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What’s an NFT? [Beginner guide]

What does NFT stand for ?

NFT stand for Non-fungible token. Right, sorry. “Non-fungible” means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. You gave up a Pokemon, and got another Pokemon or a Digimon ecc…

How NFTs works?

At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or Solana, builded on a blockchain purposes that also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs (like Solana Blockchain). NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital unique Art, Avatar, or in some case some Playble assets.

In the boring, technical sense that every NFT is a unique token on the blockchain. But while it could be like a van Gogh, where there’s only one definitive actual version, it could also be like a trading card, where there’s 50 or hundreds of numbered copies of the same artwork. We are planning to produce the first option.

Why the solana Blockchain ?

The Solana blockchain is growing faster than ever, it is a smarter version of ETHEREUM with the big advantage of lower gas fees. You must know that the gas fees for 1 transaction on the ETH blockchain are more than 100$ while on the Solana Blockchain they are under 1$ !

How NFTs Born?

Nfts are borns when they are Minted for the first time, the minting action means that you are “creating” a Random NFT from a new collection released. Once you have Minted your NFT you can see it in your wallet and you can decide either to sell it or keep it. Keep in mind that if all NFTs of the collection are minted, and people start to sell them for an higher price than the Minting one, the floor price value of your token will grow. That’s the reason why most people buy NFT, because they essentially are accumulator of value.

Now you are ready to buy your first NFT! Read or Post on HOW TO BUY YOUR FIRST NFT on the Solana Blockchain.

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