What is NFT | Non-Fungible-Token (NFT) Explained!

In this article, you will see all about NFTs, What is NFT and how does it work. What is NFT in simple terms with an example, How to create an NFT A to Z?

What is NFT | What is Non-Fungible Token | Non-Fungible Token

There are two key terms in the non-fungible tokens. Non-fungible and token.

What is the meaning of Non-Fungible?

Let’s start with non-fungible, If I would simply express it then, to replace the word fungible, I would use the word replaceable. This means non-replaceable. Let me start with an example, book If there is one book and there are millions of copies of that book and because this book has been mass-produced so, every copy is the same, that means if you buy a book from amazon from day one and if you go to an offline bookseller and you buy another copy on day 15, there will be no difference between the two copies. They will be at the same price and that’s why you have got the exact same copy. That means that this book is replaceable. You can replace this book with any other book at any point in time, and that makes it a replaceable asset. But this book in your hand is unique. Why is it unique? Because I have read this book and highlighted some points that book while reading. This means this one copy of the book with you is not replaceable. You can not buy this particular copy from anywhere else because it has your notes, my highlights, and my scribbles, and that makes it non-replaceable. This book is only one of its kind and now you can use that for anything possible, right? You can imagine a bike or a car that has only one unit or is manufactured in a limited edition, which is very different from mass-produced cars that there are. You can imagine a specific bottle, a specific calendar, a specific image it could be anything, Something that is unique and is not replaceable.

What is the meaning of Token?

Now let’s come to the concept of the token. What is a Token? Tokens are basically riding on something called the blockchain. Read this to learn what is a blockchain and how does it work. 

Again we come to the example of a book, Let us think you want to sell that book which is unique and another person wants to buy your book then that book is known as NFT. That is how NFT works. They are a legitimate way to transfer ownership of digital items even physical items and in such a way that is your ownership will always be on the record, it would be proven and it never be edited or deleted. 

Please check out my NFT-collection - click Here.

How to make an NFT collection?

1. By using Canva or other Software (recommended for beginners):

If we use the method of the canva then we have to create all NFTs Manually.

Steps of creating an NFT:

• Go to Canva.

• On the home page, you will see to creating an Instagram post click on that then you will be redirected to creating an Instagram post. Don’t think that we creating that Instagram post we use only Instagram post size for our NFT ;)

• Now if you want to add Background on NFT then you can go to Background under the bottom left corner and select anyone.

• And start making NFT of your own choice.

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