NFT tech is a brand-new entity that has emerged from blockchain technology. It is still in its infancy and businesses and individuals alike are experimenting with new and exciting ways to use the technology.
Music artists and corporations have even used NFTs to advertise their products and create items for videogames that players can purchase. The most common use-case of NFT technology is creating tokenized images and GIFs that people can purchase, collect, and trade.
All this being said, it is still a bit difficult to fully understand what an NFT is unless you’re an expert. This is why we went out of our way to talk to the experts at Click Clone Cash.
Click Clone Cash specializes in NFTs; trading them, keeping up with the news, and keeping track of the marketplace. We asked them some questions in order to find out what NFTs are.
So, I heard NFTs and crypto brought up a lot in the same sentences. Are NFTs and cryptocurrency the same thing?
No, they’re not the same thing at all. They have very different uses. Let’s start with crypto.
Crypto is just cryptocurrency, the keyword being “currency”. It is used to buy and sell all sorts of things, including NFTs. Crypto can even be used in some Casinos online.
NFTs on the other hand is not a currency. NFTs can be anything digital. This means an NFT can be an image, a video, software, anything at all. NFTs and cryptocurrency are both minted on a blockchain, and usually, cryptocurrency is used to purchase NFTs, which is why they are mentioned together so often.
Creating an NFT is a very complicated process, which is why you will normally have to talk to people or companies that specialize in creating them. First off you need something that can be tokenized or minted on the blockchain.
We already talked about it, but this can be any number of digital items. Then you need to have a machine, or multiple machines all running complex algorithms and calculations to do the minting. This is why it’s so expensive to create an NFT.
The process for buying NFTs is simple if you’ve bought cryptocurrency before, otherwise, it can be complicated, but anyone can do it. You’ll need an Ethereum wallet, which can be downloaded onto your phone.
Next, you’ll need to purchase some Ethereum and store it in that wallet. Finally, you’ll have to find an NFT marketplace you like and connect your wallet to it.
Well, they can be used for anything. Most people buying NFTs nowadays are doing so as a form of alternative investing. Think of them like modern baseball cards. NFTs are unique, that’s what makes them special.
Once you buy an NFT, no one else can have it unless you send it to them. Right now, everything from virtual real estate to entire start-ups are being sold as NFTs. So, the possibilities are endless.
Well, we might be a bit biased over here at Click Clone Cash, but I think so, absolutely. NFT technology has already made some people very successful. Like I said the possibilities are endless.
I think even if you do not want to invest in NFTs, you should learn about the technology and determine whether or not you could use it in your life.