Q) What is non fungible token?
A) A Non fungible token is piece of data which is stored in digital ledger also known as blockchain. Now as this data cannot be changed, it provides the owner of nft the 100% ownership.
Q) What is the use of non fungible token?
A) As an artist, you wish to make sure you are the 100% owner of your art. With the help of NFT, you make sure you own 100% of the art and any copies can be traced back to your original art.
Q) Are non fungible tokens worth it?
A) Their worth is decided by the amount of money someone is willing to pay to own that token. Do you know Mike Winkelmann sold his NFT for $69.3 Million. So yes, they are worth a shot.
Q) Are non fungible tokens bad for the environment?
NFT is stored in blockchain, and blockchain requires extensive resources to run which emit carbon dioxide which is harmful for the environment.
Q) Why are non fungible tokens valuable?
An NFT is a proof that you are single owner on this entire planet. Which gives sense of pride to the owner. Just like unique paints gave sense of ownership, NFT does the same. Hence they are valuable.
Q) Why non fungible tokens cannot be copied?
A) Take mona lisa painting for an example, you can take any number of images of the painting but the original painting is just one. In the same sense, you can copy the digital art any number of times, but you cannot prove that you are the owner of that art.
Q) What can non fungible tokens be used for?
A) Non fungible tokens can be used for many things like
- Digital Goodies
- Gaming Assets
How does non fungible token work?
Piece of information is stored in blockchain, which is also known as non fungible token along with the details of true owner of it. After that information is store, it becomes part of that chain and that data stays their forever
How can I buy Non fungible tokens?
Just like you have art gallery to buy the art, you have various marketplaces from where you can buy nft from your favourite artists or creator. Some of the famous marketplaces are
How to create non fungible token art?
Creating a NFT is not a big task these days, you can simply use the marketplaces like opensea and easily create your very first nft. This is hardly a 90 minute process.
If you need help creating your very first NFT, then book a free consultation call with your expert.