What is NFT?Friends, in today’s time, as India and the world are moving towards digital, in today’s time technology is coming one after the other.
In such a situation, in today’s time, another technology and people have come to the Infront of people whose name is NFT, but many people want to know more about it and some people have only heard this thing.
So if you also want to know what is NFT, the Use of NFT and how does NFT created and How to earn from NFT So you can read this post till the end.
In this post, I am going to explain to you all the information related to NFT in very simple language, knowing that you will think that I was considering NFT very difficult but it turned out to be very easy.
So if you want to do something like this, then you can read this post till the end, and you can also give your opinion in comment, so let’s start now without any delay-
NFT Full Form-
NFT Full form-Non Fungible Token.
What is NFT-
Here I try to explain to you NFT according to a little full form, then Non-Fungible Token has two terms, first is Non-Fungible and second is Token.
Here, instead of Non-Fungible, you can also place Non-Replaceable, which means that it cannot be replaced and you can understand Token, Token is such a thing that is for identification.
So NFT means a token that cannot be replaced.
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Example- Here I try to explain you a little more, then suppose you have a 100 note note, now the value of 100 note and any other 100 note is the same, so if you sell that 100 note to someone And even if you change it with 100 rupees note, then you will not make any difference.
Now suppose you have a 100 denomination note which has the signature of Shri Narendra Modi who is the Prime Minister of India, then your 100 note will be different from other 100 note which you cannot replace with any other note.
So in the same way there are some things in the digital world which have a different id and whose credit and rights are with its real owner, which if he wants to sell, at what price he can sell it but a record of his id Which no one can put an end to.
It is simply called NFT or Non Fungible Token. So you people must have understood NFT Meaning in Hindi.
Working of NFT-
Now let’s talk about how NFT works, so in today’s time NFT works on Blockchain technology and the way cryptocurrency cannot be created from any single computer or any one server, in the same way. The record of NFT is also there in all those computers,
Whoever is connected to the NFT block chain network and all those computers have a record of that token, then if any person wants to remove that id or token, then by hacking any one computer or hacking a server, it will not work. Can do.
To do this, he has to hack all the computers and servers that are included in that network.
How is NFT formed?-
Now let’s talk about how to create NFT (Non Fungible Token), then NFT works on the blockchain network and all the transactions in it are also done through cryptocurrency.
So suppose if you do any transaction with phone pay then its process is that first of all this process goes to your bank and if you have 100 rupees in your account then bank approves it and after that in that account Which you have to pay and if everything goes well then your transaction is completed.
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This process happens so fast that you do not know about it.
In the same way, if you create any art work in the digital world and that artwork is installed in the digital world, then a unique ID is created for it, and NFT works on a decentralized process.
So if any other person wants to buy it, then he can become its owner by paying his amount and he also gets a token.
And this process becomes a certificate which cannot be erased or destroyed, because it works on Blockchain technology, and if someone wants to delete it, then he has to hack all the servers which are in this process. Contains, which is not possible.
Future of NFT-
Friends, some people live in a lot of doubt about the future of NFT, some people consider its future bright and some consider it to be spread, so what is its truth-
- Indian Govermnet will issue a new guide line for cryptocurrencies and in the budget also has talked about 30% tax on profits of cryptocurrencies.
- According to the NFT Report 2020, during Kovid, the sale of NFT in the year 2020 had exceeded 100 million US dollars.
- Whoever knows about NFT, I want to tell them that NFT is a technology working on cryptocurrency, which is new in India.
- In the coming times, NFTs can be something to be proud of very fast.
Where to buy NFT-
After knowing about NFT, many people want to know about selling and buying it, but due to not knowing it properly, they are not able to buy and sell NFT properly.
So in such a situation, if you want to buy NFT, then I am going to give you complete information about it, but in order to buy and sell NFT, it is very important for you to know about some things first.
To buy NFT, it is very important to have Ethereum at this time, otherwise in today’s time you cannot buy NFT without Ethereum.
In today’s time you can easily buy and sell NFT from Opensea.io website, all you have to do is to create an account by visiting this website and if you have Ethereum then you can buy NFT very easily,
And if you want to sell it, then you can also sell it to NFT.
Website to Buy and Sell NFT-
Below I have told about some websites from where you can buy and sell NFT-
- The Sandbox
- NBA Top Shot
- Nifty Gateway
- Axie Infinity
FAQ- what is NFT
1.What is NFT crypto token?
Ans:NFT is a crypto token like bitcoin that can be taken after collecting digital assets such as digital art, music, film, games or.
2.On which technology does NFT work?
Ans:NFT works on Blockchain Technology.
My final thought-What is NFT and How its work
If you read this article till now then you must have learned all information about What is NFT and How does NFT Works.
Also you have known what is NFT technology and how can you earn money from NFT.
If you learned something new from this post then you can share this post with your friends and family who are interested to know about NFT.
Also you can write your opinion on NFT in comment box.