NFT stands for Non-Fungible Token. It is a non-interchangeable form of cryptocurrency created through blockchain technology.

NFTs are unique digital assets designed to represent ownership of online items like a painting, a photograph, video, music, GIF, or even rare art or collectible trading cards.

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Unlike bitcoin or other cryptocurrencies, you can not exchange one NFT for another. A blockchain ensures that each NFT has a unique identification code, therefore, guaranteeing the authenticity and making it tamper-proof.

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How do NFTs work?

Most NFTs are part of the Ethereum Blockchain as its blockchain also supports NFTs. They are individual tokens and store extra information in them, that extra information makes them work differently from other cryptocurrencies and take the form of art, music, photos, etc. They can also be sold like physical art and their value is determined by market value or demand.

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How to mint an NFT?

Many platforms facilitate NFT minting but you need to create an Ethereum wallet first. Anyone can create an NFT of their art but it has to be unique and should appeal to the masses as anything and everything can not be tokenized.

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Steps to mint an NFT

Set up an Ethereum wallet and buy some Ethereum

Connect your Ethereum wallet to an NFT marketplace such as OpenSea, Rarible, Decentraland, Enjin, Zora, etc.

After the wallet is linked you will be able to create your NFT

To add your art form click on ‘Create’

The maximum size supported is 100 MB and you choose from JPG, PNG, GIF, MP4, etc. Formats

Add some details about your art form such as a good description to get better visibility.

Hit on create and you have created your first NFT

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NFT market is also volatile in nature like other crypto assets and does not guarantee profits but NFTs are expected to grow in the coming years. It can be the future of digital art. Coinbase exchange has also announced to launch an NFT marketplace.