Friends, you must have heard the name of NFT| Ever since people in our country have become fully aware of the stock market and cryptocurrencies, NFT has also been in a lot of discussions, After all, what is this NFT and how can we make money from it, What is the full form of NFT and when did NFT come and how NFT works, so let’s know what is NFT?
What is NFT?
Friends, NFT works like a token whose full form is non-fungible token. This NFT works as a different kind of identity| NFT is a digital token that works on a blockchain system. NFT is made up of Non-Fungible and tokens. First of all, let’s understand non-fungible –
Non-Fungible: Fungible means Replaceable and Non-Fungible means Non-Replaceable i.e. which cannot be replaced| Such as Taj Mahal, Picasso paintings, Eiffel Tower, etc. All these things are unique and cannot be changed| It can be copied but it is impossible to make exactly the same.
Let’s say you have a book by Rich Dad poor dad, Everyone in the world has such a book, but when you read the book, you must have made some notes, underlined important things with a pen, and signed it. Your book will be unique, meaning it is an NFT.
Let us understand this from another example – suppose Lata Mangeshkar has sung a song and it is the same song in Lata Mangeshkar’s voice, then it is a unique i.e. it is an NFT. A singer can sing such a song but he cannot sing in Lata Mangeshkar’s .
TOKEN: Friends token means ownership. Meaning CERTIFICATE OF OWNERSHIP. Let’s say you’ve made a painting and you’re selling it to your client. But the client is not ready to accept that this painting has been made by you.
But if you are given a certificate that the owner of this painting is you, there is no one else except. So you can show this certificate to your client and it will also be accepted with this certificate, not only your client, but anyone from all over the world will say that this painting is yours That’s how tokens work.
Whenever you create an art work game, music album, meme, cards, painting and buy and sell them on the NFT marketplace, you do not get it physically or digitally| You get only one token and the person who holds the token will be its owner And this ownership is called NFT i.e. NON FUNGIBLE TOKEN.
Friends, NON FUNGIBLE TOKEN is stored on the BLOCKCHAIN system| Ethereum blockchain technology is used for NFT| Blockchain is 100% secure and very powerful technology| Any entry made inside the blockchain is non-erasable, meaning no one can change it|
Because whatever data is inserted inside the blockchain is not just in your system, it is stored on a Pair to Pair network| That is, all the computers that are connected to this network store a copy of that data and if you want to change that data, apart from hacking that computer, everyone will have to hack with that blockchain network and it is not possible .
How to make money from NFT
Friends, now we know how to earn money from NFT. In this, you can create and sell NFT for free and earn money. So let’s know how to earn money from NFT –
With the help of blockchain technology, when you mint, you have to pay some fees to mint. And for that you have to create a crypto exchange account. There are many online platforms available for this, from which you can create an account. In this, you have to give KYC and other information and you have to verify your account. After verification, you have to buy Ethereum and transfer it to the crypto wallet of your choice. The most popular crypto wallet is METAMASK. This amount is used in further transactions from which you can buy and sell NFT. Right now many platforms are being launched for NFT such as –
Popular NFT Marketplace: Open sea, Foundation, Nifty Gateway, Rarible, Wazirx Nft and Binance etc.
This is a very popular website to earn money from NFT, where you store your talant i.e. your work and then sell it. Let’s say you’ve made a painting. If you list that painting on an NFT marketplace. If someone buys your painting, you get its royalty and as this painting continues to sell, you will always get royalty. You can fix this royalty from 5% to 20% according to your .
If you want to earn money from NFT, then you have to stay updated for it. You have to keep finding out what is trending at the moment. You have to create an NFT according to your interests according to the same trend and make that NFT unique so that people will understand your value and will be ready to buy that NFT.
Conclusion:
In today’s post, we learned what NFT is and how to earn money from . If you are a graphic designer or you make a very good painting, then you must list your painting on NFT. By doing this, you can easily earn money through NFT.