{"id":5795,"date":"2022-07-26T18:30:57","date_gmt":"2022-07-26T13:00:57","guid":{"rendered":"https:\/\/externlabs.com\/blogs\/?p=5795"},"modified":"2022-07-26T18:30:59","modified_gmt":"2022-07-26T13:00:59","slug":"non-fungible-tokens-explained","status":"publish","type":"post","link":"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/","title":{"rendered":"Non-Fungible Tokens Explained: Things You Must Know About NFTs"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">I am curious about this new rising\u2026\u2026umm\u2026.platform? Art platform? Blockchain?<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_63 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#What_Is_An_NFT\" title=\"What Is An NFT?\">What Is An NFT?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#A_Real_Quick_Rundown_Of_Blockchain\" title=\"A Real Quick Rundown Of Blockchain\">A Real Quick Rundown Of Blockchain<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#Whats_The_Whole_Point_Of_NFTs\" title=\"What\u2019s The Whole Point Of NFTs?\">What\u2019s The Whole Point Of NFTs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#Are_NFTs_In_the_Mainstream\" title=\"Are NFTs In the Mainstream?\">Are NFTs In the Mainstream?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#Can_I_Buy_This_Blog_As_An_NFT\" title=\"Can I Buy This Blog As An NFT?\">Can I Buy This Blog As An NFT?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#How_Do_NFTs_Work\" title=\"How Do NFTs Work?\">How Do NFTs Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#Some_NFT_Examples\" title=\"Some NFT Examples\">Some NFT Examples<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#Use_Cases_for_NFTs\" title=\"Use Cases for NFTs\">Use Cases for NFTs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#Digital_Content\" title=\"Digital Content\">Digital Content<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#Gaming_Items\" title=\"Gaming Items\">Gaming Items<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#Investment_and_Collaterals\" title=\"Investment and Collaterals\">Investment and Collaterals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#Domain_Names\" title=\"Domain Names\">Domain Names<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#How_to_Buy_NFTs\" title=\"How to Buy NFTs?\">How to Buy NFTs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#NFT_Marketplaces\" title=\"NFT Marketplaces\">NFT Marketplaces<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#Top_5_Ways_To_Make_Money_From_NFT\" title=\"Top 5 Ways To Make Money From NFT\">Top 5 Ways To Make Money From NFT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#Non-Fungible_Tokens_Time_Ahead\" title=\"Non-Fungible Tokens Time Ahead\">Non-Fungible Tokens Time Ahead<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/externlabs.com\/blogs\/non-fungible-tokens-explained\/#To_sum_up\" title=\"To sum up,\">To sum up,<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p class=\"wp-block-paragraph\">Are you also curious about the same thing\u2026..but hesitate to ask someone because of the fear that people will judge.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What\u2019s the point of asking others when search engines are there? Simply Google your question and get rid of your curiosity.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you are reading this article, it implies you have arrived on our page. This blog will explain everything (A-Z) about NFTs (non-fungible tokens).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unless and until you live in remote areas with no connection to the outer world, or you literally live in caves, you\u2019re certainly aware of this new internet phenomenon called non-fungible tokens (NFTs). The media hasn\u2019t been tired of this topic ever since a South Carolina artist sold a digital collage for $69.3 million. Even more astonishing is the fact that the creation can be copied and posted by anyone else.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So what\u2019s all this buzz about?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s first start with the basics.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_An_NFT\"><\/span>What Is An NFT?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967-1024x1024.jpg\" alt=\"non-fungible tokens\" class=\"lazyload_inited wp-image-5797\" srcset=\"https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967-1024x1024.jpg 1024w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967-300x300.jpg 300w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967-150x150.jpg 150w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967-768x768.jpg 768w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967-1536x1536.jpg 1536w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967-80x80.jpg 80w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967-380x380.jpg 380w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967-800x800.jpg 800w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967-1160x1160.jpg 1160w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967-160x160.jpg 160w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967-760x760.jpg 760w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967-1600x1600.jpg 1600w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967-600x600.jpg 600w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/5400967.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">non-fungible token<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This doesn\u2019t make things clear. Right! Sorry<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is what I knew earlier. Now, after doing lots of research and discussing with techies(doing this is hard), I think I can explain.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, \u201cNon-fungible\u201d means that it\u2019s eccentric (unique) and can\u2019t be replaced with others.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Like a bitcoin, it is \u201cfungible\u201d\u2014you can trade one bitcoin for another, and you can get exactly the same thing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The original and unprecedented trading card is, however, called non-fungible. You will get something completely contrasting if you exchange it for a different card. It will be like, you gave up a Pikachu and got a Shock Man (Rock Force).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But, there\u2019s a twist to it. NFT is just a digital thing that can not be imitated at its crux. As I said, it&#8217;s unique, one-of-a-kind. Digital items can be copied to infinity, so they are innately fungible.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For many, NFT art is the answer to their digital ownership.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">non-fungible token&nbsp; \u2014- receipt for NFT arts and other digital items.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, don&#8217;t misinterpret NFTs as non-fungible tokens artwork and music. One can make use of NFT technology to produce ticket counterfoils that cannot be duplicated or reused. Some think of NFTs as an extra-secure replacement for contracts, leases, and deeds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Digital assets like artwork or MP3s are still fungible if they are linked to an NFT. Because these files are still fungible, anyone can save them to their hard drive or mint them into a new NFT with a new \u201cserial number\u2019.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_Real_Quick_Rundown_Of_Blockchain\"><\/span>A Real Quick Rundown Of Blockchain<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blockchain-blog-img-1024x768.jpg\" alt=\"non-fungible tokens\" class=\"lazyload_inited wp-image-5798\" srcset=\"https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blockchain-blog-img-1024x768.jpg 1024w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blockchain-blog-img-300x225.jpg 300w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blockchain-blog-img-768x576.jpg 768w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blockchain-blog-img-1536x1152.jpg 1536w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blockchain-blog-img-2048x1536.jpg 2048w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blockchain-blog-img-380x285.jpg 380w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blockchain-blog-img-800x600.jpg 800w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blockchain-blog-img-1160x870.jpg 1160w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blockchain-blog-img-600x450.jpg 600w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blockchain-blog-img-760x570.jpg 760w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Well, they are pretty complex to explain. But the primary idea is that blockchain is the ideal method to store data without any trust in any company or entity to keep things safe and error-free. However, there are definitely some variations and peculiarities that you can glance through in our<strong> <\/strong><a href=\"https:\/\/externlabs.com\/blogs\/what-is-blockchain-development\/\" target=\"_blank\" rel=\"noreferrer noopener\">blockchain blog<\/a><strong>.&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But most of the time, when users talk about blockchain, it is the technology they are talking about. There\u2019s also a lot of dubiety whether non-fungible tokens are related to blockchain or not. We will see this in a bit.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I\u2018m already feeling like a tech expert.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Is this, do you think, the future of the artwork collection?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I\u2019m sure many of you really think so- like the person who paid $6.6 million for a video by Beeple.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But, the awkward part here is that you can copy or download the same file as many times as possible for the same file the person paid millions of dollars for.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, what\u2019s the whole objective of NFT?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NFTs are created to give you something that cannot be copied, i.e., the proprietorship of the work.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To put it simply, anyone can purchase a Mona Lisa duplicated art print, but only one person can own the genuine copy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The flex of owning the original Mona Lisa is\u2026\u2026\u2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, I also heard that NFTs had been busted for real this time. The sales have collapsed. I am not saying that NFTs are about to make a rebound. However, plenty of folks in the NFT community are sure they are still in the lap of luxury.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s talk about apes! Why not? Everyone in NFT is talking about them.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Bored Ape Yacht Club- if you haven&#8217;t heard about this, it is one of the most victorious NFT projects in which apes (each one designed with some unique characteristics) are sold for millions of dollars.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company behind NFTs has developed a by-product cryptocurrency for a few hours and acquired other massive NFT brands.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Whats_The_Whole_Point_Of_NFTs\"><\/span>What\u2019s The Whole Point Of NFTs?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Well, it depends on whether you are a creator or a buyer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s first see from the artist&#8217;s point of view-<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As an artist, you might be fascinated by NFTs because they provide a path to sell your artwork that otherwise might not have been sold. Plus, there are some NFT marketplaces where you can get paid a percent and a slice every time your NFT is sold or exchanged.&nbsp; This will ensure that if your work gets popular, your art value can balloon up, and you can see some real benefits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From the buyer\u2019s point of view-<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One obvious point is that buying art can let you financially support artists you like or admire. Buying an NFT will also get you some basic usage rights, like being qualified to post the images online or set them as your DP.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Plus, of course, you will have bragging rights that you own a famous piece of art with a blockchain entity to back it up.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What if you\u2019re a collector-<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, NFTs can also work like tentative assets, where you can purchase an art piece and hope its value increases one day so that you can sell it to gain a net profit.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"763\" src=\"https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-NFT-1024x763.jpg\" alt=\"non-fungible tokens\" class=\"lazyload_inited wp-image-5803\" srcset=\"https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-NFT-1024x763.jpg 1024w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-NFT-300x225.jpg 300w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-NFT-768x572.jpg 768w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-NFT-1536x1145.jpg 1536w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-NFT-2048x1526.jpg 2048w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-NFT-380x283.jpg 380w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-NFT-800x596.jpg 800w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-NFT-1160x864.jpg 1160w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-NFT-760x566.jpg 760w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-NFT-1600x1192.jpg 1600w, https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-NFT-600x447.jpg 600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Are_NFTs_In_the_Mainstream\"><\/span>Are NFTs In the Mainstream?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Well, it depends. If you are asking whether my mom owns one, the answer will be no. But, we have also seen celebrities and big brands like <a href=\"https:\/\/beincrypto.com\/marvel-launches-marvel-mightys-nft-collection\/\" target=\"_blank\" rel=\"noreferrer noopener\">Marvel <\/a>launching their own NFTs, which I guess is aimed at collectors rather than crypto enthusiasts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, in my opinion, we can\u2019t call NFTs mainstream the way smartphones are mainstream.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Can_I_Buy_This_Blog_As_An_NFT\"><\/span>Can I Buy This Blog As An NFT?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">umm\u2026NO, but anything cybernated present on the digital platform can be bought and sold as an NFT (even the articles from Quartz and the New York Times).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A person named William Shatner has sold Shatner-themed trading cards (one of which was allegedly an X-Ray of his teeth).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There have been many endeavors to link NFTs to actual-world objects, mostly as a sort of authentication method.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For instance: Nike has patented a method to verify a sneaker\u2019s credibility using an NFT system, called <a href=\"https:\/\/thenextweb.com\/news\/nike-blockchain-sneakers-cryptokick-patent\" target=\"_blank\" rel=\"noreferrer noopener\">CryptoKicks.<\/a>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Do_NFTs_Work\"><\/span>How Do NFTs Work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img src=\"https:\/\/externlabs.com\/blogs\/wp-content\/plugins\/trx_addons\/components\/lazy-load\/images\/placeholder.png\" data-trx-lazyload-height style=\"height: 0; padding-top: 100%;\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" data-trx-lazyload-src=\"https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/NFT-img-1024x1024.jpg\" alt=\"non-fungible tokens\" class=\"wp-image-5799\"   \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Now, let\u2019s move to a more advanced stage and learn how NFTs work.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First, NFTs inhabit the Ethereum crypto blockchain. It is a distributed public ledger that stores information about all the transactions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Second, NFTs are considered individual tokens with valuable information held in them.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Third, since they have a value originally set by the industry and demand, they can be preferred and sold just like physical artworks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fourth, NFTs&#8217; unique data makes it easy to verify the ownership and transfer of the tokens between the two parties.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_NFT_Examples\"><\/span>Some NFT Examples<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Some good examples of NFTs that are present in the market today are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/cryptopunks.app\/cryptopunks\/details\/1\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">A digital collectible<\/a><\/li><li><a href=\"https:\/\/app.ens.domains\/name\/ethereum.eth\/details\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Domain names<\/a><\/li><li><a href=\"https:\/\/market.decentraland.org\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Games<\/a><\/li><li><a href=\"https:\/\/zora.co\/collections\/zora\/145\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Essays<\/a><\/li><li><a href=\"https:\/\/www.metagrail.co\/auctions\/91cf83fb-3477-4155-aae8-6dcb9b853397\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">sneakers<\/a><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Use_Cases_for_NFTs\"><\/span>Use Cases for NFTs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img src=\"https:\/\/externlabs.com\/blogs\/wp-content\/plugins\/trx_addons\/components\/lazy-load\/images\/placeholder.png\" data-trx-lazyload-height style=\"height: 0; padding-top: 100%;\" loading=\"lazy\" decoding=\"async\" width=\"740\" height=\"740\" data-trx-lazyload-src=\"https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-nft-img.jpg\" alt=\"non-fungible tokens\" class=\"wp-image-5800\"   \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">People who are into crypto trading and love to collect artwork use NFTs. However, some of the other uses of non-fungible tokens are:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Digital_Content\"><\/span>Digital Content<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The primary use of NFTs is in digital content. Artists and content creators see their profits increased by NFTs. This strengthens the creators&#8217; economy, where creators have control of their content over the platforms they use to broadcast it.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Gaming_Items\"><\/span>Gaming Items<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">NFTs have attracted considerable interest from all game developers. NFTs can provide a lot of ease and assistance to the users. Normally, during an online game, you can purchase items for your player or gaming character.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But with NFTs, one can recover their money by selling the items once they are done with them.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Investment_and_Collaterals\"><\/span>Investment and Collaterals<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Both non-fungible tokens and DeFi (Decentralized Finance) have the same framework. DeFi apps can let you borrow money by using insurance. Decentralized Finance and NFT both work together using NFTs as collateral.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Domain_Names\"><\/span>Domain Names<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">NFTs offer your domain with an easy hark back to names. This will work like a website domain name, making the IP address more valuable based on relevance.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The best part is that even popular personalities, like Snoop Dogg and Jack Dorsey, are getting engrossed in the NFT by releasing distinctive memories and artwork by selling them as asset-backed NFTs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Buy_NFTs\"><\/span>How to Buy NFTs?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">After knowing this much about NFT and its advantages, you might be curious about buying NFTs.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, if you want to buy NFTs, you should know about some important points before you buy them. Let\u2019s see what those points are-<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1. You will require a digital wallet so that you can store your NFTs and cryptocurrencies there.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. Then you have to purchase a few cryptocurrencies based on the kind of cryptocurrency your&nbsp; NFT provider accepts, most probably it will be Ethereum. To buy cryptocurrencies, you can employ platforms like OpenSea, Coinbase, Kraken, PayPal, etc. to buy cryptocurrencies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3. Once you have made the crypto purchase, you can shift the crypto from the exchange to your crypto wallet.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NFT_Marketplaces\"><\/span>NFT Marketplaces<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img src=\"https:\/\/externlabs.com\/blogs\/wp-content\/plugins\/trx_addons\/components\/lazy-load\/images\/placeholder.png\" data-trx-lazyload-height style=\"height: 0; padding-top: 85.161964472309%;\" loading=\"lazy\" decoding=\"async\" width=\"957\" height=\"815\" data-trx-lazyload-src=\"https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-nft-img1.jpg\" alt=\"non-fungible tokens\" class=\"wp-image-5801\"   \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Once you have got your wallet, you can buy NFT. At present, some of the popular<a href=\"https:\/\/externlabs.com\/blogs\/how-to-make-an-nft-marketplace\/\" target=\"_blank\" rel=\"noreferrer noopener\"> NFT marketplaces <\/a>are:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1. <strong>Rarible- <\/strong>It is a democratic marketplace that will allow artists to sell NFTs. It allows holders to contemplate features such as fees and community rules.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. <strong>OpenSea- <\/strong>First you have to create an account on the OpenSea official website and search their NFT collections to discover artists. This marketplace is popular for its vast collection of rare digital items and keepsakes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3. <strong>Foundation- <\/strong>In this marketplace, artists have to receive an invitation or send an invitation from their fellow creators to publish or post their art. The cliquishness of this community boasts superior artwork.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Top_5_Ways_To_Make_Money_From_NFT\"><\/span>Top 5 Ways To Make Money From NFT<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img src=\"https:\/\/externlabs.com\/blogs\/wp-content\/plugins\/trx_addons\/components\/lazy-load\/images\/placeholder.png\" data-trx-lazyload-height style=\"height: 0; padding-top: 85.17745302714%;\" loading=\"lazy\" decoding=\"async\" width=\"958\" height=\"816\" data-trx-lazyload-src=\"https:\/\/externlabs.com\/blogs\/wp-content\/uploads\/2022\/07\/blog-img5.jpg\" alt=\"non-fungible tokens\" class=\"wp-image-5802\"   \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">What\u2019s the point of buying NFT, if you can\u2019t make a profit out of it?&nbsp; Yeah, if you want to buy it for keepsakes, then it&#8217;s another thing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Moreover, the top five ways to make money from NFTs are:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. Play-to-earn games: <\/strong>These are some kinds of games that allow you to own the fortune you earn or unravel in a game. You can trade these non-fungible tokens on a marketplace or within a game\u2019s store.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Collecting: <\/strong>There are various people who collect NFTs, spotting new artwork and HODL until there is an increase in their values (they can also decrease).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. Flipping NFTs: <\/strong>This happens a lot, some people buy NFTs to sell them at a higher price. However, it can be risky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4. Investing in NFTs: <\/strong>If you are serious about NFTs, you will have to find projects and invest in them.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>5. Create your own NFTs: <\/strong>The good thing about NFT is that anyone with a computer can design NFT. You can now also create NFTs for free, although there are some restrictions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Non-Fungible_Tokens_Time_Ahead\"><\/span>Non-Fungible Tokens Time Ahead<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Due to media exposure and some special perks for ambitious artists on social media, the popularity of non-fungible tokens has been enhanced.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you remember, Jack Dorsey (CEO and Co-founder of Twitter) and Vignesh Sundaresan (Metakovan) bought 69.3 million dollars worth of NFT art on Beeple.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Because of the increasing popularity of NFTs, people are now willing to spend hundreds of thousands of dollars on NFTs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"To_sum_up\"><\/span>To sum up,<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Whether you want to invest in NFTs or not is a personal thing.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, I hope this blog on non-fungible tokens has cleared all your doubts and confusion about NFT, how it works, its uses, and how you can buy them.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One thing is certain, NFTs are here to stay as they are making some people money and they are creating new possibilities for digital art and artists. However, we will still advise you to be cautious about the use of platforms.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And if you want to create NFTs or get into a blockchain, make sure you have the best blockchain developer.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can <a href=\"https:\/\/externlabs.com\/hire-blockchain-developer.php\" target=\"_blank\" rel=\"noreferrer noopener\">hire a blockchain developer<\/a> from Extern Labs with the guarantee of disrupting the blockchain marketplace for good.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can discuss it with us <a href=\"https:\/\/externlabs.com\/contact.php\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I am curious about this new rising\u2026\u2026umm\u2026.platform? Art platform? Blockchain? Are you also curious about the same thing\u2026..but hesitate to ask someone because of the fear that people will judge. What\u2019s the point of asking others when search engines are there? Simply Google your question and get rid of your curiosity.&nbsp; If you are reading&hellip;<\/p>\n","protected":false},"author":2,"featured_media":5796,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[44,180],"tags":[184,1410],"class_list":["post-5795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-information-technology","tag-blockchain","tag-non-fungible-tokens"],"_links":{"self":[{"href":"https:\/\/externlabs.com\/blogs\/wp-json\/wp\/v2\/posts\/5795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/externlabs.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/externlabs.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/externlabs.com\/blogs\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/externlabs.com\/blogs\/wp-json\/wp\/v2\/comments?post=5795"}],"version-history":[{"count":0,"href":"https:\/\/externlabs.com\/blogs\/wp-json\/wp\/v2\/posts\/5795\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/externlabs.com\/blogs\/wp-json\/wp\/v2\/media\/5796"}],"wp:attachment":[{"href":"https:\/\/externlabs.com\/blogs\/wp-json\/wp\/v2\/media?parent=5795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/externlabs.com\/blogs\/wp-json\/wp\/v2\/categories?post=5795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/externlabs.com\/blogs\/wp-json\/wp\/v2\/tags?post=5795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}