the ultimate guide to figuring it all out — YubiGeek

In the same category of Bitcoins or XRPRipple), the NFT is the latest form of cryptocurrency that has been all the rage in recent years. It enjoys unprecedented enthusiasm from internet investors, especially in the world of digital art. But what exactly is it? How to take advantage of this? Explanation.

The growth of the NFT market in 2021 was exponential, with more investors than ever capitalizing on the trend to own digital art. This trend shows no signs of stopping in 2022, with an abundance of NFT exciting assets that are increasing in value and that prove to be beneficial assets to own.

Some descriptions of the non-fungible token

NFT comes from the abbreviation of the English term ” Non-functioning token or “non-fungible token” in French. These tokens have been in circulation since 2014, with transactions taking place in cryptocurrencies. They indicate the exclusive ownership of digital objects (artwork, video games, etc.

the NFT is the new form of cryptocurrency that is in the spotlight. Also made on the platform ofEthereumthe NFT are very different from other cryptocurrencies.

The term inoperable means unique, that is, there is no duplicate and cannot be reproduced. So any sign of NFT is interchangeable and has its own values. On the other hand, bitcoins are fungible, ie they are equal and identical. These currency units correspond to the real currency, as opposed to the NFT

For more information, read this article, which is a presentation of the NFTs

How do you create an NFT?

NFT and Cryptocurrency: The Ultimate Guide to Understanding Everything

make some NFT is relatively simple, cheap, but can yield many millions. It is for everyone, provided they have the necessary tools.

So, to a NFT, you should start by choosing a platform that allows you to buy and sell your assets. There are several platforms for this. You have the choice between: open seacrypto.comFoundationspecialsuper rareshabby and many others. To facilitate your transactions, you must have a digital wallet, ie a bitcoin address created on Ethereum† It is a blockchain system that has its own cryptocurrency.

Then proceed to choose your artwork. This step consists of transforming a multimedia file to reproduce it into a unique work. You can make it with software like:Adobe IllustratorPhotoShopetc… When you’re done, your digital asset will become a NFT† To make it work, fill out all the terms of sale and sign your NFT on a blockchain. To sell it, you set a price for your creation and make a profit.

Why buy an NFT?

NFT and Cryptocurrency: The Ultimate Guide to Understanding Everything

There are many reasons that can lead an investor to NFT† First of all, the importance of buying NFT simply relies on the technology it was designed with. According to the law of scarcity, anything that is rare is more valuable. And this is the case with the non-fungible token, due to the fact that it is unique and designed in a single copy.

Likewise, the NFT gives artists the opportunity to show authenticity. Thanks to this certificate of authenticity, a digital asset cannot be stolen, copied, altered or modified. On the other hand, the artist can collect it and build a significant income with it. An advice, choose the NFT valued by other investors to further optimize your sales. In short, to avoid losing money or the authenticity of your works, NFT remains the best solution.

NFT: a risky investment?

NFT and Cryptocurrency: The Ultimate Guide to Understanding Everything

It is difficult to say whether investing in NFT is a good or bad choice. The domain is still fairly new. These effects therefore remain very vague.

If you are a risk-loving investor, NFT are made for you. By entering this digital world, you dive into the world of art that every market has NFT differs from transaction to transaction. This allows you to take advantage of a unique opportunity with every trade and also make significant profits.

On the other hand, several investors claim that the NFT are risky investments, especially when it comes to collectibles. Indeed, its market value is volatile and can fall or rise quickly. In addition, the market for NFT is numerical, which makes it more difficult to get the exact value of a . to decide NFT† Sometimes platforms can fall victim to hacks. This is why it is highly recommended not to leave your tokens on the platform’s wallet.

General opinion about NFT

NFT and Cryptocurrency: The Ultimate Guide to Understanding Everything

Most fights about NFT, whether they are for or against, is almost the same. For many, buying or selling something original and authentic with just a few clicks is huge. As a new art world opens up, investors on the internet are rushing to explore it.

if’Ethereum and the Bitcointhe NFT have very high environmental costs. This technology consumes a lot of electricity, leaving a significant ecological footprint. It’s really hard to say whether the NFT will be widely used in the coming years. While they currently attract several potential benefits, these non-fungible tokens are still in their infancy with many challenges yet to be overcome.

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