What Is An NFT- NFT In A Nutshell

Recently, we have seen NBA (National Basketball Association), UFC (Ultimate Fighting Championship) and NFL (National Football League) partnership with Dapper Labs Inc. to launch their own NFT collectibles.

You must be outdated if you haven't heard of NFT lately😀

While there's so much noise and hype around the NFT, it's obvious some have yet to understand the concept of NFT and even how to make money from it (either being a creator or collector).

Before we talk about making money with NFT, let's be acquainted with the knowledge and understanding first.

So what's an NFT?

NFT is simply a unique digital asset that is created/minted on blockchain protocol that are not interchangeable, the major idea is to tokenize the ownership of the asset and also to eliminate counterfeit of the unique asset. It can be in form of art, GIF, music, etc.

Let take, for instance, a scenario whereby an artist's intellectual property was hijacked or duplicated, thereby depriving the artist of a reward for his work. That's a call or need for the deployment of digital art/assets on a public and distributed ledger to bring up transparency and security.

The concept of NFT is to remove completely the bad circumstance of artists not being able to enjoy the fruit of their labor.

So How can this be accomplished?

With the help of blockchain technology, the digital asset ownership is verified whereby even if the asset was duplicated, the ownership is verifiable on the blockchain and can not be hijacked or stolen thanks to the security and transparency feature in the blockchain technology.

With this writeup, I hope you learn something about the NFT. In the next NFT content or live session, we would cover the topic "How To Flip NFT For Profit".

#NFT #nftart

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