What is NFT and how to make money from it

An NFT, or non-interchangeable token, is a unit of record that is used to create a digital cast for any unique item. These can include: paintings, photos, videos, music, gifs – in short, any content that claims to be at least somewhat unique. They are a great value among collectors, gamers and art lovers, and are bought and sold through auctions.

These tokens are stored in what is known as a blockchain – a huge chain of blocks, each containing information. Unlike, for example, servers, where data is stored in one place, these blocks can reside on many devices around the world.

This kind of encryption makes the blockchain very difficult to break, because at best you can break just one block of information, not the whole chain. This is why most cryptocurrencies run on the blockchain.

A token is just a record in one of the blocks, and as a rule, there can be very many of the same type of records. For example, each individual bitcoin is an exact copy of another bitcoin of the same type, which makes it possible to match them with a currency.

But what if you need to create a unique token that has no counterparts? The answer is NFT.

How to sell NFT
There are many venues where you can post your tokens. Some of them even have a narrow specialization – for example, only gaming items or only art.

The most popular are OpenSea, SuperRare, Foundation and Rarible. As a rule, the sites charge a commission in Ethereum cryptocurrency, or ether, as it is called in common parlance. The amount of commission varies, but it is usually a few tens of dollars (this cost is due to the fact that the new token will need to be included in the blockchain).

The commission is always charged at the time the token is created, but depending on the site it could be either immediately after the file is uploaded or at the time of sale.

To pay the fee, open a currency account and exchange rubles for dollars profitably.

How to create NFT
A step-by-step guide on how to create your own NFT-token by the example of OpenSea (any cryptocurrency wallet will be required):

• Open site;
• Choose Create – My collections;
• Create a collection, name it and add a description and logo;
• Add tokens to the collection. To do this, select Add items and then Add new item;
• After successfully uploading a token, put it up for auction;
• wait until it too will be bought for 70 million.