NFT- NON FUNGIBLE TOKENS

WHAT IS NFT?

 An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

How Does an NFT Work?

NFTs exist on a blockchain, which is a distributed public ledger that records transactions. You’re probably most familiar with blockchain as the underlying process that makes cryptocurrencies possible.

Specifically, NFTs are typically held on the Ethereum blockchain, although other blockchains support them as well. An NFT is created, or “minted” from digital objects that represent both tangible and intangible items, including :Art ,GIFs, Videos and sports highlights, Collectibles, Virtual avatars and video game skins, Designer sneakers, Music.

NFT uses in Metaverse:

Because NFTs are generally associated with websites and transactions that occur through web browsers, and because the metaverse is mostly VR-based, there might be some confusion about what their common ground is — and whether there is any in the first place.

1. Virtual marketplace. With apps like VRChat, spaces for communication in VR are already thriving, and it is not a huge leap to assume that these spaces can also serve as a fertile trading ground for NFTs. Sellers can easily provide links and previews to assets on the web or mint assets directly in the VR landscape.

2. Art gallery. VR is perhaps the best possible platform (short of an actual brick-and-mortar building) for viewing art. You get to see it up close with every detail and from every angle. This type of solution differs from a marketplace because the prices are already set (and not negotiated), the assets are all of one type (art compositions) and the atmosphere is much more relaxed.

3. New frontiers. Real estate can be a pretty lucrative industry to work in in the physical world, and the same could apply to the metaverse. We are not referring to real homes being sold digitally but rather digital land and territories being partially or completely sold for further user development.

Popular NFT Marketplaces:

Once you’ve got your wallet set up and funded, there’s no shortage of NFT sites to shop. Currently, the largest NFT marketplaces are:  OpenSea.io, Rarible , Foundation.