What are NFTs — And How to Create One?

What are NFTs?

  • Fungible asset: it is identical and interchangeable. For example, currencies.
  • Non-fungible asset: it is unique. There can be only one record. Examples: your Twitter handle, diamonds, houses, land, and Monalisa.

Characteristics of NFTs

We already mentioned some of the characteristics of NFTs above, but to highlight clearly:

  • Unique: The primary quality of non-fungible tokens is that they cannot be photocopied, and they are verifiable on the blockchain.
  • Permanence: Information — including images, music and signatures — stored on NFTs are permanent.
  • Programmable — NFTs are just pieces of codes, which means instructions can be set in advance. For example, a musician can put their album on the blockchain as an NFT, and it can be programmed for the artist to get royalties on all sales of their music.
  • Permissionless — NFTs can be used on different platforms and in multiple ways without censorship.

How can you make an NFT?

Anyone can make an NFT in a few simple steps:

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Feranmi Akeredolu

Feranmi Akeredolu

Creative and knowledge brand interested in finance and tech.