Learn about NFTs and discuss investing in them
Assalamu Alaikum
How are you? By Allah's grace, I'm doing very well. Today we will discuss a very important topic and that is NFT. We all have an idea about investing in NFT, but we have no idea about what NFT is.
On the other hand, it is possible to make a profit by investing in NFT. So before investing in NFT, we need to understand what NFT is? We all need to know the full form of NFT and that is non-fungible tokens. To understand non-fungible tokens, we must first understand about fungible tokens. Suppose I gave 10 dollars to a shopkeeper, then the shopkeeper gave me 2 notes of 5 dollars. It will be treated as. Better understand, let's say from a bottle of 5 liters of oil to 1 liter of 5 bottles of oil, even in that case, the value of oil does not decrease. This is how bitcoin works in cryptocurrency, by exchanging bitcoin we can get bitcoin or other coins of its equivalent value.
So fungible exchange It is possible, we just got an idea about it, now we will talk about Non fungible tokens. Suppose you built a house, now you want to build a house like that in another place, but even if you try a thousand times, you can build it like the previous house. Because You can't use the same kind of wood that you used to make your house at that time in your next house. Just like that, the art that we see or see in digital media can never be changed, it's impossible. Now you may have a question in your mind. , if we copy those arts then it will match exactly.
Because this image will not be the same as the previous image because the image you created with the first artist and then if you create again with that artist it will not be the same and these are examples of non fungible tokens. NFT is in the blockchain and is a smart contract. It contains address, it is called contract address in simple language and each NFT has a specific token address and this token address is unique. NFT art is sold by many artists and these art are bought by investors then these art are sold by many artists. By selling at a price that allows investors to profit.
Today's discussion concludes here. I hope you've found it interesting. Please share your thoughts on today's topic. Prayers for everyone. May everyone be well. Amen.
Learning is something that should never end and I know that nft is going to be a bigger segment in crypto market so it's better to learn more about it which is going to help the investing decisions later on.
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Thanks.
I think it's better to avoid common users like us from investing in NFTs,
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You have discussed nft very well. You have explained the matter in a simple way with beautiful logic which is also worthy of appreciation.
Your articles are really great. You make a very nice presentation. thank you Always want to receive such good articles from you.
I have no idea how good it is to invest. But you shared an important post today. I really enjoyed your post. Thanks a lot for sharing with us.