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RE: Steemit Crypto Academy Contest / S2W4 - What are NFTs by @cutlass

in SteemitCryptoAcademy2 years ago

A common misconception in the crypto space is that Non-Fungible Token is only limited to just art products,

Yes that very true. A lot of people are always surprised when I tell them you can make an NFT out of anything.

The fungible tokens are not unique items and can be easily exchanged for other assets while the non-fungible tokens are a unique asset that can not be exchanged

Yes this is true. Fungible tokens are actually not unique. Btc is btc everywhere. But with nft they are all unique in their own way. Sometimes we might look at them physically and say they are the same but on the blockchain they are recorded as totally different.

The best and easiest way to invest in NFTs would be to go into the NFT market and sought for undervalued NFTs which you believe would be worth a lot more in the near future

Yes that was the case when the nft market place started to boom. There were so many undervalued projects that people where able to get in time bedtime the big boom.

If I can remember correctly there was this nft, I think it’s the bored apes. It’s Floor price was around 200 dollars but now it’s worth morethan 100 thousand dollars for the cheapest.

click create and you will be charged a gas fee which is the cost of creating the NFT in the blockchain, after which your NFT will be created easily

I’ve never been on the rabible site before , but with opensea a user is allowed to mint nfts for free. The only thing is that the minting is not done on the eth network but rather on the polygon network.

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