I studied 1,000 NFTs just to explain HOW they work? ?

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Neha Sharma
Neha Sharma
21 May 2022

Are you looking for How NFTs Work? I studied 1,000 NFTs just to explain HOW they work and this 3D Animated Video is for you.

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Here is the painting of "Majnu Bhai" that I bought from him today morning, which is in the physical form and has nothing to do with NFT. So I will take a photograph of it and transfer it to the laptop.

Transaction for selling and purchasing the NFTs always occurs only in cryptocurrencies. Before learning the mechanism behind NFTs, you should beware of the basics of blockchain. This 18-minute video on "How bitcoin works?" is the best source to grasp the fundamentals of blockchain, and you can watch it right now by clicking on this 'i' button.

I need only two things after getting this painting of "Majnu Bhai" on my laptop - a crypto wallet and accounts on various NFT marketplaces. NFT marketplaces are nothing but websites where NFTs are sold and purchased.

After creating a marketplace account, I will upload this image and receive a token after a successful minting. Minting is the process of getting a digital item listed online. In this vast online world, this token proves that I am the owner of this painting of Majnu Bhai.

NFT stands for Non-Fungible Token, where Non-Fungible means unique, and a token is a digital certificate of ownership. You will get thousands of copies of this Majnu Bhai painting. But how to know who is the owner of this painting? NFT can be created for any digitally available item such as - songs, images, videos, etc.

I have two ways to sell this NFT as soon as I receive the token after listing this painting on an NFT marketplace. The first way is to sell this NFT through an auction. And the second way is to decide the value of this NFT by myself and mention it on the sales page. There is no limit to the value if I proceed through an auction, some people would pay 1 rupee for it and others can even be ready to pay rupees 1 crore for the same.
#NFT #Blockchain #Bitcoin #Ethereum

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