WHAT IS NFT TOKEN? HOW TO USE IT EFFECTIVELY?
NFT Token is definitely a very familiar concept in the NFT marketplace, which is currently taking over the digital world. Therefore, many people gradually began to change their standard of living by virtue of the artworks sold at huge numbers and attractive profits.
What is NFT Token?
NFT stands for Non-fungible token. NFT Token is digital content and data built, encrypted, and stored on a blockchain platform, which represents a unique asset and proves that you are the owner.
NFT doesn’t exist in a physical form that you can touch but exists in the form of digital objects such as images, videos, music, gifs, writing, etc. With the safe nature of blockchain, records of ownership cannot be modified and the authenticity of the assets is absolutely secure.
NFT appears on many different blockchain platforms but it is mainly used on the Ethereum blockchain.
Special Characteristics of NFT
NFT created a lot of buzzes and attracted the attention of many investors and professionals thanks to its characteristics.
- Uniqueness: This is the most prominent feature of NFT. Each NFT is a unique product code, users can access information about the origin thanks to the blockchain platform and avoid fake cases.
- Scarcity: Creators often limit the number of NFTs to increase their scarcity. As a result, their value is raised and appreciated.
- Indivisible: Unlike BTC and ETH which can be divided into small pieces for trading, NFT is an intact, unique, and indivisible property. For example, when buying an NFT painting, we cannot subdivide it into many parts to buy.
In the light of these special features, NFT has recorded 2021 as a brilliant year with impressive sales growth.
How to Use it Effectively?
In addition to the special features and many ways to earn huge amounts of money from NFT, we need to know how to use NFT tokens effectively.
Should invest in the release or sale of artworks such as paintings, songs, videos, images, etc. Because works of art often minimize the risk of copyright being stolen. An NFT painting named “Lucky Apricot Flower” by a young artist Xeo Chu has earned nearly 23,000 USD.
Invest in trending games by participating in games and quests. Then you can upgrade your character or accumulate items in the game and make transactions, buy and sell. Referring to the NFT game, it is impossible not to mention the global hit Axie Infinity.
In general, NFT can be applied in a variety of fields, so there are many ways to use NFT tokens effectively. The NFT marketplace is becoming more and more attractive and with the development of technology, let’s look forward to the new and attractive NFT products that will appear in the future.
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