What is NFT and How does it work? explain by @jani786

jani786 (60)in Steem Alliance • 2 years ago

*Hello everyone*

Welcome to my this post here we discussed about some are the NFT and it's working and deliver some basic knowledge about these topics I hope I delivered you some important knowledge so let's start this without any delay:

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*What is NFT*

NFTs basically stands for the Non-Fungible Tokens. These are the crypto tokens that are the form of any artwork, picture or the sketches. Nfts can be linked to any of the cryptocurrency Blockchain network and they own their specific worth that is accepted worldwide. We can also create our own nfts and sell them in different platforms where the buyers are already present to ask and we just have to bid the price and then our dealing is done when both parties are agree.

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Basically NFTs are taking part in the art and world storm like other cryptographic these are not be tradable or exchange equally like orhers as the same bitcoins and other ethereum currency it can't be interchanged but the physical currency are the fungible it means we can trade and exchange them.

NFT has unique properties there they can't be exchanged or tradable it can never replace by other coin NFT has its own exchange where cryptocurrency such as bitcoins are available on these specific sites people describe the Cryptopunks as the example of NFT but it is not the example of NFT we can't buy or store it in proof of ownership.

*How does NFT work?*

Now we should take some initial steps to understand that how the NFT work:

A NFT available in the majority with the ethereum blockchain and its cryptocurrency which means it used to record transactions with the distributed public ledger.
Its work as information stored because they are valuable token it means they have large space.
They can be bought in physical art because they have primary set of hold and demand in the market.

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NFT is most easy to verify so it is used to transfer token between owners.
The people who interested in cryptocurrency they used it to collect art work on the basis of NFT.