NFT: The Beginning

Hi there!!👋
Everyone is uttering about NFT, not because it sounds cool to say but because there is a lot of money involved🤑🤑🤑
Are you wondering what NFTs are, why they're so popular right now... and why they're so valuable.
If you ever collected anything Coins, Stickers, art or anything like that; think of it as a digital version of that, but so much more stick around and we'll explain why this is important for you as a collector, a creator, an investor and even an artist. An NFT is a digital asset a Non-Fungible Token. But to explain that let's break it down and compare it to something in the physical world, So a fungible asset- for example currency like a 2000 Rupees note💸 is always worth, whatever is printed on that note. No matter who owns it or what condition it's in, so a non-fungible token is a unique asset that lives on the Blockchain that represents a piece of digital art.
Or some other asset that can't be exchanged or interchanged in the real world, Alright crypto is just art that's digital but they're digital files and they're tokenized which means they have a tiny bit of code that's attached to them. That signifies that they're rare and that the artist that made them is is guaranteeing that that they've made them and that there's only one of its kind.
So many copies available in the world and it's basically the same as physical digital people are doing. Some people are starting to tokenize bits of code and programs. So,
How are they created?
Well anyone can create an NFT and the process goes like this
1)Create a unique digital asset this can be anything. It could be a piece of art, could be a photo, it could be a video anything that can exist digitally and uniquely.
2)So once you have your digital asset you'll need to mint it, which basically puts it on the blockchain that assigns a unique id to it.
3)You will then put that in your cryptocurrency wallet so you can actually track it and log it once on the Blockchain. The scarcity and uniqueness of your digital asset is secured.

A lot of people see it as an investment opportunity. And also it's just a great way for artists to generate new ideas that aren't linked to corporate advertising campaigns. Once your asset is minted you can choose to put it on a marketplace like opensea.io , WazirX and other available platforms which allow you to list your NFTs for sale. Once listed on these marketplaces they're now available for anyone to purchase. The really cool thing about having these on a blockchain is that their transaction records are available for anyone to view. This is especially advantageous to creators, as part of the minting process you as the creator can ensure that you get a royalty payment in infinity, So what does that mean?
Lets say you set a 10 royalty to this, now Every time it's sold you're going to get 10 of that sale value forever and because it's all part of the blockchain your ledger's automatically going to be crediting your crypto wallet, with that royalty payment it's automatic and it's forever and the other thing is, this all opens up other avenues that don't exist in the physical art world.
Question arises Why are these so valuable🤔?
Well! collectors like to collect things and they especially like to collect items that very few or even nobody else has and that's what NFTs allow you to do, compared to a physical collectible.
An NFT authenticity is absolute on the blockchain it can't be forged it can't be faked and the ownership records are there for all to see, but as with anything the value of the collectable is up to the demand in the marketplace.
Like when you buy a print from somebody like Andy Warhol
,
the print is valuable because it came from andy warhol's factory and there are other companies that can print a copy of that but it won't hold the same value and this is the same thing but with digital files while you may be able to make copies of the nyan cat animation there still can only be one original just like you could take a photo of the Mona lisa
.

There's still only one gallery that actually owns the original that validated original ownership is what's truly valuable. Here everything else is a copy or a fake and because of the blockchain ledger it can be proven NFTs have really put the power back into the hands of the original artists. Traditionally an artist would be Commissioned to create a piece of work, they would get paid for that work and then whoever commissioned it would then be able to resell that at any time as often as they want and the original artist never sees any of that now with nfts and the blockchain the original artist can see all the transactions that happen to that piece of art also get compensated automatically for that work via royalties…

so is this a good investment ⁉️
Again that really depends, you can support your favorite artists by buying an NFT from them having that original piece of art and that'll be the end of the story. you'll feel good the artist would feel good because they got paid but if you're doing this as an investment that's where it gets a little Bit more murky let's talk about that for a second. So After a number of high-profile NFT sales the market has become flooded by lesser known names but if you're a collector driven by rarity and uniqueness NFTs satisfy a lot of the criteria for value that you might have and there's no question that you own the real deal in this case there's no question NFTs is a fascinating subject.

So that’s it we've just scratched the surface here if there's anything you'd like to correct me please do comment :)