buy a cheap NFT or if you are a digital artist then you should try selling NFT not for money but experience a new world.