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Asked & Answered
Whats is a NFT?
Non-fungible tokens, or NFTs, are pieces of digital content linked to the blockchain, the digital database underpinning cryptocurrencies such as bitcoin and ethereum. Unlike NFTs, those assets are fungible, meaning they can be replaced or exchanged with another identical one of the same value, much like a dollar bill.
How do NFTs work?
NFTs are part of the Ethereum blockchain so they are individual tokens with extra information stored in them. That extra information is the important part, which allows them to take the form of art, music, video (and so on), in the form of JPGS, MP3s, videos, GIFs and more. Because they hold value, they can be bought and sold just like other types of art – and, like with physical art, the value is largely set by the market and by demand.
How to sell NFTs?
NFTs are also sold on marketplaces and the process can vary from platform to platform. You'll essentially upload your content to a marketplace then follow the instructions to turn it into an NFT. You'll be able to include specifics such as a description of the work and suggested pricing. Most NFTs are purchased using ethereum but can also be bought with other ERC-20 tokens such as WAX and Flow.
How to buy NFTs?
Essentially, any digital image can be purchased as an NFT. But there are a few things to consider when buying one, especially if you're a newbie. You'll need to decide what marketplace to buy from, what type of digital wallet is required to store it and what kind of cryptocurrency you'll need to complete the sale.
How to make an NFT?
Anyone can create an NFT. All that's needed is a digital wallet, a small purchase of ethereum and a connection to an NFT marketplace where you'll be able to upload and turn the content into an NFT or crypto art. Simple, right?