What is NFT? Digital Revolution Of NFT? | 2024

what is nftwhat is nft

Today What is NFT and How Does It Works is very common question so we are in an environment that depends greatly on technology and why not, after all, if some technology
makes your work easy and straightforward, then why would you not use that technology? Today every person is
doing his work through technology. Technology is taking away your dependency on things. That is why today the
craze of technology is increasing, every day some new technology comes on the market. One such technology is
becoming very popular, called NFT (Non-Fungible-Token).

If you are connected to any social media platform like Facebook, Twitter, Instagram or YouTube, or LinkedIn
today, then you must have heard about NFT. NFT is such a technology that is the new generation of the digital
world and it is very popular nowadays, but still, there is a lot of question in the mind of people about it. That is
why we have brought this article for you, in which we have tried to cover all your questions, so let’s know what is
this NFT.

What is NFT?

What is NFT- NFT means “Non-Fungible Token” to understand it one by one, Fungible means replacing or substituting and nonfungible meaning which cannot be substituted, in simple language which cannot be replaced or none like that.
Now adding tokens to it, it becomes a complete technical term, which is based on the blockchain. Let us
understand with an example:
There is a painting which has been made by an artist and he uploads it on the internet. As soon as that
painting or image comes on the internet, it becomes public property, which anyone can download and claim
their rights, that is what NFT does. the story begins.
Now if a person takes NFT on his art i.e. non-fungible, then he will get a token digitally which will give him the
right that only he will have the right on that image, even if he wins or copies are made, but the real right of
that picture belongs to him. pass and he can digitally increase the value of that painting from time to time
and he can also sell the token to any other person whenever he wants.
When the buyer further sells that image i.e. his digital token, then 10 percent royalty of the sold price will go
to its original owner i.e. the one who created it first. That is, winning your property will be sold many times,
you will benefit as many times and its value will keep on increasing. Now let’s understand it in technical
language.
“Non-fungible token (NFT) is a kind of digital asset or right, you can also call it a private data, whose exchange is
based on blockchain and it is also a new technology of blockchain like cryptocurrencies. Since. Cryptocurrencies
also work on the blockchain, so NFTs can only be bought or sold digitally through cryptocurrencies. NFTs are
digital assets or tokens that you or anyone can buy or sell”.
Now any artist can sell his skills by monetizing them in NFT i.e. making its digital version. Now, any real thing like a
tune, song, word, picture, game, or anything that you have created and no one else is like it. You can take
advantage of it by converting its digital version into a token.


Why is NFT so special?


Now that you can make a digital version of anything with the help of NFT, the question that comes to your mind is
“How safe is it?” Because when the digital version of anything is on the internet, then maybe its copies are also on
the internet. This is what makes NFTs special because NFTs are unique, and they are assigned in a unique code.
You can say that just as your 2 fingerprints cannot be the same, no 2 NFT codes can be the same. Each NFT gets a
unique ID. This reduces the chances of selling counterfeit NFTs and on top of that, whenever you take an NFT, you
are given a secure certificate stored on the blockchain. This is what makes it so special and that is why NFT is
getting so much fame which remains a topic of constant discussion.


Why is NFT so viral today?

It is not that NFT has come into the market recently, you will be surprised to know that NFT has been in our midst
since 2014, but in the last few days, NFT has caught the attention of the people, the reason for this is a meme
(Joke ) was sold for Rs.38 lakh. Yes, a meme that was going viral for a long time, so the creator made a digital
version of it with the help of NFT and sold it, which was digitally priced at Rs 38 lakh.
Apart from this, a painting of stone has been sold from NFT for 75 lakhs.
An artist named Beeple sold his JPEG image for 512 crores.
Whereas Twitter CEO Jack Dorsey’s first tweet was sold from NFT for 200 million, which he did on March 21,
2006 and this tweet was sold in 2021 in the version of NFT on March 22.


Why is NFT so important today?


Today, NFT is being given such importance because it restricts the property rights of any person to the person
who created it. That is, the ownership of that thing is in the possession of only one person. Since this token works
on blockchain technology, only one person can hold and access these digital assets. This is a boon for any artist
who wants to bring his creation digitally among the people and wants the right price. Now any artist can convert
his art into a digital version and sell it through NFT and get a good price and if his art is sold further, then his real
owner also gets the benefit, which will increase the price of his art.


How to get NFT on your creation?


When you have understood the whole thing, now the question will come to your mind, how do take NFT on your
creation? We will definitely give you the answer to this too, but in our next article, we will explain in detail there,
where to take NFT, which are the platforms where this service is being provided, and which is the better platform
for you. We will give you all these questions in a few days through another article, so keep visiting our website.
How did you like this article? tell us in the comment box and if you have any questions related to it, then also tell
us by commenting. if you want to know about blockchain technology then comment down bellow.

Thank You

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