NFT stands for non-fungible token, which is a technology that enables the buying and selling of digital assets over the internet. Also known as a digital certificate, NFT represents the authenticity of digital content. NFT transactions are tracked and recorded through blockchain technology.
What is the logic behind NFT?
A non-fungible token (NFT) confirms that a digital asset is unique and therefore cannot be used interchangeably. This system is a data unit stored in a digital ledger within a blockchain structure. In 2021, there was increased interest in NFT usage.
Is it costly to create an NFT?
Is there any fee to mint my own NFT? A base fee of $3 is charged for minting each collection item through our own creation flow.
How to create an NFT?
NFT creation is typically done on a blockchain platform, especially with popular cryptocurrencies like Ethereum. The basic steps for creating an NFT are as follows:
Platform selection: The first step is to choose a suitable blockchain platform where NFTs can be created. Ethereum is the most popular NFT trading unit worldwide. Wallet creation: A crypto wallet needs to be created on the chosen blockchain platform. The wallet stores and manages NFTs. Selection of digital asset: The digital asset that the NFT will represent must be chosen. This can be an artwork, music piece, game item, or other digital content. NFT marketplace selection: An NFT marketplace must be selected for creating and selling NFTs. Platforms like OpenSea and Rarible offer this service. NFT creation: Visit the chosen NFT marketplace and use the NFT creation tool to convert the digital asset into an NFT. During this process, specify the NFT's name, description, image, and other features. Gas fee: On blockchains like Ethereum, "gas fees" may need to be paid to create NFTs. Gas fee is a type of fee paid for processing transactions. NFT creation and publishing: After filling in the necessary information, follow the instructions on the NFT marketplace to create and publish the NFT. The transaction is completed by paying the gas fee. NFT sale or storage: The created NFTs can be listed for sale on the marketplace or stored in your wallet.
The requirements for NFT creation and sale may vary on each platform.
How to Buy NFTs?
To purchase products from NFT collections, you can visit digital platforms known as NFT marketplaces. Some companies, particularly those established in New York in 2017 and continuing to offer services as the first NFT marketplaces, stand out in this regard. Additionally, payments made to own an NFT can only be done with cryptocurrency. For instance, buying an NFT with Turkish Lira, US Dollar, or Euro is currently not possible.
