NFT – Non-Fungible Tokens Top Frequently Asked Questions

As of this article, I have not “sold” this article, but it is completely possible in the world of NFT’s.

What’s an NFT?

According to Wikipedia, NFT’s or Non-Fungible Token’s can be defined as a unit of data on a digital ledger called a blockchain, where each NFT can represent a unique digital item, and thus are not interchangeable. NFT’s can represent digital files such as, art, audio, video, and other forms of creative work. While the digital files themselves are infinitely reproducible, the NFT’s are tracked on their underlying blockchains, and provide buyers of proof of ownership.

How do I buy an NFT?

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How do I sell an NFT?

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Created my NFT. Process of minting NFT.

NOTE: Make sure you have enough for Miner Fee’s and Gas Fee’s. I made the mistake of sending a small amount for gas fees and my NFT did not mint the first time. Im trying to figure out if I lost my money or not [Will Update].

Then I went to downl

What can NFT’s be used for?

NFT’s can be used to commodify digital creations, such as digital art, video game files or music files. However, access to these files can be duplicated. The first NFT appeared in 2015 and was created via the cryptocurrency, Ethereum. NFT’s can be used to create artificial scarcity by giving the NFT item a unique signature. NFT’s of artwork can be compared to items that are autographed by the artist or creator. The unique signature is verified by the blockchain ledger.

  • Digital Art
  • Collectables
  • Games
  • Music
  • Sports

What is the difference between an NFT and a Cryptocurrency?

An NFT or Non Fungible Token, is a unit of data (bit) that stores information, in this case the ownership of a commodity. This data is stored on a ledger in a blockchain. An NFT is a cryptographic token, as opposed to a network or utility token (cryptocurrency), NFT’s are non-fungible, whereas; cryptocurrencies are fungible or interchangeable. NFT’s are created by uploading a file to an NFT auction market. Some marketplaces include KnownOrigin, Rarible or OpenSea. These marketplaces do the legwork of calculating and converting a digital entity to be sold on their marketplace. In turn, these NFT’s can be bought and sold with cryptocurrencies. At this time, Ethereum is the most popular cryptocurrency for buying NFT due to its ease of transactions and association to the non-fungible creation of its token.

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