Everyone is talking about NFT, 4 concepts quickly guide you into NFT
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NFT, a word that has suddenly become a hit, occupies a lot of the conversation pages. Are you also beginning to feel curious about NFT? Or even interested in getting started?
If cryptocurrency is the new node that divides the era and brings people into the era of virtual economy, the development of NFT has undoubtedly accelerated people's participation and exploration of the virtual world.
NFT can be thought of as a digital file linked to a string of blockchain codes. Blockchains are difficult to tamper with and are ideal for tracking every transaction, thus allowing every purchase and sale to be supported, and are seen as an important technology to facilitate free trade.
Those who wish to create NFTs simply select a platform where they can mint NFTs. Upload a digital image, video, audio or text message, decide on the quantity to be sold, and then add a blockchain code to the work to complete the casting process.
What are the platforms of NFT? Each trading platform has different virtual currencies linked to it, and those who wish to buy or sell must first open a virtual currency wallet that can be used on the platform where the work is being sold.
After the wallet is opened, you can start to buy the items you like! There are currently many wonderful works on the OpenSea, Nifty Gateway, and SuperRare platforms.
What is the difference between NFT and traditional artwork? In the past, the creator could only make a profit when the work was sold. But with NFT's profit-sharing mechanism, the creator takes a percentage of each resale transaction.
This way, the creator does not have to set the price at the highest point the first time, but can continue to receive royalties later.
This new concept of pricing has undoubtedly lowered the barrier to entry for NFT artworks, allowing people who previously could not afford to buy artworks to become collectors.
At the same time, because people rely on the blockchain mechanism, and because it is easy to change hands, popular NFT items are likely to go up in price after a few changes of hands, indirectly contributing to the rush to buy NFT.
What are the factors that determine the price of NFT? In addition to the popularity of the creator, the rarity of the edition of the work is another important indicator of the value of the work.
This feeling of rarity is the same as the real-world competition for limited edition designs from famous brands. Therefore, when one or two pieces from the same batch of NFTs are released with particularly different details.
This rare piece, which is regarded as a special model, may be sold at a higher price when it changes hands in the future.
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