If you’re very conversant about the world around you, then you must have heard about NFT. It is not just an acronym but one which has taken digital technology to another level.
You don’t have to guess long for what NFT stands for; it is Non-Fungible Tokens. This token also makes use of blockchain technology like cryptocurrencies.
Many, today have taken the opportunities provided by NFTs to earn big. If you’re still wondering what’s NFT all about, then you’re in the right place to more about it.
What is NFT?
A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a digital ledger (blockchain).
Being non-fungible means that it is unique and can’t be replaced with something else unlike cryptocurrencies.
NFTs can be anything digital (such as photos, videos, audio, drawings, tweets, and other types of digital files as unique items).
Non-fungible tokens are different from blockchain cryptocurrencies mainly because of their lack of interchangeability (fungibility).
How do NFTs work?
Most of these NFTs are part of the Ethereum (cryptocurrency) blockchain with the first being ERC-721. Ethereum’s blockchain supports these NFTs, which stored information makes them work differently from, say, ETH tokens.
Asides from Ethereum, some other blockchains such as Cardano, FLOW, Tezos, and so on have also implemented their own versions of NFTs.
Uses of NFT
Non-fungible tokens have several uses in the digital world. They are used for selling digital artworks. For example, a Beeple piece sold for US $69.3 million in 2021.
NFTs can be used to represent in-game assets such as digital plots of lands. These tokens allow assets to be traded on third-party marketplaces without permission from the game developer.
They also have their use in the music industry as musicians can now tokenize and publish their works (music albums, EPs, etc) as NFTs.
Several projects in the film industry have been making use of NFTs. They have been used to promote films, as well as make brand new projects such as NFT films.
Internet memes have been associated with NFTs, which were minted and sold by their creators. One of these is an image of Doge’s Shiba Inu dog whose NFT was sold for $4 million in June 2021.
NFT uses are not limited to medicine, politics, business, and so on.
How To Sell NFT in Nigeria
Nigerians have not been left out in the selling of these non-fungible tokens (NFT). Digital artworks have been sold by artists which in turn get paid in digital currencies.
You can sell your digital files just like Nigerian artist, Jason Osinachi who have earned big via his artworks.
You can sell your NFT by uploading your work on a website of a digital marketplace. Your work (artwork, photos, audio, etc) gets a unique identity through a process called minting via blockchain technology.
Once your artwork is minted, anyone on the internet can access the marketplace to place a bid and buy your work as an NFT. You can also earn through secondary sales.
You can get paid through cryptocurrencies such as Ethereum which can be transferred to your bank account.
Where To Sell NFT in Nigeria
You can sell your non-fungible tokens and get paid on digital platforms. Prestmit is however the best digital marketplace of such in Nigeria where you can sell your NFTs.
This gift card exchange platform is one of the best exchange platforms where you can trade cryptocurrencies.
If you ever find yourself in a position to sell NFTs in Nigeria, Visit Prestmit, it’s the best platform for you.
Also Read: 7 of The Best Crypto Coins in 2021