Are you trying to understand the NFT concept in simple way? well your search ends here, after well research we have created this nft guide for beginners where non fungible tokens explained simply (NFT) beginners. Believe us after reading this article till the end you will win over your all doubts related non fungible tokens. This blog post also contains non fungible token (nft) overview evaluation opportunities and challenges along with best NFT marketplace USA, Australia and globally.
Before starting your NFT beginners guide (NFT journey) you should ask few questions to yourself: Why would I want NFT? Why do I want to buy NFT? and Why would I want to own NFT?
The answer to the above questions can be anything such as the following
- I want to explore the contribution of NFT to various other economic fields.
- I am an artist need a marketplace where my art might be appreciated by vast audience.
- I am an crypto investor and looking to get the benefits of NFT’s
- I am an investor trying to identify some investment opportunities in this space.
- I am a person who attracts towards new things and want to explore.
To keep things simple we have created this nft beginners guide in a very simple language including basic NFT questions such as what is NFT! Who can invest in NFTs! How to invest in NFTs for beginners and you can catch best nft marketplace for beginners. Let’s dive in “deeper”
What is non fungible token (NFT)
Non fungible token meaning – Non fungible token (NFT) is a digital item that travels on blockchain network and can be created, purchased or sold in the open market. These items can be owned and controlled by any individual users without the interference, support or permission of any centralized company. The most important feature of NFT is that NFT cannot be changed, it is a unique and proprietary asset. NFT’s are modern type of digital collectibles such as tickets, coins, stamps etc. We can say NFT’s are authenticity created by the blockchain for a digital asset including painting, music, video, artwork and more.
Currently NFT’s are use for identification of ownership of digital assets. NFT contains the details of a digital asset and most importantly the details of the owner of that digital asset. It maintains the ownership ledger without any trusting authority on a blockchain. Lets understand it by recent and practical nft example of Yuvraj Singh NFT
Yuvraj Singh NFT Collection (Example)
We have chosen the most famous and recent nft example for you to understand the nft concept more easily.
Yuvraj singh NFT collection – Recently in December 2021 on his birthday Yuvraj Singh has launched his nft that is well known as “Yuvraj Singh NFT Collection”. Yuvraj Singh’s NFT was launched by “Colexion” an NFT marketplace and Yuvraj singh NFT price is $40. In the colexion marketplace ‘Yuvraj Singh Bat NFT’ is available for fans meaning virtual or digital bat of Yuvraj Singh. Yuvi made his first International Century with this bat.
If someone purchases Yuvraj sings bat NFT that means the person is not purchasing the actaull wood bat instead he or she is purchasing the non fungible token of the bat which will be unique and cant be produce next time. Meaning only 1 nft can be created for a single product. Lets make it more clear – If Yuvi sells his bat physically in any auction or physicall market and “Gabbars” friend called ‘Sambha’ buy’s Yuvi’s bat will get the actual wood bat that will be physically present with Sambha and Sambha can play with this bat with his friends as well. But while purchasing Yuvi’s NFT bat Sambha will get the virtual bat not the physical woody bat and that will be present in blockchain market.
In very simple words NFT is a unique token that is evidence of a digital asset such as t shirts, bats, song, movie, e books, painting etc. We can say it is a type of a copyright or similar to copyright where the owner gets all the rights to sell his property. However, you can’t sell the movie or song which you watches at Netflix or cinema theater instead you have to create a unique movie, song. Remember if you have painted any painting and want to sell this painting’s digital version then you have to create or mint the NFT of this painting then you can sell it via registering your nft in various marketplaces of NFT’s. As Yuvraj Singh did by registering his nft with colexion marketplace. We will discuss specifically about nft marketplace in the upcoming posts however you will get a brief overview in this post as well.
Benefits of NFT Tokens
There are various NFT benefits for artists, nft benefits for buyers and holders such as
- No middleman
- No regional barriers
- Easy trading
- Increased in liquidity due to token standards
- Easy redemption
- Transaction cost reduction
- NFT buyers can purchase the token directly from the exact source
- NFT holders can sell to the token to direct buyers
NFT benefits for artists – One of the most important feature of NFT is uniqueness. Earlier there were always a hidden fear of story stolen and lots of talented writers and story tellers were often cheated by some big guns. Now anyone can sell his unique creativity in the forms of lyrics, story, art etc. If you are a writer and want to sell your story in Hollywood or Bollywood, and you have a strong believe on your story then you must go for NFT and secure your story digitally where you can sell it to the right person.
Top NFT marketplaces
NFT Beginners are always confused with a similar questions such as where can I buy NFT? Where can I sell NFT? Don’t worry after understanding the concept of NFT these are the most probable questions comes into the mind and most importantly we have solutions. Some of the top 8 NFT marketplace for art, investment etc are given below
- Opensea NFT Marketplace
- Rarible NFT Marketplace (RARI marketplace)
- Superrare Marketplace
- Nifty Gateway NFT Marketplace
- Foundation NFT Marketplace
- Mintable Marketplace
- Colexion Marketplace
- Enjin Efinity Marketplace
NFT question and answers for begginers (FAQ)
Some of the important and basic questions related non fungible tokens are served below please do take the advantages of these answers.
What is NFT digital art?
The art encrypted on a block chain and represented by a unique token is known as digital art. NFT digital art boomed in 2021 and grabbed by many artists such as painters, web designers, singers by selling their art through an NFT.
What can we own as NFT?
NFT is a safer ownership module that can be used to own anything. One can own any physical property and digital property, from inheritance will to college degree anything can be owned by this NFT.
What is the drawback of NFTs?
While purchasing the painting buyer need to recognize weather it is original or not because NFT encrypts only the digital assets ownership details not the detail of that digital asset.
From where we can buy NFT?
You can buy NFT through NFT marketplaces such as opensea, Rari nft marketplace, mintable, foundation, colexion etc. First you need to create your account on these platforms by downloading the app from the playstore.
Where can I sell my NFT?
For both buying and selling NFT’s you have to use NFT marketplace such as opensea, Rarible, Nifty Gateway, Superrare etc.
Where to create NFT art?
You can create your own owned NFT via Rari, Opensea. In Rari follow the steps
1. You can select creat option then fill all information
2. Choose free minting then
3. Click create item and sign free authorization with your wallet thats it.
Conclusion – We hope we made our point through this nft guide for beginners. You guys must gained some knowledge about nft and if still facing some issues or any query regarding NFTs let us know in the below comment box. Stay tuned.