You can’t get around the problem: NFTs are everywhere. But what exactly are they and how does selling them work? Five questions and answers.
1. What is NFT?
NFT stands for immutable token or immutable token. These NFTs are digital files associated with a digital “something” such as an image, video, or tweet. NFT shows who owns that image, video or tweet.
In terms of technology, tokens are similar to bitcoin. Simply put, NFTs are stored worldwide and anyone can see how they are traded and who owns the token.
2. How does NFT selling work?
NFTs are often sold by auction houses. After the sale, the ownership of an NFT is registered on the blockchain, the same technology used for cryptocurrencies such as bitcoin. Blockchain is a large online ledger with complex encryption techniques.
When purchasing an NFT, a new owner is listed on the blockchain. Because such a blockchain is stored on thousands of servers around the world, information is protected.
3. How is the value of an NFT determined?
People have always valued physical goods. For example, some people are willing to spend hundreds of thousands of dollars per hour. Digital objects have never had the same value because they were not unique. After all, they are easy to copy.
Of course, objectively, a digital image of a cat is still not worth hundreds of thousands of dollars. An image of a flying cat, also known as Nyan Cat, whose melody is known, sold for about 500,000 euros.
The value of an NFT is determined by, among other things, the following criteria:
- Authenticity: The originality of NFT.
- Rarity: There is only one NFT among some.
- Popularity: Well-known NFTs sell for more.
- Advantage: Some NFTs have functional purposes.
4. But can I have a screenshot of the artwork?
It’s not a stupid question, but that’s not how it works. You are not the right owner of the work by taking screenshots. you can see a picture monalisa keep it on your phone, but don’t sell it to an art dealer. This is not a real painting.
When you buy an NFT, you become the real owner. Similar to selling cryptocurrencies, the owner can sell an NFT. Legally, you don’t automatically own the image, video, or tweet unless you expressly consent to it.
5. When did the NFT excitement start?
The striking thing about NFTs is that they have been around since mid-2017, but have become increasingly popular since early 2021. However, now more artists and performers have adopted the tokens.
Source: NU
Jason Jack is an experienced technology journalist and author at The Nation View. With a background in computer science and engineering, he has a deep understanding of the latest technology trends and developments. He writes about a wide range of technology topics, including artificial intelligence, machine learning, software development, and cybersecurity.
