What are NFTs? Let's find out 🧵
1. Introduction
2. Non-Fungible?
3. What can be an NFT?
4. Minting
5. How to create an NFT
6. How to own an NFT
7. What gives NFTs Value?
8. What is Solidity?
9. NFT Marketplaces
10. How to get started
A Thread ↓
1. Introduction
NFT stands for "Non Fungible Tokens"
An NFT is a digital unique item that cannot be reproduced and can be verified on a blockchain
Simply put, when an NFT is created, only one entity of it can exist, and its singular existence is enforced by the blockchain
2. Non-Fungible?
Any item that is fungible can be exchanged for another fungible item with the same value or in smaller quantities cus fungible items are divisible
Non-fungible items are not divisible hence can't be exchanged in smaller quantities
Its worth is in its scarcity
3. What can be an NFT?
Well... basically anything that can be made digital can be an NFT
Artwork can be an NFT
Land ownership documents can be an NFT
Videos can be NTFs
The most popular NFT types out there are actually artwork because it is easier to raise value from them
4. Minting
Minting is simply the process of creating an NFT on an NFT marketplace
This process involves you linking a crypto wallet to your marketplace account to obtain the NFT after minting
The mint can be costly depending on where you mint your NFT
6. How to own an NFT
You can own an NFT by:
- Buying one
- Creating one
- Being gifted one
You will need a wallet from a network that supports NFTs
The most popular ones are the Etherium and Solana networks
You can't send NFTs over different networks
7. What gives NFTs Value?
Usually, an NFT will be tied to a particular community
The NFT will act as a Token that can be used to access premium content or VIP tools in whatever community that supports it
This lets the creators of the NFT drive demand up and create great value
8. What is Solidity?
Solidity is a programming language used for writing smart contracts
A smart contract is a mini-application that can be executed on a blockchain
Solidity lets you create awesome stuff on a blockchain that is secured and impossible to take down
10. How to get started
You can get started by learning about:
- web3
- blockchains
- smart contracts
- solidity
You can visit crypto blogs like
You can follow Web3 personalities like:
-
@oliverjumpertz
-
@VittoStack
-
@sigleapp
-
@heyOnuoha
@heyOnuoha
Nice thread Favor.
My understanding is that you can't own an NFT.
You can own the piece of information that points to a place on the internet that might or might not host your NFT ie. and image.
Is that true?