NFT Is a Non-Fungible Token, Here's the Explanation!

NFT stands for Non-Fungible Token. However, there are many people who still don't know what Non-Fungible Tokens mean.

This time, VCGamers will discuss Non-Fungible Tokens. Non-Fungible Tokens often appear in the investment world and make many people curious about how it works.

The following is a complete explanation of Non-Fungible Tokens in the context of the investment world. Come on, see the explanation below!

Also Read: 5 Crypto Earning Games Without Capital, Get Free NFT!

NFT Is A Non-Fungible Token

Non-Fungible Token means a token that cannot be exchanged. This means that Non-Fungible Tokens are digital assets that can be proof of ownership of an item.

People can buy these items with crypto currency. These purchases are in the form of purchases of art, music, games, video clips, and other assets.

The majority of Non-Fungible Tokens use a technology called the Ethereum Blockchain to record transactions that occur between sellers and buyers.

The transaction is recorded as data on the Blockchain and the data contains information about the creator of the artwork, history of ownership, and the price listed on the transaction.

According to CNBC Indonesia, the transaction can be in the form of assets such as unique and valuable works of art with irreplaceable exchange rates.

Also Read: Recommended Most Popular NFT Games for 2022

Forms and Examples of Non-Fungible Tokens

Non-Fungible Token transactions occur using Ethereum or ETH. The shape of the NFT is a work of art, but maybe Vicigers are curious about the popular NFT image.

The majority of Non-Fungible Tokens are digital files in formats such as PNG, GIF, JPEG, and others up to mp3 and mp4.

If Vicigers has Non-Fungible Token assets, then Vicigers can resell them wisely. Vicigers can sell it as a digital asset.

The selling price of Vicigers' NFT will be affected by various factors. One of them is quality, creativity, reputation, popularity and rarity.

A well-known example of a Non-Fungible Token is the Bored Ape Yacht Club or Bored Ape series. The series is a collection of non-fungible tokens or NFTs based on the Ethereum Blockchain.

The Bored Ape Yacht Club series contains cartoon profile pictures of apes or gorillas. The digital art is generated procedurally from the available algorithms so that there are various NFTs with their own uniqueness.

The CryptoPunk series is also a fairly well-known digital artwork series in the NFT world. CryptoPunk #5822 is one of the NFTs on the list Most expensive NFTs at the moment.

Apart from Bored Ape Yacht Club and CryptoPunk, there are also NFTs that Vicigers can get from playing games like Axie Infinity.

Also Read: 5 Cool and Most Expensive NFTs in the World in 2022

How NFTs Work

For Vicigers who are curious about how NFT trading works, here is a brief explanation about it.

If Vicigers want to buy Non-Fungible Tokens, Vicigers can go directly to the website OpenSea, choose works according to taste, and buy them immediately with the available Crypto wallet.

Apart from buying, Vicigers can also sell their own Non-Fungible Tokens on the OpenSea website.

There are many markets other than OpenSea as a place to sell Non-Fungible Tokens, so Vicigers must first determine the market or marketplace.

Vicigers can become sellers of Non-Fungible Tokens by clicking the "Sell" button on the website to sell their own work.

There is an information column that can be filled in to provide information about digital works being sold so that people can be interested in buying.

In addition to providing information about the digital artwork, Vicigers must also carry out promotions to increase the popularity of the digital artwork through various means, for example through social media.

Thus a brief explanation of NFT as a Non-Fungible Token. For gaming top ups, come on VC Market by VCGamers!