What is NFT in simple terms. Non Fungible Tokens Explained!

what is NFT in simple terms. in this video we will explain NFTs in basic terms.

What is a NFT simplified?
NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another.

What does NFT mean?
non-fungible token
A non-fungible token (NFT) is a unique digital asset that represents ownership of real-world items like art, video clips, music, and more. NFTs use the same blockchain technology that powers cryptocurrencies, but they’re not a currency.

How is an NFT created?
Image result
NFTs on Ethereum are based on open-source standards and you hold them or “custody” them in your own wallet. … After creating a collection and naming it, you can create and add NFTs to it using image files, video files, 3D models, music files, or basically any type of digital content file.

How much does it cost to create an NFT?
It is simple. You will have to spend around 30k dollars if you are starting your business from scratch. But if you are starting your NFT marketplace from the popular clone script, then the investment would be way lower and affordable for startups and entrepreneurs.

Leave a Reply

Your email address will not be published.