What are NFTs

You always hear around you, on the news, on the internet, and at work about NFTs, you searched about them, but still do not understand what it means. So, in today’s article, we will clarify this issue for you once and for all. We will capture the idea of what NFT’s are, what are they used, and how you can transform your work into an NFT.

What are NFTs?

NFT is short for NON-FUNGIBLE TOKEN. And how does this help you understand? It doesn’t.

Let’s take it to step by step with an example. We have the word FUNGIBLE, which essentially means that something can be convertible, like money. If you have $20 you can change for two of $10, without losing the value of the money. So, the fungible assets are things as gold, shares in a company, and yes, cryptocurrency. They can have an infinite supply and be used for payments or storage.

On the other hand, a non-fungible asset is something that cannot be changed. It can be a painting or a house. But what if they are replicated and sold? Well, NFTs are a compound of units of data that are stored on a blockchain digital record, that is as a certificate of authenticity, so in the case of copies, you will be certain that is not the same value as the original.

These being said, NFTs can never be changed, be modified, or stolen, due to the assumption of cryptography, which makes the blockchain a unique system.

What are they used for?

A very common question that you all have in mind. There are various categories that NFTs can be used for, such as tickets, fashion, art, or gaming. Some tickets to concerts or different events can be supplied as non-fungible tokens and you are able to make an exchange for it. In the fashion industry, on the other hand, the goods are issued as NFTs, so it has a record on the exchange, to beat the problems with counterfeit goods. It’s the same for the art and gaming industry.

How can I transform my work into an NFT?

If you are a fashion designer, a digital artist, or an event planner, you can make NFTs work for you. There are several platforms that can help you with this choice and it’s simpler than you could imagine. As we said, NFTs are based on particular blockchain technology, such as the Ethereum blockchain. You need to create a crypto wallet, for people to buy your NFTs and complete the exchange. And the last thing you need to do is to sign up on a Marketplace for NFTs, so you can add there your products for people to see and exchange; there are also Ethereum based platforms that you can use.

To conclude, we hope you understood what NFTs are and how they work, and why not get in the business with this information. Of course, now there is a huge interest in this area and a lot of benefits, but can still be tricky, facing a lot of challenges on the way. If this idea has caught up your interest, you can take up a course that can introduce you to this new field, and why not, use it to your advantage. We fancy that our soon-to-be Marketplace, Genius Assets, will please you and hope that we will meet you there, as an investor or a partner in future projects.