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What is NFT in simple terms?


NFT: definition, features of use

People who want to understand what NFT is need to understand that it is a non-fungible token. It is a unit of account, with the use of which a digital impression is created, which is necessary for the formation of any unique item in the future. We can talk about objects such as pictures, photos, videos, music, gifs.

Thus, it is possible to create any content that claims a certain uniqueness. The items listed may be valuable to collectors as well as gamers. Thanks to this, it becomes possible to earn money at auctions.

The described tokens are in the blockchain, which is a chain of certain components. Each component includes certain information. There is a characteristic difference from servers. It consists in finding data on a large number of devices that can be located anywhere in the world.

It is thanks to this encryption technique that the blockchain is almost impossible to hack. The most successful attackers manage to gain access to one segment of the chain. For this reason, the vast majority of cryptocurrencies that exist today operate using the blockchain.

If questions remain as to what an NFT is, then you need to understand that it is a record within a specific block. There are a lot of such marks in the chain. For this reason, the difference between the individual components is almost imperceptible.

For example, each Bitcoin is a copy of a similar component. Thus, it becomes possible to compare with the currency. However, if there is a need to create a unique token that will have no analogues, then the use of NFT becomes necessary.

Created using NFT, the token is an efficient way to transfer original objects from reality to the blockchain. Each of these objects is unique, inseparable and has no analogues. Moreover, the blockchain contains the necessary information about it. However, the degree of originality may vary.

Features of implementation, acquisition of NFT

Today, NFT tokens represent an innovative trend in the cryptocurrency market, which is developing at an incredible speed. If necessary, any user can implement NFT. To do this, you can use specialized marketplaces. They represent a free market for artists, authors, crypto enthusiasts as well as collectors.

The use of specialized services enables people from all over the world with high liquidity, low commissions to carry out profitable transactions. Today, there is a growing interest in NFTs in the specialized market. Such dynamics is due to such reasons as:

  1. Deficit. This is what makes Bitcoin the most valuable investment. As mentioned above, some NFTs are unique. In this case, the price can reach 500,000 dollars.
  2. Security. Blockchain-based ledgers provide an immutable record of ownership. Thus, copying, deletion of the NFT belonging to a specific person is effectively prevented.
  3. Indivisibility. The person who is the creator of a particular token becomes its 100% owner. An exception to this rule are specialized tokens belonging to the fractional variety.

Beginners in this field should know that the hype around the NFT is gaining momentum due to intense speculation, dynamic fluctuations in prices for such assets.

How to buy or sell an NFT token?

If it becomes necessary to figure out how to buy an NFT, sell it, then the first thing to do is to choose the right platform. Initially, it is best to pay attention to the most popular services, such as:

  1. Binance.
  2. OpenSea.
  3. The Sandbox.
  4. SuperRare.
  5. Rarible.
  6. NBA Top Shot.

You can get detailed information on how to buy NFTs in the public domain. If necessary, you can request additional information from technical support or in the information section.

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