Good day, ladies and gentlemen. It is a new day, and I am excited to write my first article after the introductory article I posted last week. Today, I will discuss an important topic in the cryptocurrency space that many have not explored to the fullest. To enable us to dive deeper into this topic, we must understand what NFTs mean in-depth. Aside: I will like to say that there may be no image in this post because my ecency app refused to upload my images.
WHAT ARE NFTs?
NFTs which stands for Non-Fungible Tokens, are unique digital cryptographic tokens/identifiers existing on a blockchain and are used to certify authenticity and ownership. This means that NFTs cannot be replicated, copied, or duplicated. For simplicity's sake, NFTs are any piece of work, such as drawing, music, etc., that can be stored on a blockchain as a cryptographic token. So drawings or pictures of a cat stored on a blockchain is an NFT, representing your ownership over the picture. Now that we have explained what NFTs are, we will look into popular blockchains where NFTs can be minted.
The blockchain that supports NFT includes and is not restricted to:
- Ethereum
- Solana
- BNB and
- Cardano
The Ethereum blockchain is the most popular among them.
DIFFERENT TYPES OF NFTs.
The following are various NFTs that can be minted or created:
• Music
• Drawings
• Arts works
• In-game items
• Videos
• Collectibles
• Real estate
• Digital sneakers, etc.
As we have seen so far, NFTs have the potential to revolutionize the way we interact with digital assets and change the way we think about ownership, collectables and even arts.
In my next article, I will explain the potential use case of the types of NFTs listed above and how I make money from some of them. Till then, stay tuned.