What is NFT? How does it work
With the advent of cryptocurrency came a kind of revolution in the digital world. One of the most talked about topics in recent times is NFT.
Some celebrities have even appeared in the world of NFT.
What is NFT? NFT is a digital asset. It is based on blockchain technology. It assigns ownership of photographs, GIFs, video clips, paintings and other digital assets. The property can then be bought and sold. NFTs are bought and sold digitally. Simply put, NFTing digital assets means taking ownership of them. If you purchase NFT, you get a token. You can then sell the digital asset in your own way. Different fungible items can be exchanged for similarly priced items in NFT and other general buying and selling. For example, $10 note can be exchanged for another $10 note.
Cryptocurrency is also fungible. But non-fungible tokens, or NFTs, are not. Special platforms are available for buying and selling NFT like cryptocurrency.
The sale of an NFT does not mean that the property for which the token is located is physically exchanged. For example, when an NFT sale of a famous painting takes place, the buyer does not physically receive the painting.
Certificates of ownership of NFT are bought and sold more than real goods. The certificate resides in a digital wallet.
However, cryptocurrency and NFT transactions are not legal in Nepal. But in neighboring India, graphic designers, digital artists, and people in the digital gaming industry are making a living by selling their art and assets on NFT. In addition, some celebrities have launched their own NFT collections.
Bhupendra Paudel 