What is an NFT? How do NFTs Work?

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What is an NFT? How do NFTs Work?

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What are NFTs? 

• NFT - Non-fungible token is a digital asset
  portraying real-world objects such as videos,
  music, art, in-game items, and even memes. You
  can purchase and sell NFT online, more often with
  cryptocurrency. Besides, the similar underlying
  software used in cryptos encodes them. 
• The term "non-fungible" defines that every token
  is unique, and you cannot exchange it for
  something similar. You can exchange any fungible
  item with an equivalent item, for example, a 10
  bill with another 10 bill. Recently, Twitter's
  founder Jake Dorsey converted his tweet into an
  NFT sold for 2.9 million. This tweet is unique,
  and no other NFT would be the same, which is
  where non-fungible begins to make sense.  
•  They are just like any other item of a
  collector, such as a classic action figure or a
  painting however, rather than purchasing a
  tangible thing, you will pay for a file and proof
  that you possess the original copy. 

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How Do NFTs Work? 

• NFTs ownership and unique identity can be
  verified through a blockchain ledger. Initially,
  Ethereum blockchain released NFT however, other
  blockchains like Bitcoin Cash and FLOW are
  supporting them.   
• Whether the original file is a GIF, JPG, MP3, or
  any other thing, the NFT that you possess showing
  uniqueness can be purchased and sold the same way
  as any other art. If a physical art needs to be
  sold, the price is fixed by the NFT
  marketplace demand.  
•  If you visit an art gallery, you'd see numerous
  replicated prints of it, so NFTs work similarly.
  You'd find some valid blockchain components, yet
  they wouldn't possess the exact value as the
  original one. NFTs arrive with a license to the
  digital asset it belongs to however, this
  doesn't immediately grant copyright ownership.
  The copyright owner would recreate work, and the
  NFT owner gets no royalties on it.  

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Where Can You Trade NFTs?  

• Don't mislead yourself by believing that you can
  hack the system by just right-clicking and saving
  a specific NFT image. That won't take you
  anywhere or make you a millionaire. This is
  because you have just downloaded a file, and it
  won't possess the information that includes it in
  the blockchain space and recognizes the file as
  the original one.  
• If you dont know how to buy NFT, you need to
  visit certain platforms, depending on your
  choice. Suppose you wish to purchase baseball
  cards you would visit a site related to digital
  trading cards, while other sites trade more
  general pieces. You will then require a wallet
  that would work on that platform from where you
  are trading and fill that wallet with
  cryptocurrency.  
• With the hefty demand of NFTs, they are launched
  as 'drops,' just like before an event, a bunch of
  tickets is released at specific intervals. This
  tells us that buyers would be eager when the drop
  begins, so you have to register, top up your
  wallet, and spend it wherever you wish. 

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The following sites sell NFTs 

• Open Sea NFT 
• SuperRare 
• Nifty Gateway 
• Foundation 
• VIV3 
• BakerySwap 
• Axie NFT Marketplace 
• Rarible 
• NFT ShowRoom 
• There is a massive wave seen in in-game NFT
  purchases. The player can easily acquire and sell
  these digital assets, including avatars, swords,
  or skins. 

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Standard Attributes of NFTs 

• Unique - NFT has its unique property, which is
  stored in the metadata of tokens. No two NFTs can
  be the same. Conversely, an original image .jpg
  file is similar to its copy, a .jpg file. 
• Indivisible - You cannot split NFTs into smaller
  denominations and also cannot purchase or
  transfer a part of it.  
• Ownership - You get a guarantee of the ownership
  of the asset which is transferred with these
  tokens. 
• Digitally scarce resource - NFT gets stored in
  the blockchain network, and therefore, its
  certificate of ownership is there present on
  several networks, turning it possible to prove
  the ownership of the digital asset. 

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