What is NFT

 Today we will know what is NFT, how it works and how you freely can create and sell NFT. 

                                                 And generate lifetime royalty income, if you search NFT highest bids on google. 

Then it will show you many popular artworks like photo, memes, screenshots. 

And did you know these simple digital looking photos, memes, digital artworks are sold not in lakhs but in crores. 

And interesting thing is that, artworks sold by NFT have online auctions means people bid and one artwork is being purchased and sold many times.       

    Original owner get upto 10% 

Royalty income lifetime on every sell. 

Like look at this artwork this was made by Michael Joseph, he is also famous by beeple. 

He converted this artwork in NFT and sold in 500 crores and this simple cat's (GIF) file has been sold in 5 lakh dollar. 

So let's first understand what is NFT? 

                                 NFT

              Non-Fungible Token

                        |

             Non-replaceable

Fungible means replaceable and non-Fungible means non-replaceable. 

Means which can't be replaced like kohinoor diamond, original painting of mona Lisa made by Leonardo da Vinci, etc. These all are unique in the world, these can't be replaced, these are all non-Fungible things. 

Token= certificate of ownership

 

Suppose you have made a digital drawing and selling it to your client, but client is not believing that it is made by you. To make understand the client that the owner of this drawing is you, your so much time will be waste. 

But if you got a certificate seeing which everyone in this world will believe. 

That this is 100% proven that the real owner of this particular drawing is you.  

That certificate is called token, whenever you make an artwork, photo, music, video and sell or buy it on NFT marketplace. So you only get a token rather than digital thing and the real ownership of that thing belaongs to the person who will have that token. And this token is called as NFT (non-Fungible token) and this token is stored in blockchain. 

Mainly Ethereum blockchain technology is used for NFT and blockchain is 100% safe and powerful technology. Every entry done in blockchain is non-erasable means no one can change Or hack that because every data stored in blockchain is not only in your system but it is stored in peer to peer network. 

Means copy of that data is stored in every computer connected with this network. 

If anyone wants to change this data, he have to hack all computer connected to that network.