Bitcoin Forum

Can anybody help me out to what is nft ! What’s its creation process!How people are utilising it? How it’s exchange’s from digital to paper currency?

When it comes to digital artworks, NFT, or Non-Fungible Tokens, simply means that the artwork is unique. So, if Person A buys an artwork to Person B, Person A is actually buying only the verifiable version of that specific artwork minted or created by Person B, who is the artist himself. Furthermore, when you say "mint," you're referring to the process of creating verifiable digital copies of original artwork that can be verified using Blockchain.

- You need a wallet first, it could be Metamask or Coinbase.
- Go to some sort of NFT website that lets you sell the artwork.
- Upload the artwork and pay for one time listing fee.
- Put a little bit of background story to your artwork.
- Finally, wait for someone who will gonna buy your artwork based on the price you have set. Of course, most platforms accept ETH as their form of payment. Exhange your ETH to your local currency using P2P or Centralized crypto exchange(if you do not care much of your privacy)

Congrats on getting into the hype!

Basically, if you own an NFT, you own the digital signature of a media content(mostly jpegs).

You "mint" the NFT through the project's website, paying the mint price and gas fee. Most people just buy though.

99% is just speculation on value appreciation. Haven't found a single live utilization that I actually find very useful yet. Though I find BAYC's property rights access when holding a BAYC NFT interesting, this is something non-enforceable because most of the property rights thingys are through papers/documents and such.

1. You sell the NFT on OpenSea for ETH/USDC
2. You convert the ETH/USDC to fiat on exchanges
3. You withdraw the fiat on the exchange to your bank account
4. You withdraw the paper currency on an ATM