What is NFT?
In 2021, when it all started, you would have come across a frequent question “What does an NFT stand for?” The answer is the first step to understanding the meaning of NFT.
NFT stands for non-fungible token. what does that mean? Well, it may take some time to understand this concept, but when you do, you will discover that it is very simple.
Non-fungible means that a token cannot be replaced by or even be equivalent to another token. Take dollars, for example, or any of the 'traditional' digital currencies. One dollar will always be one dollar, and one dollar coin will always be equal to another dollar coin of the same value. The same way regular cryptocurrencies work: one BTC is always equal to another BTC, etc.
But NFT is a completely different story. Each non-fungible token has its own value and cannot be exchanged. You cannot paste it or create another similar one. But you may be wondering what the benefit of it is, and why someone would need such a thing. This is where NFT art comes into play.
2. Introduction to NFT art
NFT art is any digital item that is bought and sold using non-fungible tokens. It could be a photo, GIF, video, music clip, or selfie. Other examples include game character skins, screenshots, etc. With NFTs, you can turn almost anything into a piece of digital art and a source of income.
By turning a digital item into an NFT, you make it unique, there is no better word to describe it. The newly created NFT contains a digital signature that distinguishes it from all other NFTs. From now on, you can put your NFT up for sale using any of the multiple NFT marketplaces and see what happens next. A lot may happen.
Remember Jack Dorcey, the former CEO of Twitter, and Al Ghozali, the Indonesian student mentioned above? Both of them used NFTs to make money. Dorcey sold his first ever tweet for $3 million, and Ghazali's collection of 1,000 selfies suddenly reached $1 million, making him a millionaire at the age of 21.
But wait, does this mean that anyone can make millions from NFTs? Well, no
