One of the most popular topics of recent times is NFTs. So, What is NFT Meaning, What is NFT or What NFT mean? It is familiar especially to those who are interested in Digital Art. NFT (Non-Fungible Tokens) literally means unreplaceble unconvertible crypto asset. In other words, an NFT is unique and can’t be replaced with something else. Its purpose is to register digital art works on the internet. With Metaverse, with the future of the internet, the digital art world will come to life even more. In this article, we will focus on this digital assets, NFTs, that is very popular around the world.
You can also learn What is Metaverse?
First of all, if we start with the question of what is NFT, what NFT mean, NFT is any product, video, gif, song, photo or image, tweet, etc. with a certain digital value, which is found on the internet and revealed in the field of digital art. These art products are converted into Non-Fungible Tokens at special NFT markets and registered. So it is recorded as an NFT. Since products registered in this way also have a certain rarity value, NFTs are actually crypto assets that will have important crypto values of today and the future.
Non-Fungible Tokens uses the blockchain (blcok chain) infrastructure like other products in the crypto world. But it differs from cryptocurrencies in very important points. For example, while cryptocurrencies can be changed, NFTs cannot be changed on their behalf. Another feature of NFTs is that they cannot be divided.
Today, many registrations are made in different fields. Non-Fungible Tokens are the registration of works of art in the digital world or products with a certain digital value. Once you have an NFT registration, you can generate revenue from the resale of that NFT. Just like the money received from royalties in everyday life. So, the summary answer to the question of what is NFT is actually: Digital Registration.
We answered the question of what is NFT, and we have learned NFT meaning. Now it’s time to answer How to Sell NFTs? People turn their products, digital artworks as NFTs and present them to those who are interested from various platforms. Sometimes, the new generation of digital art enthusiasts in this world, by only trading NFT without being a producer, have turned the NFT trading business into a kind of commerce. Millions of dollars of NFT are traded every day in this regard in the world. In 2021, the volume of NFT sales totaled $12 billion. This is an awesome level!
Many celebrities have entered the world of NFT. Paris Hilton, Shaquille O’Neal., Justin Roiland. ,Snoop Dogg., Martha Stewart., Quentin Tarantino are some of these celebrities that are in NFT World now. They have sale their NFTs for millions of dolars.
The biggest sellers in the NFT world are the large groups that create specific collections in this field. The best-known and best-selling of these collections is Bored Ape Yacht Club for 2021. These products, which are digital products and have monkeys in different designs, are sold for millions of dollars!
Cryptocurrency and NFT World
NFT trading is done with cryptocurrencies. More precisely, since NFTs are built with Ethereum infrastructure, you need to use Ethereum to sale or buy an NFT. Besides Ethereum, cryptocurrencies such as Flow and Tezos have also created their own infrastructure to support Non-Fungible Tokens .
But for now, the most popular cryptocurrency in the NFT world is Ethereum. You can buy the NFT you like on certain NFT platforms with Ethereum. For this, you need to have a cryptocurrency wallet.
How to Create an NFT?
After the question of what is NFT and learning NFT meaning, perhaps one of the most curious subjects is how to create an NFT? So what we need to do to create an NFT, what we need?
First of all, an Non-Fungible Token is a digital asset that can be created by anyone. You don’t have to be an artist or a blockchain professional for this. You need to decide on the blockchain where you will do this Non-Fungible Token business. The most popular one today is the Ethereum blockchain. When you use this blockchain, you can sell your works on Ethereum compatible NFT trading platforms such as Opensea, Rarible, SuperRare, Viv3.
After you become a member of these NFT platforms, you upload the digital product you want to convert to NFT. After entering the relevant description and the price you requested, you convert it to NFT for a certain price. Of course, this will be a little expensive at first. But you will be able to make this money with the profit you will make from trading. At this point, there is an improtant point that I would like to draw your attention to. During the conversion process to NFT, there may be overloads in the systems at some times. For this, you may not accept the initial price offered to you when you convert to NFT, and when you inquire again, you may see certain decreases in prices. Of course, these decreases will not be too much.
After creating your Non-Fungible Token, you can now wait for your customers. You can see the offers for your product on the NFT platform you have installed. The prices that you have offered can be fixed price or you can sale them by auction.
Frequently Asked Questions About NFT
Where Can I Do NFT Trade?
There are many NFT platforms available for NFT trading. The most popular of these NFT platforms are as follows:
You can create your own NFTs from these platforms, as well as buy and sell other NFTs. So you can be an NFT trader. All you have to do for this is to become a member of these NFT platforms and start NFT trading. These NFT platforms are very easy to use.
Is NFT a Type of Investment?
NFT Market is a realistic market in which there are a lot of NFT creators and traders meet every day. It is a trading market which manages million dolars everyday. It is a market of digital art, cryyptocurrencies and trading together. You can enter this world as an investor. Of course, this is not investment advice. Before this research, it is necessary to do some research that you need to get into good planning.
Do You Have To Be An Artist To Produce NFT?
No way. It is enough to be curious about this subject in order to produce NFT. Of course, if your creativity side is good, you can create better NFTs that can affect people more.
Does NFT Have a Future?
NFT has become one of the most popular digital topics of recent years. Almost everyone, from small investors to companies, from people on the street to celebrities, started to take an interest and invest in this field. People are gradually becoming aware of the Non-Fungible Token world now and they want to get on this train too. And millions of dollars of money are earned and spent every day in this area. All these show that the NFT world will exist in the future and the popularity of this field will increase.
Where Will NFTs Be Used?
As NFTs are digital assets, they will be used both as digital artworks and as a trading material. For example, you will be able to use the NFTs you bought in the metaverse (virtual universe). In a virtual place that you have there, you will be able to exhibit these products. Or as an avatar, you will use these products as a prestige material. If you are on the side that cannot use NFTs, you will trade these digital assets.
With this article we have learned NFT meaning. We tried to answer many questions such as what is NFT, what NFT mean, how to create NFT, how to do NFT trade, and we tried to provide you with a summary of NFT. In the future, we will share important news about this world of digital art, NFT.