What is NFT? Know its importance NFT Token meaning & it's importance mskearnings.com

What is NFT? Know its importance NFT Token meaning & it’s importance now

What is NFT? And what is its importance, know in detail.

Today we are in that environment which depends to a great extent on technology and why not, after all, if some technology makes your work easy and simple, then why would you not use that technology. Today every person is doing his work through technology. Technology is taking away your dependency on things. That is why today the craze of technology is increasing, every day some new technology comes in the market. One such technology is becoming very popular, which is called NFT (Non-Fungible-Token).

NFT

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What is NFT Token and it’s importance, meaning, platforms, full form.

If you are connected to any social media platform like Facebook, Twitter, Instagram or YouTube, LinkedIn today, then you must have heard about NFT. NFT is such a technology which is the new generation of the digital world and it is very popular nowadays, but still there is a lot of question in the mind of the people about it. That is why we have brought this article for you, in which we have tried to cover all your questions, so let’s know what is this NFT?

What is NFT?

NFT means “Non-Fungible Token” to understand it one by one, Fungible means replacing or substituting and non-fungible meaning which cannot be substituted, in simple language which cannot be replaced or none like that. Now adding tokens to it, it becomes a complete technical term, which is based on the block chain. Let us understand with an example

  • “There is a painting which is made by an artist and he uploads it on the internet, as soon as that painting or image comes on the internet, it becomes public property, which anyone can download and claim their rights, that’s what NFT is all about. the story begins.
  • Now if a person takes NFT on his art i.e. non-fungible, then he will get a token digitally which will give him the right that only he will have the right on that image, even if he wins or copies are made but the real right of that picture belongs to him. pass and he can digitally increase the value of that painting from time to time and he can also sell the token to any other person whenever he wants.
  • When the buyer further sells that image i.e. its digital token, then 10 percent royalty of the sold price will go to its original owner i.e. the one who created it first. That is, winning your property will be sold many times, you will benefit as many times and its value will keep on increasing. Now let’s understand it in technical language.
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Now any artist can sell his skills by monetizing it in NFT i.e. making its digital version. Now any real thing like, melodies, songs, words, pictures, games or anything that you have created and no one else has and there is no one else like it. You can take advantage of it by converting it into a digital version token.

Why is it so special?

Now that you can make a digital version of anything with the help of NFT, the question that comes in your mind is “How safe is it?” Because when the digital version of anything is on the internet, then maybe its copies are also on the internet. This is what makes NFTs special because NFTs are unique, and they are assigned in a unique code.

You can say that just as your 2 finger prints cannot be the same, no 2 NFT codes can be the same. Each NFT gets a unique ID. This reduces the chances of selling counterfeit NFTs and on top of that, whenever you take an NFT, you are given a secure certificate stored on the blockchain. This is what makes it so special and that is why NFT is getting so much fame which remains a topic of constant discussion.

Why is it so viral today?

It is not that NFT has come in the market recently, you will be surprised to know that NFT has been in our midst since 2014, but in the last few days, NFT has caught the attention of the people, the reason for this is a meme (Joke ) was sold for Rs.38 lakh. Yes, a meme that was going viral for a long time, so the creator made a digital version of it with the help of NFT and sold it, which was digitally priced at Rs 38 lakh.

  • Apart from this, a painting of stone has been sold from NFT for 75 lakhs.
  • An artist named Beeple sold his JPEG image for 512 crores.
  • Whereas Twitter CEO Jack Dorsey’s first tweet was sold from NFT for 200 million, which he did on March 21, 2006 and this tweet was sold in 2021 in the version of NFT on March 22.
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Why is NFT so important today ?

Today, NFT is being given such importance because it restricts the property rights of any person to the person who created it. That is, the ownership of that thing is in the possession of only one person. Since this token works on blockchain technology, only one person can hold and access these digital assets. This is like a boon for any artist who wants to bring his creation digitally among the people and wants its right price. Now any artist can convert his art into a digital version and sell it through NFT and get a good price and if his art is sold further, then his real owner also gets the benefit, which will increase the price of his art.

How to get NFT on your creation?

When you have understood the whole thing, now the question will come in your mind that, how to take NFT on your creation? We will definitely give you the answer to this too, but in our next article, which we will explain in detail there, where to take NFT, which are the platforms where this service is being provided and which is the better platform for you? We will give you all these questions in a few days through another article, so keep visiting our website.

How did you like this article of ours, do tell us in the comment box and if you have any question related to it, then also tell us by commenting.

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