NFT stands for Non-fungible token, which means there can’t be any replacement of the product created via NFT. With NFTs, you can create a digital product, and the digital code of that product will be unique. Of course, this system can not help to protect your digital product entirely since someone can make a replica. Still, your product will be unique because its digital code is assigned to your product. For example, if someone were to make the exact same Mona Lisa painting, it would be tough to understand the difference between real and fake. With NFT, your digital product will have a unique digital code that no one can copy, making your digital product safe against replicas.
With that being said, NFT technology is pretty advanced, and it is a considerably good investment. But NFTs also come with disadvantages. The first one is Physical arts are impossible to convert into the digital world. Simply, there is a difference between seeing eye to eye and digital. Another disadvantage is while purchasing an NFT, you are buying the product only, not its copyrights. This could be troublesome if you purchased a copyrighted product.
How can we create NFT?
NFTs are just perfect for artists as it is for investors. To create NFT, first of all, you will need a digital cryptocurrency wallet. It also can be your exchange you can use that for transactions too. Afterwards, you have to pick your marketplace which supports NFTs. There are popular marketplaces where you can publish your art such as OpenSea, Axie Marketplace, Larva Labs/CryptoPunks and NBA Top Shot Marketplace.
In one of these marketplaces, you can either purchase NFTs yourself or upload your own NFT and sell that for a price on the marketplace. As always, be cautious while purchasing NFTs as we have mentioned, there could be copyrighted NFTs and those NFTs can be troublesome.