We have been hearing about a image (NFT) of a tweet being sold for millions. People are taking advantage of this new world Web 3.0 to make money. But how a image creates millionaire or is NFT just an image ?

About:

Non-Fungible Tokens:

NFTs are tokens that we can use to represent ownership of unique items. They let us tokenise things like art, collectables, and even real estate. They can only have one official owner at a time and the Ethereum blockchain secures them – no one can modify the record of ownership or copy/paste a new NFT into existence. Non-fungible is an economic term that you could use to describe things like your furniture, a song file, or your computer. These things are not interchangeable with other items because they have unique properties. For example, a $1 bill is easily convertible into four quarters or ten dimes - that is Fungible. But your first love letter 😜isn’t fungible - meaning, you can not trade it for another letter of similar kind (even if Thanos was to end the world, you can never risk trading those letters - unless you wish to meet the apocalypse early 😂).

Plus points of NFT:

1. NFTs are digitally unique, no two NFTs are the same.

2. NFTs can represent real-world items like artwork and real estate.

3. NFTs can also function to represent individuals' identities, property rights, and more.

4. Every NFT must have an owner and this is of public record and easy for anyone to verify.

5. Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.

6. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions.

7. Content creators can sell their work anywhere and can access a global market.

8. "Tokenizing" these real-world tangible assets makes buying, selling, and trading them more efficient while reducing the probability of fraud.

9. Creators can retain ownership rights over their own work, and claim resale royalties directly.

10. Items can be used in surprising ways. For example, you can use digital artwork as collateral in a decentralised loan.

    NFT could represent
    Digital Art:

    • GIFs
    • Collectables
    • Music
    • Videos

    Real World Items:

    • Deeds to a car

    • Tickets to a real-world event

    • Tokenized invoices

    • Legal documents

    • Signatures

      An NFT can only have one owner at a time. Ownership is managed through the uniqueID and metadata that no other token can replicate. NFTs are minted through smart contracts that assign ownership and manage the transferability of the NFTs. When someone creates or mints an NFT, they execute code stored in smart contracts that conform to different standards, such as ERC-721. This information is added to the blockchain where the NFT is being managed. The minting process, from a high level, has the following steps that it goes through:

      • Creating a new block

      • Validating information

      • Recording information into the blockchain

        NFTs have some special properties:

        • Each token minted has a unique identifier that is directly linked to one Ethereum address.
        • They're not directly interchangeable with other tokens 1:1. For example 1 ETH is exactly the same as another ETH. This isn't the case with NFTs.
        • Each token has an owner and this information is easily verifiable.
        • They live on Ethereum and can be bought and sold on any Ethereum-based NFT market.

      So, if you own NFT:

      1. You can easily prove you own it
      2. No one can manipulate it in any
      3. You can sell it, and in some cases, this will earn the original creator resale royalties. way.
      4. Or, you can hold it forever, resting comfortably knowing your asset is secured by your wallet on Ethereum.

      And if you create an NFT:

      1. You can easily prove you're the creator.
      2. You determine the scarcity.
      3. You can earn royalties every time it's sold.
      4. You can sell it on any NFT market or peer-to-peer. You're not locked into any platform and you don't need anyone to intermediate.