What I Learned About NFT's in a Day

NFT also known as Non Fungible Tokens. They are digital assets that represents real-world objects like art, music, in-game items and videos. 

In simple terms NFT's are like digital versions of images, videos, video game items etc. 

You buy NFT's usually with cryptocurrencies.

When you buy an NFT, you are owning the digital rights to that image. Even thou people can download or screenshot that image from the internet. Some people or collectors value that digital bragging rights more than the item itself.

Cryptocurrencies are fungible in the sense 1 BTC = 1 BTC.

NFT's are not like that. For instance let's take the example of an NFT of every day's which is an NFT of a person paintings for 5000 days. now another NFT of a famous basketball player making a 3 pointer. Both these NFT's are not equal to each other and have different values.

NFT's are usually kept in Ethereum blockchain.

NFT's are digital versions of objects such as art, GIFs, videos, collectibles, avatars, music, etc. When someone's buys NFT, they get the digital version of that item. For example say Sobi buys an NFT of a famous painting, instead of hanging the painting on a wall, she gets a digital file of that painting. She also gets the exclusive ownership rights. NFT's have one owner at a time.

Steps to create NFT

1) Create an unique asset

2) Buy Tokens

3) Deposit Crypto into a non custodial wallet

4) Choose and add asset to an NFT Marketplace

5) Add your assets to the NFT collection

How to promote NFT's

1) Social Media

2) Help of Influencers

3) Leverage featured drops of platforms

4) Share a teaser

5) use NFT calendar

6) Use Reddit or Discord Channel

You can check the website: https://opensea.io/ to see how the NFT is traded and what NFT's are up in the market currently.

    OpenSea Platform where NFT's are traded

      Recently sold NFT from the CryptoPunks collection for a whopping amount of 100k USD

I explored this topic through a free course on UpGrad titled “Introduction to NFTs.” Completing the course helped me understand what NFTs are and the explanations in this blog are based on my own notes and understanding from that learning journey.

Certificate of Completion: