NFTs are a new concept. A few years back no one had thought that they could sell digital art for such a high price. With the covid wave in 2021, the NFTs saw a sharp spike in sales and popularity. In this post, we will discuss what is an NFT for dummies.
NFTs have been very successful since their launch. They changed the way people used to think about earning profit. The artists were the most affected ones. Now artists and 3D designers had a platform where they could show their skills and work to the world. With the use of NFTs, they were no longer dependent on anyone to sell their work.
We will be discussing more on what is an NFT for Dummies. We will be giving a brief overview of NFTs and how they work. How can you earn profit from these NFTs? So, without wasting any more time, let’s start.
What Is An NFT For Dummies?
You can think of NFTs as something that can turn any ordinary thing into something extraordinary. The NFT stands for Nonfungible tokens. That means that once the NFTs are minted by someone they cannot be stolen or taken by anyone. No two NFTs are alike. It is similar to mint a coin. Most of the NFT deals in cryptos. You can sell or purchase NFT using the cryptos.
If you are an artist and you have created something that is unique then you can turn that into an NFT and then sell that art in cryptos. You can sell each NFT for thousands of dollars. Not just this, if the NFT that you have sold was resold, then you will get loyalty on each purchase. This means that NFTs will be your assets that will keep paying you even after you have sold them.
Related: How To Check NFT Rank | Get To Know Where Your NFT Ranks?
How To Get Started With NFTs?
If you are also interested in joining the NFT world, then here is how to get started with NFTs. you will need two things to get started.
Digital wallet:
Digital wallets like MetaMask. You have signed up for this wallet. This will help you to make transactions and store NFTs.
Cryptos:
Cryptos are the currencies necessary to purchase NFTs. you will need cryptos if you are selling NFTs. You have to pay the gas fees. You have to purchase cryptos and then add them to your wallet.
Top Ten NFT Marketplaces:
NFT marketplaces have a lot of importance in selling and buying NFTs. It is always recommended to buy and sell NFT from legit websites only. There are alot of spam going on as well. Here are the top ten marketplaces.
- OpenSea
- Axie Marketplace
- CryptoPunk marketplace
- NBA top shot
- SuperRare
- Rarible
- Alcor
- Binance NFT Marketplace
- Crypto.com NFT
- Foundation
What Can Be Turned Into NFTs?
Now that you know what are the requirements for NFTs, you might think about what can be tuned into NFTs. NFTs can be anything from tickets to paintings. Anything can be turned into NFTs. It can be a physical thing or a digital thing. Here are the NFT use cases.
Art:
If you are an artist, then you can turn your art into NFTs. It can be physical art or digital art. Popular art NFTs are 3D NFTs that are designed digitally and they are moving as well.
Collectibles:
Collectibles include physical or digital things that have a special value. The shirt of the famous player that has been signed can be turned and sold as NFT. Similarly, famous people’s photos, videos, tickets, and other collectibles can be tuned into NFTs.
Game Assets:
If you love playing games or you are a game developer, then you can make the game assets as NFTs. The players can create NFTs in the game as well. They can sell their avatar parts as NFTs. Sometimes after winning a stage, users can get an NFT that they can later sell and earn money.
Music:
Music can be easily turned into NFTs. This also includes the video as well. You can sell the music as NFT on the marketplace.
Memes:
There are some memes that are old and very popular. They can be easily turned into NFTs and then sold at a very good price.
Related: What NFTs Are Hot Right Now | The Top 5 Trending NFTs
Wrapping Up
Here we conclude our post on what is an NFT for dummies. We have provided a brief overview of NFT, and how NFTs work. How can they join the NFTs and what can be turned into NFTs? We have also discussed the top NFT marketplaces.
Frequently Asked Questions
Q1. What Is NFT In Simple Terms?
You can think of NFTs as something that can turn any ordinary thing into something extraordinary. The NFT stands for Nonfungible tokens. That means that once the NFTs are minted by someone they cannot be stolen or taken by anyone. No two NFTs are alike. It is similar to mint a coin. Most of the NFT deals in cryptos. You can sell or purchase NFT using the cryptos.
Q2. What Is The Most Expensive NFT Ever Sold?
The most expensive NFT ever sold is the Beeple, Everyday: The First 5000 Days. It was sold for $69.3million dollars.
Q3. What Is An Example Of An NFT?
If you love playing games or you are a game developer, then you can make the game assets as NFTs. The players can create NFTs in the game as well. They can sell their avatar parts as NFTs. Sometimes after winning a stage, users can get an NFT that they can later sell and earn money.
Q4. What Is The Point Of Making An NFT?
If you are an artist and you have created something that is unique then you can turn that into an NFT and then sell that art in cryptos. You can sell each NFT for thousands of dollars. Not just this, if the NFT that you have sold was resold, then you will get loyalty on each purchase. This means that NFTs will be your assets that will keep paying you even after you have sold them.
