There is a high probability you have heard about NFT, which in full is called non fungible tokens. This simply means that it cannot be replaced or interchanged.
What brought about NFT?
NFT became popular due to blockchain technology becoming mainstream. NFT can be any digital assets, artworks, pictures, videos or music. What makes them interesting is that they have unique properties which make it easy to prove ownership.
For example, if you have a picture, let's assume your picture, to make it an NFT, you just have to store it with its attribute on the blockchain. You don't even need to be a programmer or technical person to do this. This can be easily done on Opensea .
NFTs are quite popular because people are buying and selling it. you may not be able to sell your NFT picture but if you are an artist or a creative, you can make a lot of money listing your creative asset on an NFT marketplace.
What makes NFT stand out in the blockchain world?
They can be traded across different ecosystems, this means you can view your NFT on different wallets and marketplaces. This is possible due to open standards adopted across the ecosystem.
It is easy to trade and respond to market forces, demand and supply determine the price in the long run. The ownership is verifiable without the need for any third party.
NFTs are been utilized in various industries.
Arts - Arts are being sold as NFTs on Opensea or other platforms
Music - Music are hosted on Opulous as NFTs
Videos - Videos are hosted on AirNFTs as NFTs
Gaming - NTs are a big part of the Axie infinity game.
Sports - NBA top shot is a big example of how the NBA is cashing out with NFTs.
Real Estate - Virtual lands are been sold as NFTs on Decentraland
NFT Marketplaces
The most popular one is Opensea
Others are SuperRare and
Rarible
Thank you for taking the time to read, you probably have no idea how blockchain works
You can check out my article - Blockchain for Beginners
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