WHAT IS NFT? HOW TO MAKE A PROFIT BY INVESTING IN NFT
In recent years, NFT has been a hot topic in the press and media. It is a product of the new technology era, in the metaverse virtual universe and is expected to become a promising factor in the near future. So, what exactly is NFT? Let’s have a look at this article with Snail House!
What is NFT?
NFT is an abbreviation for Non-fungible Token (non-fungible asset), which is a unit of data on a blockchain ledger. In short, it is a digital asset stored in a blockchain. Blockchain functions similarly to a ledger which ensures the authenticity between assets and owners.
NFTs can exist in the form of digital files, such as artwork, audio, video, video game objects, and other artistic creations. To put it simply, NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), NFT digital files are viewed as a certificate of ownership for a specific product in theory.
Because of the secure nature of blockchain technology, the record of ownership cannot be altered which ensures that only one owner exists at any given time. This type of NFT can be found on a variety of blockchain platforms and exchanges, but it is currently created and used primarily on the Ethereum platform blockchain. It means that most NFTs are part of the Ethereum blockchain.
Most digital objects can be infinitely replicated. However, for NFTs, each asset will have a unique digital signature, resulting in the NFT’s uniqueness. Each NFT token that is minted has a unique identification number and belongs to a single owner. In addition, NFT is typically traded in cryptocurrencies rather than US dollars, though there are some exceptions.
What are the standout features of NFT?
In 2022, NFT is considered one of the potential trends that are on the rise, including key highlights such as:
Scarcity: Each NFT refers to a sole file. While there are numerous NFT issuers in the market, each issuer typically limits the number of non-fungible tokens to increase its scarcity. This is the reason why NFT is destined to be appreciated.
Indivisibility: This is the most notable distinction between NFT and cryptocurrency. As we all know, cryptocurrency can be divided into very small blocks to make buying, selling, and trading easier, especially for valuable coins like BTC, ETH… Nonetheless, as NFT is asset with indivisible property, we can only buy one, two, or more digital artworks rather than half of the artwork.
Uniqueness: This is NFT’s most important feature. Users can fully trace the origin of the information with each non-fungible token, eliminating the possibility of tampering. These credentials are used by each NFT as authentication certificates.
In recent years, digital transformation and the digital economy have become the goal of many countries. Therefore, the digital economy is the application of technological advances in economic development, or we can say that, the outcome of The Fourth Industrial Revolution and digital transformation.
NFTs are widely used in digital content such as music, art, and photographs. NFT fuels the creator economy, in which creators do not give up ownership of their content to the platform on which it is displayed. When the work is sold, the money goes directly to the creator or owner.
How to make a billion dollars by investing in NFT — What is the most efficient way to invest in NFT?
There are many ways to make billions from this breakthrough technology. Here are some ways to help answer the question of how to make money with NFTs.
Earning money by publishing, purchasing, and selling artwork: Paintings, digital songs, and other works are the most popular and profitable NFTs. According to Crypto Potato, The Merge, a digital painting by an unnamed artist Pak that sold for $91.8 million on December 6, 2021, is the most expensive NFT painting at the moment.
Participating in the most popular NFT games in the market: Players can earn tokens by playing games and completing missions. The obtained tokens can be converted into cryptocurrency. Additionally, using NFT technology, players can collect, own, and sell exclusive in-game items and accessories for money. Axie Infinity, The Sandbox, Evolution Land, CryptoBlades are the names of popular game in the Vietnamese games market.
Investing in NFT projects: It is not difficult to see that there are many NFT game projects that are rapidly growing and receiving large investments. Accordingly, investing in NFT startups can provide investors with an opportunity to gain profit faster . However, in order to select potential projects, investors must have knowledge and experience.
In general, there are numerous ways to get profit from NFT, such as publishing artwork, collecting items, or investing in-game project tokens. With the popularity of Blockchain, NFT is promised to be an exciting and potentially explosive product array in the near future.
We hope that the information in this article could help you answer the question of what NFT is and how to make a profit by investing in NFT in this investment market. Follow the Snail House community right now to keep yourself posted on this trending NFT investment.
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