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June 2, 2022

Join the NFT hype!

Apart from cryptocurrency, NFT or non-fungible tokens, is another digital asset that has grown popular among celebrities. Some NFTs were traded at sky-high prices, leaving outsiders wondering if they are worthy of attention. Why is NFT so attractive and how to play with it?

What is NFT?
To begin with, let's look at the main difference between cryptocurrency and NFT. Since cryptocurrency is a currency, it is fungible; and NFT, as its name suggests, is not. In the world of cryptocurrency, one token equals another one, meaning they are interchangeable, but in the NFT universe, each NFT is unique and cannot be replaced by any other token. NFTs are often pieces of digital art, audio, videos, game files, or even social media posts – basically anything digital. While it is easy to duplicate a digital file, each NFT has a unique identifier that makes it one of a kind.

NFT Trading Procedure
OpenSea, Rarible and Mintbase are some of the popular NFT marketplaces, on which creators have to create their own digital wallets before trading a variety of NFTs. Any artwork that has been uploaded to the platform will be stored on the blockchain, with a smart contract deployed simultaneously. After the minting process stated above, it will officially become an NFT, which has only one owner at a time. Owners can then set up their own NFT collections or list their NFTs for sale at a fixed price or an auction on a marketplace. One thing to note is that, there are often transaction fees for buying or selling an NFT on a marketplace.

Last but not least, do keep in mind that investment involves risks. Before getting your first NFT, be sure to do your research and analysis properly.
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