What are NFTs - Web3 Oversimplified

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.

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.

Take, for example, the iconic painting of The Mona Lisa by the renowned renaissance era artist and inventor, Leonardo Da Vinci. There are several copies of the original painting of The Mona Lisa, but they're essentially is only one painting of The Mona Lisa

Well… basically anything that can be made digital can be an NFT

Artwork can be an NFT Educational certificates can be an NFT Videos can be NTFs

The most popular NFT types out there is actually artwork because it is easier to raise value from them and they are best used to depict artwork.

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

The easiest way to create an NFT is to register on Opeasea and follow this tutorial right here

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

Usually, an NFT will be tied to a particular community and are used as utilities.

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

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.

NFTs are minted from smart contracts and store inside of them where they cannot be taken down or modified.

Some of the best Marketplaces for NFTs are:

OpenSea

Decentraland

CryptoKitties

Axie Infinity

Nifty Gateway

Rarible

StackArt

You can get started by learning about:

web3

blockchains

smart contracts

solidity

You can visit crypto blogs like http://decrypt.co

So that's it, folks! really hope this show helps you in your NFT journeys and endeavors!