Why NFT:
You found a beautiful picture online, downloaded a copy, and now you and the original uploader have the same image.
If someone asks who is the owner of this image the owner is a competitor with the authority over the picture the person with who the owner is gonna compete is you and millions of others who may also have downloaded a copy of the image. This is where NFTs come in, as they provide a way for artists and creators to prove ownership of their digital assets. With NFTs, each digital asset is unique and can be tracked on the blockchain, ensuring that the owner is the rightful owner. NFTs have gained popularity in recent years, with many artists and creators using them to sell their digital artwork and other creations.
What do they mean by fungible and non-fungible items:
Fungible items:
Let’s say you have 5 chocolate and you are friends have the same amount from the same company if your friend asks to exchange his chocolates with your’s the probability of you saying yes is more because they both have the same value and you won't be losing anything.
Non-fungible items:
On the other hand, non-fungible items are unique and can't be exchanged for something else. For example, a painting by Leonardo da Vinci is a non-fungible item, as it's one of a kind and can't be exchanged for anything else. When it comes to digital assets, NFTs provide a way to prove ownership of these unique items and ensure that there is only one true owner. With the increasing popularity of NFTs, it's important to understand how they work and their impact on the art and digital asset industries.
What is the minting of an NFT :
Minting an NFT means creating a digital asset like video, audio, are any art piece and attaching a unique token to it.
This token is stored on the blockchain, making it a secure and transparent record of ownership.
To mint an NFT, you need to use a blockchain platform that supports NFTs, such as Ethereum or Binance Smart Chain.
Once the NFT is minted, it can be sold on NFT marketplaces, such as OpenSea or Rarible.
The value of an NFT is based on various factors, such as its uniqueness, the artist's reputation, and the demand for the asset.
As more people become interested in NFTs, we can expect to see new use cases and innovations in this exciting and rapidly growing field.