New, old or novice in the crypto and blockhain space, you must have heard of NFT. Even regular news have talked about NFTs. When it comes to NFTs, the amp is pretty much equally divided. Some are against while others are for.
Regardless of which camp you’re on, just like crypto and blockchain, NFTs is here to stay. Granted, right now the hype around NFT might die off but the core working principle of NFTs will remain. To explain what I mean further, let’s get to the basics of NFTs.
What is NFT?
NFT is the acronym for Non-fungible token and it’s a term use to represent digital piece of art or collections. NFTs are non-replaceable piece of digital content that is linked to the blockchain tech. To fully understand what NFTs are, you need a physical and traditional example.
Let’s say an artist or a painter painted a picture of drew a piece. The painter usually puts the piece of drawing up for display in a market place –sometime in art gallery, halls or even b the road side. So, interested buyers or passersby see the piece of drawing and f they like it, they pay for it and it’s theirs.
NFTs are just like the example above. But, the painting or drawings is presented digitally instead of been physical. And the market place is on the blockchain network instead of a physical hall or road side.
Now from the example above, the painting above is non-replaceable, hence the term Non-Fungible. So, you can’t get two copies of an NFT in same space. Once you buy an NFT, the ownership is transferred to and it becomes yours until you decide to sell it to another person who then become the new owner.
How to trade and store NFTs
Trading NFTs include buying and selling them. Then you also have to store them in other to have access to them. To successfully trade NFTs you need a wallet that can send or receive NFTs. NFTs have its own address just like regular cryptocurrency like Bitcoin, ETH, BNB and the rest.
To trade and store NFTs, you need the following
- A wallet to store your NFTs
- A trading platform to buy and sell NFTS
- An NFT wallet address to receive NFTs
One place you can trade and store your NFT is Crypto.Com App. This wallet gives you access to trade and store your NFTs with ease. But, how does NFT affects the Metaverse and what are its importance in the Metaverse?
Importance of NFT in the Metaverse
Since Metaverse will be a digital world, there will be lots of buying and selling going on. There will be stores and payment will be made in the Metaverse, and the best way so far to get digital products on Metaverse is NFT.
This way, top stores can create collections of the product digitally and users of the Metaverse can easily buy them using their preferred crypto. Top brands such as Nike, Addidas, and Prada etc. will have to create digital version of their products so that users can buy them in the Metaverse.
This is not restricted to just clothing. Think about it, users can buy house, cars, and lands in the metaverse. And NFT is probably the best way to keep records of who owns what in the digital world.
Creation of wealth is also another importance of NFT to the Metaverse. Think about it, people with idea can create anything digitally and make money off it in the metaverse. All you need is a laptop, coding skill and ideas.
So, if you are interested in the Metaverse then you should also go and learn more about NFT. You can learn to become an NFT creator and make money or learn how to trade and store NFTS now. You can start by creating a free Crypto.com Account.