What is an NFT, or what do you understand by an NFT? - Deepstash
The Psychology of Money

Learn more about crypto with this collection

How to develop a healthy relationship with money

How to create a budget

The impact of emotions on financial decisions

The Psychology of Money

Discover 52 similar ideas in

It takes just

7 mins to read

What is an NFT, or what do you understand by an NFT?

What is an NFT, or what do you understand by an NFT?

First, NFT stands for Non-Fungible Token. Here, non-fungible refers to some entity that cannot be exchanged or interchanged. And by its definition, an NFT is an authentication certificate or a digital asset representing the objects in the real world. And by “Token,” we mean the interchangeable item. These items are the ones that you can trade online, such as art, music, collectibles, videos, in-game items, GIFs, etc.,

For example, years of the old tweet can be an NFT, too, like Jack Dorsey (the former CEO of Twitter) used his tweet as an NFT and made millions of US dollars.

64

266 reads

MORE IDEAS ON THIS

features of an NFTs:-

-No probability of making its copy.

-No other token can replace it.

-No two individuals can own the same NFT.

-It has a unique code, differentiating it from every other digital replica.

-It’s an authentication certificate that gives you its ultimate ownership.

-It ca...

64

258 reads

Miniting NFT

Miniting NFT

Minting an NFT refers to turning a digital file or asset into an NFT (i.e., making a digital file unique using available means and tools) on the Ethereum or similar blockchain. This NFT is stored on a decentralized database, making it possible to edit, modify, or delete. Yes! You can do it.

61

169 reads

But why the blockchain and not any other means of technology?

But why the blockchain and not any other means of technology?

To provide a secure ledger for its trade and preserve its uniqueness . Blockchain is the only technology that can do it safely, making it easy for anyone to buy and sell NFTs.

Remember, each token’s value may increase or decrease since it depends on the growth of t...

62

221 reads

Why Are NFTs Even Relevant?

Why Are NFTs Even Relevant?

NFTs relevancy comes from the fact that they allow you to tokenize digital assets – from artwork to real estate, i.e., make money out of anything that can be transformed into an NFT and start trading to make a ton of money just like that! However, it’s difficult as being said.

You can use N...

61

150 reads

Step-6: Minting your NFT

Step-6: Minting your NFT

You know what minting is — turning your idea (digital art, etc.) into a digital asset called an NFT so that you can associate a price tag to it and sell it. And for this, initiate a digital wallet it will charge a gas fee to initialize your account.

So if...

63

130 reads

Cost And Returns Of  NFT

Cost And Returns Of NFT

In experts’ views all around the globe, listing an NFT on OpenSea can cost you USD 200 — USD 450 if you’re a first-timer. It may seem high since this includes the gas fee you pay to record your NFT on a blockchain. This fee may vary from time to time .

Along with that, the ...

64

163 reads

Step-7: Listing your NFT

Step-7: Listing your NFT

Once you’ve finished working on your pricing strategy for your NFT, then go ahead and list your NFT for sale on OpenSea by clicking the button “Complete Listing.”

You can only list your NFT after signing a few transactions using your crypto wallet. Once it’s over, you will see a screen anno...

63

134 reads

How does an NFT work in the real world?

How does an NFT work in the real world?

It’s a digital era, and an NFT’s purpose is simple — maintaining all digital assets’ uniqueness and authenticity through rightful ownership.

NFTs are those digital assets that are transferable and secured by a digital ledger based on blockchain technology called Ethereum or any other Crypto...

63

215 reads

Step-4: Creating your NFT

Step-4: Creating your NFT

Finally, let’s get to the core part — creating your NFT. If done cleverly, it can change your life overnight.

So, to create an NFT on OpenSea, you canfollow the following steps

Open any web...

65

120 reads

Step-2: Setting up a wallet for crypto

Step-2: Setting up a wallet for crypto

A crypto wallet is like a bank account that helps you store your NFTs and crypto assets that you create or buy. Besides holding your private keys, a crypto wallet keeps your crypto assets safe and accessible. Such wallets can be both physical and digital.

Here are some most popular crypto w...

65

154 reads

Step-3: Connecting the crypto wallet to a marketplace

Step-3: Connecting the crypto wallet to a marketplace

Once you are over with the second step, it’s time to connect your crypto wallet to the desired marketplace.

For instance, if you’re selling or would want to sell your NFT on OpenSea, kindly visit their website and click “create.” It will redirect you to...

64

116 reads

Step-1: Perform thorough research and select an NFT marketplace

Thorough research would give you a better understanding of available marketplaces online and allow you to find a valid one to sell your NFT.

List of Top NFT marketplaces:-

OpenSea

Rarible

Foundation

Nifty G...

69

217 reads

A Beginner’s Guide to Minting NFTs

A Beginner’s Guide to Minting NFTs

You have probably heard of Beeple, an American digital artist who sold his NFT piece (a collage of digital images) and made USD 69 million at an auction. And there is similar news of an artwork sold at Christie’s auction house (the first example of an NFT artwork) for USD...

65

329 reads

What is lockchain?

What is lockchain?

Blockchain is a digital ledger or a system that tracks digital information using ultimate security. Neither you nor anyone can hack, change or cheat on such a system that stores all transactional details of your digital assets such as Cryptos, NFTs, etc., within a well-establishe...

61

167 reads

Step-5: Taking on to decide pricing strategy

Step-5: Taking on to decide pricing strategy

Once you have created your first ever NFT for trade, then comes the next part, where you need to decide the price of your NFT so that you can sell it.

There are three basic strategies to set a price tag for your NFT:

Fixing the Price: Here, you give a fixed pri...

65

111 reads

CURATED FROM

CURATED BY

crt7

🙋Am a self taught Digital Creator , Editor 💻 from India 🇮🇳 , as well as a Technologist and a COD Gamer 🎮. Interested in learning📒 new things always for keeping up with the trend .

Related collections

More like this

What is an NFT?

What is an NFT?

NFT stands for Non-fungible token.

  • cannot be exchanged/replicated/replaced because they are unique.
  • allows you to buy & sell ownership of unique digital assets.

What the heck is an NFT?

What the heck is an NFT?

Non-fungible token.

That doesn’t make it any clearer.

“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same t...

stash-superman-illustration

Explore the World’s

Best Ideas

200,000+ ideas on pretty much any topic. Created by the smartest people around & well-organized so you can explore at will.

An Idea for Everything

Explore the biggest library of insights. And we've infused it with powerful filtering tools so you can easily find what you need.

Knowledge Library

Powerful Saving & Organizational Tools

Save ideas for later reading, for personalized stashes, or for remembering it later.

# Personal Growth

Take Your Ideas

Anywhere

Organize your ideas & listen on the go. And with Pro, there are no limits.

Listen on the go

Just press play and we take care of the words.

Never worry about spotty connections

No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.

Get Organized with Stashes

Ideas for your next work project? Quotes that inspire you? Put them in the right place so you never lose them.

Join

2 Million Stashers

4.8

5,740 Reviews

App Store

4.7

72,690 Reviews

Google Play

Sean Green

Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.

Ashley Anthony

This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!

samz905

Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.

Shankul Varada

Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.

Ghazala Begum

Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.

Jamyson Haug

Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.

Giovanna Scalzone

Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.

Laetitia Berton

I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Access to 200,000+ ideas

Access to the mobile app

Unlimited idea saving & library

Unlimited history

Unlimited listening to ideas

Downloading & offline access

Personalized recommendations

Supercharge your mind with one idea per day

Enter your email and spend 1 minute every day to learn something new.

Email

I agree to receive email updates