What are NFTs?

Cryptocurrencies are already the darlings of the digital investment market, which has been launching trends and gradually evolving, such as, for example, NFTs, which have innovated the way of selling art.

There was a huge repercussion about the emergence of NFTs, the most commented was in relation to their validity, security and mode of operation, with questions being asked out of complete ignorance, after all, NFTs are simpler than they seem.

How do NFTs work?

NFT is an acronym for non-fungible token, but what do these terms mean?

Firstly, a token is the representation of an asset in its digital form, this asset can be a work of art, property or money, but all are registered on the blockchain, having a token means that that person is the owner, in whole or in part, of the asset that the token represents.

If this is the meaning of a token, what would a fungible token be?

A fungible asset is one that has the capacity to replace another asset of its type, quality and quantity, this definition is determined by the Brazilian Civil Code.

Therefore, an NFT, that is, a non-fungible token, is nothing more than a reproduction of an exclusive asset, which has a digital certificate that confirms its authenticity, and which cannot be altered.

This technology can be used in artwork, music, game items, moments and even memes, whether physically or digitally.

NFTs were presented to the media via digital art, which caused a little confusion for most people, as they did not understand the exclusivity of an NFT if it is so simple to find images of them available on the internet.

It turns out that these released images are just copies of the real NFT, and therefore, they do not have any type of commercial value. Furthermore, their authenticity is proven via computer code, which remains stored on a blockchain.

That is, a digital, immutable and public database, which also contains the smart contract, but how can a person become the owner of an NFT?

‍

How does purchasing NFTs work?

Just like its concept, the process for purchasing NFTs is very simple, there are platforms that sell them, where the interested party simply needs to register and have sufficient cryptocurrency funds to become the owner of the desired NFT.

Each platform has its own characteristics, so some issues may vary from one to another, such as the digital assets accepted.

The systems of these platforms are also easy to use, just select the desired NFT and press the buy option, for the payment to be made, it is necessary to connect a digital wallet compatible with the platform's network, and which had sufficient cryptocurrency funds for the payment.

The transfer requires a fee, called “gas”, which can vary depending on the flow of transactions. The buyer must be prepared to pay a higher investment because of this.

How do NFTs work?

The validation process is the same, but the creative varies depending on the type of NFT, which can be a physical or digital work of art, a song, moment, video, meme, among others.

Once the artwork has been created, for example, simply upload it to a specialized platform, which will also require the connection of a digital wallet; the file must contain a maximum of 100 MB.

To store the data on the blockchain, it is necessary to pay a gas fee. In addition, most platforms charge a commission on sales, which can vary, but is usually 2%.

NFTs are simpler than they seem, but they have invaluable value and are trending in the global market.

To stay up to date with all the trends, visit our website .

‍