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NFT: All you need to know about Non Fungible Tokens

NFT: All you need to know about Non Fungible Tokens

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All you need to know about NFTs


What does NFT mean? 

What does NFT mean? In the crypto world, NFT stands for Non-Fungible Tokens, and it has become one of the hottest buzzwords in the industry in recent months. While many are still confused about its meaning, there’s no doubt that NFT will play an important role in the future of block chain tech, whether it’s the Ethereum ERC721 standard or not. In this article, we take a closer look at what an NFT is, why these tokens are so crucial to block chain tech, and where they can be used right now! I’ll tell you more about that in this article!  


How NFTs does works? 

An NFT is a block chain token that is designed to be unique. They have what’s called built-in scarcity, unlike most tokens that are minted during an ICO or issued on top of a block chain platform like Ethereum. Since every single one of these tokens are unique, they create opportunities for developers to create markets where users can sell/trade them, creating a decentralized economy around what used to be collectibles and toys in games. An example of one of these types of marketplaces is Crypto Kitties, where players can purchase and trade Crypto Kitties. These cats are essentially non-fungible tokens which live on top of Ethereum’s ERC-721 protocol (fungible) making them non-fungible. 


How to earn from NFTs? 

Non-fungible tokens (NFTs) are crypto assets that cannot be replaced by another token, which means they’re not fungible. This enables block chain-based games to create and distribute digital assets without relying on centralized authorities. However, how do you earn from non-fungible tokens (NFTs)? It all depends on what application is using them. Take Crypto Kitties for example; players collect and breed these virtual pets, so each one is unique—making them a non-fungible asset. With Crypto Kitties, you can purchase Gen 0 or birthday edition kitties with crypto coins, then sell them later at a higher price once they increase in value. 


How much money you can earn from NFTs? 

Non-fungible tokens are specially designed to represent digital assets that are unique, such as a token that represents an asset or collectible. Think of it like Pokémon cards: their value is in their uniqueness and authenticity, which creates demand for trading among collectors. When you hold a NFT, you are owed some rights or privileges within a specific ecosystem—think something along those lines with Crypto kitties, but much more advanced. 

How to buy and sells NFTs 


There are several popular websites that allow you to buy and sell non-fungible tokens: Rarebits, Openseas, etc. When buying an NFT, it is crucial to understand whether or not it is transferable. If a token is transferable, it means that you can easily resell it on these platforms. Another important factor when considering an NFT purchase is whether or not there will be additional batches being released by developers. Most games will release batches of new tokens at different price points throughout their lifecycles; if you’re interested in a specific game/NFT then watch closely for updates on batch releases and plan your purchases accordingly! 


List of the most popular NFT platforms? 


  1.  OpenSea: OpenSea is the leader in NFT sales. … 
  2.  Axie Marketplace: Axie Marketplace is the online shop for the video game Axie Infinity. … 
  3.  Larva Labs/CryptoPunks: Larva Labs is best known for the viral CryptoPunks NFT projects              
  4.  NBA: Top Shot Marketplace. 
  5.  Rarible. 
  6.  SuperRare. 
  7.  Foundation. 
  8.  Nifty Gateway. 
  9.  Mintable. 
  10.  Theta Drop: 
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