What an NFT is the next step in technological development. Just like when computers first came into the market, no one saw it, so now the new cryptocurrencies, NFTs, etc. are not seen.
Surely this technology will revolutionize the future, no doubt.
My prediction is that this technology is definitely powerful enough to revolutionize the future,technology.. what is NET
Its extension is Non-Fungible Token in English. We can understand its meaning from its name itself. A Fungible Token means that many things of the same type have the same value. Take for example our Indian currency. (Microsoft OpenAI)
For example suppose you have a ten hundred rupee note in your hand. The individual value of each thousand rupee note is 1000 rupees. If you share those ten 1000 rupee notes with others, its value is also 1000 rupees. There will be no change in it. So many people are likely to have the same item of value. No one can take personal ownership of it.
The opposite of this is Non Fungible Token. That means if I convert a photo to NFT, I get an individual license for it. As if that one photograph is the only one in the world, it carries a certain value. No one can claim ownership of it except its owner.
This technology has the potential to grow tremendously.
At present they are mostly converting and selling things related to photographs and paintings as NFTs. In the future, this technology is likely to develop to the point where you can convert anything in the world into an NFT and sell it on the internet market.
It would be nice to have an overview of this technology. But its processes are very difficult. An ordinary person cannot create NFT so easily.
For that first you need to know about blockchain and cryptocurrency.
NFT can only be created or bought if you have cryptocurrency.
It is a bit difficult for common people to know this technology. Moreover, since this technology is still in its infancy, no one knows what transformation it will take.
Various scams have started happening with cryptocurrency and nft. How much people will trust and invest in this is a big question mark.
If someone wants to invest in this, it is better to get into the field after knowing it well. Don’t be fooled by giving money to others without knowing anything.
Anyone can create an NET
We also hear that NFTs are being sold for millions of dollars. We have seen many people giving explanations about NFT on YouTube.
I think I can share what I have learned about NFT.
NFT stands for Non-Fungible Token.
An NFT is a digital asset,
That means the asset can be a picture or video that someone can buy.
Fungible means something that can be changed or created by something else of the same kind But Non-Fungible” means that it cannot be changed or redistributed.
Each NFT is unique,
Common NFTs include digital photos, artwork, animations, and collectible toys.
However, unlike photos and videos that can be bought online by many people on sites like pixabay, this NFT can only be owned by one person.
But most of them are produced and sold as NFTs by celebrities and well-known movie actors, artists, sportsmen etc.
When one buys an NFT, the official ownership of the asset vests with the buyer.
Although digital media such as images and videos can be easily copied by anyone,
The value of an NFT is its ownership rights. That means like a patent.
Anyone can view NFT assets in digital form.
But cannot be used in public.
If you want to use it, you have to pay the owner.
Can a common man be made to have a criminal mind?
NFT licenses are stored on the blockchain, similar to the Bitcoin transaction record.
Blockchain is a digital record of transactions.
Blocks for each record are concatenated into a single list and stored in encrypted form (encrypt) on various servers.
Blockchains are also used to record transactions made through cryptocurrencies
Similarly, when someone buys an NFT, that transaction is also recorded on the blockchain.
And that person gets exclusive rights to the property.
An NFT is a unique non-volatile token. Anything that has been converted or created in digital form, be it a painting, film, music or assets from online games can be made into an NFT. Holders of NFTs can not only earn revenue by selling them but also get various benefits from it.
Each of the NFTs is unique and is proof of your ownership. For example, if you buy a house on Metaverse, you will receive an NFT as a document. Also under consideration is giving special access to events in the Metaverse only to holders of certain NFTs.