What Is NFT?

Are your friends discussing the latest news in the marketplace OpenSea and talking about top NFT collections while you have no idea what NFT is? Today, NFTs have become one of the most popular topics among people of different professions. Even if you aren’t a crypto guru and know little about blockchain technology, you should know what NFT is and how it’s possible to earn on it.  

So, what is an NFT (non-fungible token)? It’s a unique certificate in the digital form that can be found in blockchain. Its main essence is to prove the authenticity of digital objects. If you buy a trending piece of NFT art, you will get exclusive ownership for it. What can be an NFT? Almost everything! New NFT collections include famous pieces of art, architecture, and even objects from computer games. 

NFT and Crypto: Key Differences

Some may mistakenly think that a digital coin and a non-fungible token are the same. But it isn’t so. The main difference between the world of crypto and NFTs is that one BTC can be substituted with another Bitcoin, while NFT can’t be substituted without the change in the object value.

They create NFT in blockchain like they do with cryptocurrency. In this case, blockchain plays the role of the database where one can see the history of the NFT he/she is interested in. It’s possible to check its owners, who were selling and buying it. When you buy a non-fungible token, you get ownership, but the NFT doesn’t change its location – it is still in the IPFS storage place. 

For example, it is possible to compare NFT with the piece of art that belongs to one person or the gallery, but people can see it at the exhibition or in the catalog. 

Where Can You Find NFTs?

So, where should you go to have a look at digital tokens like NFTs? There are many platforms where you buy and sell NFTs. OpenSea platform is the most famous marketplace where artists sell their top NFT collections. It’s a misconception that only an artist can create an NFT. 

Even if you aren’t the best artist, you can transform any pic, video, gif, etc., in the form of an NFT. How to start doing this? The process isn’t super complicated. You just need to create a crypto wallet for free and follow the instructions on the website you have chosen. 

Now, you know what NFT means and can proceed to creating your own NFTs or buying tokens from popular artists. Before you spend a million on an NFT or sell your creation at the highest possible price, you’re recommended to get inspired by digital creations on TopNFTCollections.com. It’s a place where you can get inspired and learn the chart with the latest news in the NFT world. Who knows what if you are the next one who will sell the GIF for $590000? Yes, it’s a real price for the Nyan Cat GIF. NFT opens many great opportunities in front of artists and those who want to invest in trending pieces of art that have a huge potential to increase in price.