January 31

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NFTs Explained: Everything You Need To Know

So your newsfeed is filled with articles and blogs about NFT and NFT games.

If you are still not aware of what NFTs are, no worries, we have got your back. In this guide, we will tell you everything you need to know about NFT.

What is NFT?

First thing first, full form of NFT is non-fungible tokens. It can be defined as a digital asset that represents real-life objects like music, art, videos, in-game items, etc. They are bought and sold online, using cryptocurrency.

The most important thing about NFT is that they are non-interchangeable, which means you cannot exchange them for each other.

NFTs have been around since 2014. After so many years, they are slowly becoming a popular way to buy and sell digital artwork. NFTs are one of a kind and have unique identifying codes. This stands in contrast to most digital creations, which have an infinite supply.

The advantage of NFT is that it allows the buyer to own the original item. Besides that, it also contains built-in authentication, which is proof of ownership. It is valued by collectors more than the item itself.

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What are NFT games?

Now that you know what is NFT, let’s talk about NFT games which are becoming extremely popular in recent times.

NFT games are slowly becoming a legit way to earn income from games. You can sell your in-game NFTs to other players and also earn tokens with play-to-earn models.

An NFT game uses NFTs in its mechanisms, rules, and player interactions. For example, a game could represent your unique avatar or digital items you find while playing as an NFT. You can trade or swap your NFTs with other players to gain a profit out of it. A play-to-earn model helps you to generate income from NFT games.

To create, swap, and implement NFTs within a game, you need to create smart contracts that make up the rules for the NFTs used. NFT games are mainly present on Binance and Ethereum blockchain.

How does an NFT work?

NFTs exist on a blockchain, which is a distributed public ledger that stores and records all transactions. As already mentioned once, NFTs are primarily held on the Ethereum and Binance blockchain. But it can be supported by other blockchains as well.

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An NFT is created from digital objects that represent both intangible and tangible items. This includes:

  • Art
  • Memes
  • Videos
  • GIFs
  • Fashion
  • Collectibles
  • Virtual avatars
  • Designer sneakers
  • Music

To put it in simple words, NFTs are more like collector’s items, but in digital form. So instead of getting an actual item, you just buy the digital file. You also get exclusive ownership rights when you buy an NFT.

You should know that NFTs can have only one owner at a time. This makes it easy to verify the ownership.

How to buy NFTs?

To buy NFTs, you will need to get a digital wallet that is compatible with both cryptocurrencies and NFTs. You will also have to purchase cryptocurrency to buy NFT. The crypto you will have to buy depends on what the NFT owner accepts. In most cases, it is usually Ether.

To keep the process simple, you can buy crypto using your credit card on platforms like Kraken, Coinbase, and eToro. You will have to transfer the crypto into your digital wallet so that you can use it to buy the desired NFTs.

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Although NFTs have been around for a long time, it is only becoming widely popular now. If you are well aware of the concept of NFT, then you can consider creating your own NFT.

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