Easy Explanation of NFT

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Easy Explanation of NFT; before we understand NFT (Non Fungible Token), we try to understand what art is and why art has such a high value. And why are the world’s paintings sold at a very high price? Paper, ink, pen, etc., are used in a handmade picture when a person uses these things to make a valuable picture, so actually the value or the price of the art he has made. 

In the same way, of Easy Explanation of NFT; a currency note has a value, not paper. Before understanding, you must know about Cryptocurrency, and you should also know about blockchain technology. So you will understand the Concept of NFT (Non Fungible Token) very easily. So for that, you can read these blogs of ours

Art

Art and currency have value in our world, but if we talk about the digital world, there is a price for views, data, and digital art that is transformed and has created value, so that’s why we call it the art of the digital world. The same viral art is digitally converted with the help of blockchain technology, and we sell it for millions of dollars.

Easy Explanation of NFT; The most important thing when you create an NFT is its digital creation; secondly, it is a token, and the information about art is converted into the token and, last, the ownership of the token (NFT). For example, a meme about friendship was famous in Pakistan and sold in the form of NFT. You can see the details of NFT (Non Fungible Token) in terms of ten significant values at this link worldwide.

Easy Explanation of NFT; before we understand NFT, we try to understand what art is and why art has such a high value. And why the paintings in the world, which are sold at a very high price? Paper, ink, pen, etc. are used in a handmade picture, when a person uses these things to make a valuable picture, so actually the value or the price of the art he has made using these things.

Most Expensive NFTs

NFT Name      The Merge                   and Price is      91.80 M$

NFT Name      The First 5k Days        and Price is      69.30 M$

NFT Name      Clock                           and Price is      52.70 M$

NFT Name      CP 582                        and Price is      23.70 M$

NFT Name      ACP 7523                   and Price is      11.75 M$

NFT Name      TP 3442                       and Price is      10.50 M$

NFT Name      CP 4156                      and Price is      10.26 M$

NFT Name      CP 5577                      and Price is      07.70 M$

NFT Name      CP 5577                      and Price is      07.70 M$

NFT Name      CP 3100                      and Price is      07.60 M$

For more detail click this link also.

Easy Explanation of NFT; before we understand NFT, we try to understand what art is and why art has such a high value. And why the paintings in the world, which are sold at a very high price? Paper, ink, pen, etc. are used in a handmade picture, when a person uses these things to make a valuable picture, so actually the value or the price of the art he has made using these things.

The Idea to create NFT

For example, a cricketer has made an excellent and unbelievable catch. So first, that cricketer will select and create that I have to make an NFT of my own on this catch. He will then provide the catch information, which we will call the info of the token. And that cricketer will create a hash keeping his ownership in mind, which is specifically designed only for the token that will be unchangeable. 

Easy Explanation of NFT; Because we cannot make a copy of NFT, We can say that it will be Unique Token’s code; we consider an example, we can convert a hundred dollar note into five twenty dollar notes, but the value of these five notes will remain 100 dollars. Similarly, we can also split BTC tokens into parts and buy and sell them.

Easy Explanation of NFT; before we understand NFT, we try to understand what art is and why art has such a high value. And why the paintings in the world, which are sold at a very high price? Paper, ink, pen, etc. are used in a handmade picture, when a person uses these things to make a valuable picture, so actually the value or the price of the art he has made using these things.

But in NFT, we cannot divide the token into parts, which is why this token is called the non-fungible token. Given this perspective, when we create NFT with the help of blockchain technology, its creation, ownership, information and Hash are made Unique.

Easy Explanation of NFT; An example is the famous Mona Lisa painting. It has a price. You make another painting like this, but you will not get the same price for it because the art of its owner and creator makes this painting unique. That’s precisely how NFT is unique. The most important steps are as follows:

Idea for NFT

Select your Blockchain

Choose the Wallet

Select the Market Place

Choose the Price

Promote and Sell it

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