What are NFTs and how do they work?

Everybody is talking about NFT’s and how many people are getting rich, so many words come to mind like: digital cryptocurrency, collectibles, blockchain, minting, digital art. So what are they? Should I enter? or is this only a passing trend?. Well there are many opinions about this subject, so lets try informing ourself a bit about how all this work, and actually make our own NFT.

What is a NFT? 🖼️

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Well the fast answer is that NFT stands for non-fungible token. It is a type of cryptocurrency that is unique and cannot be replicated, but this answer may sound a bit strange, but don’t giveup, in easy words we can say that its a unique digital assets, just like the famouse portraits, sculptures, art pieces, we see on the meuseums. There are many unique pieces of art in the world but neither one is the same as the other, just like the statue of David created by Michelangelo, we can see many pictures, images, gifs of this sculpture but there is only one original piece and one authentic author.

So there you go! you now you know what a NFT is, a unique piece of art that in this case is going have a digital format (JPG, PNG, GIF, SVG, MP4, WEBM, MP3). Of course thats not the end of the of NFT, there are still a bit more stuff we can learn about NFT’s.

How do NFT work? 🧰⚒️

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Well we just learned that NFT are non-fundgible tokens, but we still dont know how this works, maybe the word blockchain might sound a bell, but what is a blockchain? Well Binance Academy gives us a great answer:

In a few words, a blockchain is a digital ever-growing list of data records. Such a list is comprised of many blocks of data, which are organized in chronological order and are linked and secured by cryptographic proofs. Although the blockchain technology is older than Bitcoin, it is a core underlying component of most cryptocurrency networks, acting as a decentralized, distributed and public digital ledger that is responsible for keeping a permanent record (chain of blocks) of all previously confirmed transactions. Blockchain transactions occur within a peer-to-peer network of globally distributed computers (nodes). Each node maintains a copy of the blockchain and contributes to the functioning and security of the network. This is what makes Bitcoin a decentralized digital currency that is borderless, censorship-resistant, and that does not require third-party intermediation.

Binance Academy | Blockchain

We can say that a blockchain is a digital record of all the transactions that have ever been made. It’s like a big spreadsheet with everyone’s transactions in it, and it keeps growing every time somebody adds another transaction. The blockchain is organized in blocks, and each block has a bunch of information about the transaction that was in that was in that block, and then it links to the blocks before it. So if you look at the blockchain, it will go back all the way to the beginning and show you all the transactions that happened before that block.

⛓️So blockchain…

I think we can agree that this tecnologhy is greate for making sure that nobody is cheating or trying to steal, because it’s a really big list of everything that’s happened, so we might being seing this more often then we believe.

Let’s start !⭐

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I’m glad your here!, we haved learned a lot about NFTs and although its been the basics, I think we can start our journey..

So let’s start with creating a wallet (a crypto wallet is a digital wallet that is used to store, send, and receive cryptocurrencies), but dont get scared, we are not going to introduce money on it if we don’t want too. So you might be asking where do I create this wallet, well there are many virtual wallets out there, but for this ocasion, why not try Metamask, a crpto wallet and gateway to blockchain apps trusted by over 21 million users worldwide, so the next part would be asociating your wallet with Opensea. Open sea would be are marketplace, you can explore the largest NFT collecions and also upload your NFTs.

Okey, so have you explored the platform? Well you might haved found a button called Create in the top right corner. Lets give it a try!

Know we should be on a new page, in witch we can upload are NFT, and also include information about our asset

After uploading are NFT and filling it up with the information we want we can click in Create and CONGRATS! YOU JUST MADE YOUR FIRST NFT!..🥳🥳

Final Result🏆

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I created my own NFT’s too!, you can visit the gallery in opensea or by profile name JimmyJamesDev 🤖

Finish Line 🏎 🏁

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After this journey I hope you got to understand more about this new trend, and well how to be a part of it, and let’s tell others about the new things we learn, I think most will be interested on these new subjects and well… Have fun!

Watch Youtube Video 🎥