NFT means Non-Fungible Tokens. The word Non-Fungible means something that is unique and cannot be replaced with anything else. Non Fungible Tokens help people tokenize things like art, collectables, real estate, video clips, etc. Tokenize their means to purchase the ownership of anything. Non-Fungible Tokens have become popular along with the crypto craze in the market. And the NFT market is rising at a great pace. Even in India, we have celebrities selling their own NFT Tokens.
NFT Token services are provided by some of the major cryptos like Ethereum. Ethereum is the second-largest cryptocurrency in the world, second only to Bitcoin. Ethereum stores the NFTs on its blockchain network, making it secure and accessible to all. A person can store any kind of information in his NFT and sell it or auction it in the open market. And depending on the content or material inside the NFT, there are people who pay millions for such stuff.
It’s like having a collection of your own of some unique stuff. Although the data is online and whatever art form you purchase, there may be thousands of copies of the same thing present in the market. But still owning the original has its own privileges. The first and the most common is if your NFT contains material that is extremely unique and rare. You can sell it at a higher price in the future. Another benefit of owning an NFT is you get the right to use the NFT art anywhere you like. Because you have purchased the ownership of that art form.
Why do people purchase NFTs?
Non-Fungible Tokens are a great way to store rare items for yourself. People purchase several paintings of popular artists for millions of dollars. It is not because they like the art that much, could be that too, but most often that is not the reason. People simply bet on the artist to become popular one day. So they can sell that artist’s art at a much higher price one day. NFT’s are kind of similar. Just the data stored in the NFTs could be a mot more diversified. Because as mentioned above, you can store anything on the NFTs.
There are many people who simply like to have a collection of rare things, or it could be just a fan showing dedication towards a hero/heroines. Let’s take some examples for that, the NFT sale that made the most noise in the street was when Jack Dorsey the CEO of Twitter sold his first-ever tweet. It got him a whopping $2.9 Million. Then Eminem and Shawn Mendes have also sold their unique tracks and wearables respectively as NFT too.
Other than those, there are several Bollywood stars who have auctioned their NFTs in the recent month. Amitabh Bachchan, Salman Khan, and Sunny Leone and some of the first Bolluyoowd names to sell their NFTs. Amitabh Bachchan’s NFT named “Madhushala“, which has a collection of signed posters and several other collectibles was sold for $520,000 or 3.8 crores on the first day of bidding. The auction was organized by BeyonfLife.Club, a venture between Rhiti Entertainment and GuardianLink.io. Beyondlife.Club is gaining huge popularity in India with some major celebrities selling unique stuff on its platforms in the form of Non-Fungible Tokens.
How to make and sell Non Fungible tokens?
It is a pretty easy process actually. You can simply create any kind of file with all your unique or common data stored in it. Then you can use the NFT service of any of the popular Blockchain networks. Let us take Ethereum for instance, it will simply put your file and the contents inside of a Non-Fungible token. And then put it live on its very own Blockchain network. That way the information and the ownership are sealed forever until the owner of that token decides to sell the token to anybody else.