An NFT is a non fungible token. They are basically tokenized items with high value because of their uniqueness and rarity. There are a lot of them on the Binance Smart Chain and on Ethereum.
When you hear of NFT, arts and collectibles may be the first to come to mind as we see them everywhere these days. But there’s so much more to NFTs than just arts.
What really is an NFT?
An NFT is a crypto asset that represents something unique and of high value on the blockchain. You may have heard of the crypto punk NFTs and how much they are sold for.
Musicians, artists and gamers are using NFTs today, and more and more of them will use NFTs going forward.
What can you do with NFT?
Trading NFTs is the most common thing done with them today. You can create your own and sell, or you can buy and resell at higher value.
Some NFTs have some form of utility to it.
For example, a gaming platform may use an NFT as rewards, and the NFT in turn used to unlock new levels or features.
There may be certain pools that one will need an NFT to benefit from. In this case, the use will stake the specified NFT on the platform to earn from the pool.
In the future, we will see the use of NFT in different areas of life, including education and health. You can have your degree or certificates as NFT that will be on the blockchain for life!
How do you verify if an NFT is authentic?
This is quite tricky, but possible. Many people upload other people’s work as their own. So you’ll have to see if you can get in contact with the original artist and confirm if he/she is selling NFT.
Since NFTs are unique, you should have an identifier you can check on the blockchain. There you can fine information such as minting date and the address that minted it, and you can make comparison.
If the NFT was bought for resell, you will also find all these information on the blockchain.
Conclusion
NFTs will make a big part of our life with time. NFT will be used from Businesses to government levels as well as in the health sector.
There’s so much buzz about NFT today. But be careful about acquiring them.
We recommend getting utility NFTs. These ones will have better sell on value, and will be useful over time.
