What is an NFT?

A Non Fungible Token (NFT) is a unique blockchain asset, for two reasons:

• It is non-fungible
  It is non-fungible, unlike fiat currency like Australian dollars or cryptocurrency like Bitcoin. Legal tender and bitcoin are both fungible which means they can be exchanged for similar items. But with an NFT, you cannot exchange it for another NFT.
  
  NFTs are not designed to be substitutable or equal to another NFT. For example, if an NFT is for a concert ticket (it could be digital or physical), then you have to remember that it isn’t a ticket to any concert on any day of the year. It has specific opening acts, headliners and takes place during a specific time, on a particular day. NFTs can also contain other valuable items like your medical records and credit history, which definitely can’t be exchanged or substituted with anyone else’s.
  
  

• It uses blockchain technology
  Blockchain technology records ownership over NFTs and authenticates them. Through blockchain, cryptocurrencies are mined, and NFTs are minted. NFTs are essentially a certificate of authenticity that sits on the blockchain network and cannot be tinkered with.
  
  Every token created carries a unique identification, information about the art and the creator and rules and conditions about its transfer. As this token exists on the blockchain, it is open for everyone on the network to see details about the art, the creator and the current owner. NFTs help authenticate digital art, collectibles like digital trading cards, virtual spaces, and content that appears in media formats such as jpeg and gif. 

The good news is that you can create NFT art with everything and anything. Before you start, you need to choose a blockchain to issue your NFT. Ethereum is a popular choice for NFT issuance. Let’s say you have a beautiful painting and you want to sell it as an NFT. You can digitize your painting by scanning it, clicking a photograph of it or even creating a still video.

Before you try to sell it, you will have to create a digital wallet that will allow you to hold all your cryptocurrency. Once that’s out of the way, you can scour the internet for websites that exhibit NFT art. 

For example, if you want to sell your NFT art on Rarible, then you can upload the digital version of your painting. Give it a cool name and description, and set your price. Some websites that host NFT art have a service fee that’s usually a percentage of the sale price. You can also set up royalties for your NFT, which means that each time your NFT is sold, you get a piece of the pie.