What is NFT? know its importance

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What is NFT? And what is its importance, know in detail.
What is NFT Token and it’s importance, meaning, platforms, full form in hindi.

At present, we are living in an era which is 90% dependent on technology. The direct reason for this is that technology has made the tasks of human life easy and very simple. In such a situation, why would you not use technology for the convenience of work? In the technological age, every person is doing his work by using the technology of science. Technology is eliminating your dependence on things. That’s why today the craze of technology is increasing, constantly some new technology is introducing itself in the market. A similar technology is becoming very popular, which is called NFT (Non-Fungible-Token).

If you are connected to any social media platform like Facebook, Twitter, Instagram or YouTube, LinkedIn today, then you will not be unaware of the term NFT. NFT is such a technology that is the new generation of the digital world and it is very popular in the present time, but still there is a lot of question in the mind of the people about it. Whose answer will be found in this post of ours, so what is the delay, let’s know what is this NFT?

Symbolic Image: Google

What is NFT?

NFT stands for “Non-Fungible Token” let’s understand its aspects one by one, Fungible means replacing or substituting and non-fungible means which cannot be substituted, in simple words, which cannot be replaced. Can go or no one else like him. Now adding tokens to it, it becomes a complete technical term, which is based on Blockchain. Let us understand better with an example-

  • “A painting is a painting made by an artist and he internet As soon as that painting or image is uploaded internet But when it comes, it becomes a public property, which anyone can download and deposit their rights, that is where a new chapter of NFT begins.
  • Suppose if a person takes NFT on his artwork i.e. non-fungible, then he will get a token digitally which will give him a kind of legal monopoly that he will only have the right to that image, no matter how many copies of that image are made but the number of copies of that picture. The original rights will be with him and he can digitally increase the value of that painting from time to time and he can also sell the token to any other person whenever he wants.
  • When the buyer further sells that image i.e. his digital token, then 10 percent of the sold price as royalty will go to his first owner i.e. the one who created it first. That is, the number of times your property is sold, you will benefit as many times and its value will keep on increasing. Now let’s understand it in technical language.
  "नॉन-फंजिबल टोकन (NFT) एक तरह का डिजिटल संपत्ति या अधिकार होता है, इसे आप एक निजी डेटा भी कह सकते है, जिसका आदान-प्रदान ब्लॉकचैन पर आधारित होता है और ये भी क्रिप्टोकरेंसी की तरह ब्लॉकचैन की नई टेक्नोलॉजी है. चूँकि क्रिप्टोकरेंसी भी ब्लॉकचैन पर काम करती है इसलिए NFT को डिजिटली क्रिप्टोकरेंसी के द्वारा ही ख़रीदा या बेचा जा सकता है. NFT एक डिजिटल संपत्ति या टोकन होते है जिसे आप या कोई भी खरीद या बेच सकता है".

Now any artist can monetize his performance or skill in NFT i.e. make its digital version and sell it. Now any real thing like, melodies, songs, words, pictures, games or anything that you have created and no one else can be like. You can take advantage of it by converting its digital version into a token.

Why is NFT so special?

Now that you can create a digital version of anything with the help of NFT, then the question in your mind must be, “How secure is this process?” Because when the digital version of anything is on the internet, then maybe copies of it are also on the internet. This is what makes NFTs special because NFTs are unique, and they are assigned in a unique code.

Friends, you can say that as the prints of your 2 fingers cannot be the same, in the same way 2 NFT codes cannot be the same. Each NFT gets a unique ID. This reduces the chances of selling counterfeit NFTs and in terms of security, whenever you take an NFT, you are given a secure certificate stored on the blockchain. This is what makes it so special and that is why NFT is getting so much fame which remains a topic of constant discussion.

Why is NFT so viral today?

It is not that NFT has come in the market recently, you will be surprised to know that NFT is in our midst since 2014, but in the last few days NFT has caught the attention of the people, the reason is a meme. (Joke) being sold for a whopping price of Rs 38 lakh. Yes, a meme that was going viral for a long time, so the creator made a digital version of it with the help of NFT and sold it, which was digitally priced at Rs 38 lakh.

  • Apart from this, a painting of stone has been sold from NFT for 75 lakhs.
  • An artist named Beeple sold his JPEG image for 512 crores.
  • Whereas Twitter CEO Jack Dorsey’s first tweet was sold from NFT for 200 million, which he did on March 21, 2006 and this tweet was sold on March 22 in 2021 in the version of NFT.

Today NFT Why is it so important?

Today, NFT is being given so much importance because it restricts the property rights of any person to the person who created it. That is, the ownership of that thing is in the possession of only one person. Since this token works on blockchain technology, only one person can hold and access these digital assets. This is like a boon for any artist who wants to bring his creation digitally among the people and wants its right price. Now any artist can convert his art into digital version and get a good price by selling it through NFT and if his art is sold further then its benefit also goes to its real owner, which will increase the price of his art.

How to get NFT on your creation?

When you have understood the whole thing, now the question will come in your mind that, how to take NFT on your creation? We will definitely give you the answer, but in our next post, which we will explain in detail there that where to take NFT, what are the platforms where this service is being provided and which is the better platform for you? We will give you all these questions in detail in another post in a few days, so keep visiting our website.

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Usama Younus

Usama Younus is the owner and super admin of the site he's is an expert in news editing, tech and entertainment magazine management, and articles editing E.T.C.

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