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What is Non-Fungible Token?

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For someone who isn’t into tech, it might be difficult to explain about even some very simple thing like mobile phone.

Although mobile phone isnot simple and is like the basic thing needed for entry to a modern tech world to live a modern life,Its relatively more simple to understand than other things like how internet works and yeah how bitcoin or the technology/algorithm behind it, i.e. the blockchain works. 

While understanding blockchain or algorithm behind something is preety tough as it requires you to understand the concepts of programming and mathematics its not that hard when we explain you it with only the simple steps that runs the entire process of transaction and by excluding complex math and program. So in this article let me explain you in simple words what NFTs are!

With the rise in blockchain technology the world has seen next revolution after the internet. The reason why blockchain has made us realized that its very disruptive are its wide variety of applications.

Beginning of Non Fungible Token

And of its very useful application is to tokenize, to tokenize everything on the world and make it a virtual unique asset on the internet. This tokenized things are called non-fungible token or cryto-collectibles or blockchain tokenized asset.

What is Non Fungible Token

So a non fungible token is an asset tokenized using blockchain that is unique and isnot interchangeable or has the same value as such same number of NFT which means each token are unique and has different value unlike bitcoin or any other cryptocurrency which is not unique,i.e.all 21 million bitcoins will have same value and have no difference/uniqueness. 

Difference between cryptocurrencies and non fungible token 

When you understand the only then you might realize how important this can be for you.

cryptocurrenciesNon fungible token
all tokens are created equally.non-fungible tokens are each unique and limited in quantity.

Applications of NFT:what can we do after tokenization of asset:

Certifications for identification, software licenses, and property ownership ,bonds, stocks, and precious metals could be tokenized,

verifiable digital scarcity, as well as digital ownership.

Total Funding Made by NFT projects:

Nft projectInvestment fund raised
CryptoKitties $12.5 million 
RareBits$6 million 
Gamedex$800,000 
Decentraland$26 million 

Create Your Own NFT

Its more simple to create your own non fungible token than you might have thought.

Things to know and consider before creating your own token

Q. Which blockchain to use?

–Based on your needs and want.if you want it to scale it or have more transaction per second dont go with ethereum or poor blockchain.

Q. Why create a token?

–You might need a token for your own need which can be anything.If you are a social media influencer you might give your unique token on a campaign or if you want to make money you can sell tokens by creating them.

Q. How much number of token should you create?

–The lesser the token more will be the demand and its value increases.

Conclusion

At last we can see the future that NFT creates.It is truly a modern form of DeFi or any other application we create that is truly decentralized and scalable in nature.  

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