What does NFT means? NFT stands for Non-Fungible Token is one of the investment tools included in cryptocurrency. The investment world is getting busier with the advent of NFT. NFT itself is a digital asset that can be used as proof of ownership of goods that can be purchased with cryptocurrency. NFT covers various fields of gaming, art, music, video, and more.
Then how to buy and sell?
NFT came into existence in 2017 when the NFT game, Crypto Kitties, was launched. There, users can play games based on the Ethereum blockchain. They can trade, adopt and raise pet cats virtually.
In short, NFT is a digital asset that can represent the value of a commodity at an irreplaceable exchange rate. The transaction will be recorded in the data on the blockchain. The data will contain information about the maker, price, and ownership history of the NFT asset.
In general, NFT investment transactions often use ether or ETH which is a coin made by Ethereum. Then what is the form of NFT?
NFT usually comes in digital formats such as PNG, JPEG, and GIF. If you already have NFT assets, you can use them wisely to buy and sell goods. You can start selling by printing any of your digital assets as NFT.
Items that can be sold in the form of NFT are game works, art etc. Documents can also be converted to NFT very easily. Of course, the final selling price of your work depends on subjective factors such as quality, creativity and reputation. NFT is becoming more and more popular now. Many observers in the crypto world are aware that NFT has great future potential in many areas.
What is NFT used for?
In the hobby and entertainment industry. NFT has great potential for collectibles. In today’s NFT market is dominated by goods with the purpose of being collected. There are some popular collectibles such as unique avatars from CryptoPunks, virtual cats from Cryptokitties, and NBA Top Shot from some players. Surprisingly, if this collection is sold it could reach millions of dollars.
In a business context, NFTs can link assets such as proof of ownership of a house or other property. These physical assets can be stored securely on the blockchain. They also have a feature with a quick verification process. So you don’t have to worry if the certificate is stolen or lost because your asset data is on the blockchain. If it has become a membership or can be referred to as a digital membership, NFT can be a digital identification that shows a person’s membership. This is one of the benefits for members because they don’t have to worry if assets or data are changed, lost, or even stolen by others.
In the sports industry, NFT first entered the sports industry through collectible cards from NBA Top Shot where fans can collect important footage of their favorite matches. Several soccer leagues such as the Jupiler Pro League have entered into joint partnerships with gaming companies Sorare and Ubisoft. So that it can launch a football game that uses NFT.
Interested investing in NFT? You can buy and sell NFT on scattered marketplaces. These digital marketplaces offer NFT in various forms. The crypto assets used to buy NFT usually depend on the platform we choose. For example, OpenSea, CryptoPunks, and Rarible only accept payments using Dollars and ETH.