Non-Fungible Token (NFT): Ultimate Guide

If you’ve been keeping your eye on the ever-evolving world of cryptocurrency over the past several months, then you likely have heard at least a bit about the new sensation known as non-fungible tokens or NFTs. But whether you’ve heard about them or not, their fundamental nature and how they function may be a point of some confusion, as they are for many others. Thankfully, our team of trusted experts is ready and eager to clarify what NFTs are, how they work, and how you can get your hand on one by buying, making, and selling them. You may find that NFTs are the ticket you’ve been looking for to help you take better control over your financial future!

Please continue to find out everything you need to know about the new and exciting realm of NFTs. And for even more information on them and how to get involved in the cryptocurrency world, please also consider exploring the range of quality products, services, and educational articles here at unBanked today!

Related: Investor Insight: How Do NFTs Differ from Cryptocurrency?

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What Is a Non-Fungible Token (NFT), and How do They Work?

In short, NFTs are a type of cryptographic asset found on a specific blockchain (typically Ethereum) that contains unique metadata and identification codes that distinguish them from one another and prevent them from being replicated. NFTs can be utilized to represent different types of real-world items, like artwork and even real estate. Unlike fungible tokens- like cryptocurrencies– that are identical to one another and can be used as currency for commercial transactions, NFTs can’t be exchanged equivalently. 

You can think of NFTs similarly to ultra-rare, one-of-a-kind Pokemon cards, coins, or even limited-edition Jordans. In short, they create a type of scarcity among available assets, and that scarcity is a significant part of what makes them valuable. They even come with a unique certificate of authenticity to prove their worth and uniqueness. Generally speaking, NFTs are typically used to claim, buy, and sell types of digital artwork that can take a massive range of forms, such as tweets, GIFs, images of physical objects, video game skins, and much more.

Some of the most famous examples of NFTs are a 50-second video by Grimes and another short video by Beeple, which recently sold for $390,000 and $6.6 million, respectively.

Related: Can NFTs Be The Next Big Thing After Bitcoin?

How Do You Make NFTs?

There are ways to buy and sell NFTs, which we’ll explore in the two sections below, but the cheapest way to get your hands on an NFT is to make your own, and the process is much easier than you might imagine! Anyone can create an NFT; all they’ll need is a digital wallet, a small amount of Ethereum cryptocurrency, and a connection to a specific NFT marketplace where they can upload transform their content into an NFT.

Aside from that, the process of making an NFT only requires following a set of six simple steps:

  1. Pick your unique digital asset to turn into an NFT
  2. Choose your preferred blockchain 
  3. Set up your preferred digital wallet
  4. Select your desired NFT marketplace
  5. Upload your chosen file (such as a GIF, PNG, MP3, or another type of file) and transform it into an NFT
  6. Set up your sales process and monetize your NFT
    1. At a fixed price
    2. Through a timed auction
    3. Through an unlimited auction

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How Do You Buy NFTs?

In essence, any digital image or video can be purchased as an NFT. But there are a few essential things you’ll want to consider before making a purchase, especially if you’re new to the NFT game. You’ll first want to select the marketplace you want to buy from, get a digital wallet that the store requires, and ensure you have enough crypto to complete the sale. You’ll also want to closely watch out for marketplace fees, converting fees, and other closing expenses. 

Some of the most widely used NFT marketplaces currently in operation include:

  • Rarible
  • OpenSea
  • Mintable
  • Nifty Gateway

How Do You Sell NFTs?

Like when buying an NFT, you’ll first have to select a specific marketplace on which to sell your NFT. You’ll then need to research the selling process for that particular platform since the process can differ depending on the market you use. In simple terms, however, you’ll generally have to upload your content and transform it into an NFT, then provide some description information and choose your sale price. The majority of NFTs are purchased using Ethereum- since most NFTs exist on the Ethereum blockchain- but they can be bought with other tokens as well.

Related: Crypto Isn’t Just a Currency, it is a Wealth-Generating Investment

Final Thoughts to Keep in Mind About NFTs Going Forward

Congratulations! You’ve officially been educated on the essential basics of NFTs and how to effectively get your hands on one, either by purchasing one for yourself or simply making your own. Now that you have this essential information under your belt, you can consider delving into the new and rapidly expanding NFT realm to try and start earning some serious money for yourself. If other industry novices are able to make hundreds of thousands and even millions of dollars by quickly creating and selling their unique NFTs, why can’t you?

For even more information about how you can start taking more control over your financial freedom with the power of cryptocurrency, please consider exploring unBanked today! We can offer you the best ways to easily buy, sell, and send crypto while earning tons of quality rewards!

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