What are NFTs and NFTX?

Recently, NFTs have been in the limelight of investors’ interest and of many discussions, especially in the field of art. But what is an NFT? NFT means non-fungible token. A non-fungible item is a single item that is not interchangeable. For example, money is fungible, we can exchange euros or cryptocurrencies, but a work of art is non-fungible because it is unique. An NFT represents a digital file to which a digital certificate of authenticity has been attached. More precisely, the NFT is a cryptographic token stored on a blockchain. The digital file is fungible, whether it is a GIF, video, photo, or otherwise, the associated NFT is non-fungible. It was in 2014 that the first NFT was created, but NFTs didn’t really hit the mainstream until 2017 when the Ethereum platform gained momentum. It is on this blockchain that the CrytoPunks and CryptoKitties projects (using NFTs) were born. In 2021, Everydays – The First 5000 Days, by artist Mike Winkelmann, better known as Beeple, sold for $69.3 million. It is, to date, the most expensive piece of digital art in history.

How to create an NFT?

To transform a digital file into NFT, its holder must go through a step called in English minting, which is translated into French by typing. Minting consists of copying a digital file to a server and then creating a cryptographic token containing a link to this file on a blockchain. The creator of the original work can also store any information in the metadata of the NFT, such as his name.

The use of a blockchain

NFTs are based on blockchain technology. A blockchain is a decentralized and highly secure database that stores the history of all operations. In addition to various cryptocurrencies, some blockchains may issue non-fungible tokens. This is the case of Ethereum, Solana or Binance, for example. We can thus know who owns this or that NFT. Creating an NFT is not free. Costs specific to the blockchain used are to be paid and can vary from a few cents to more than a hundred euros.

How to sell an NFT?

NFTs are offered for sale on dedicated platforms. SuperRare, Rarible and OpenSea are among the most popular. These platforms offer the advantage of being able to directly create an NFT from any digital file. The NFT is then sold as a work of art, either via a fixed price decided by the seller or at auction. Notably, each time an NFT is resold, the artist earns a small commission.

What is NFTX?

NFTX token was first traded on Jan 6, 2021. Its total supply is 650,000. Currently, NFTX has a market cap of $57,055,062. The current price of NFTX is $140 and is ranked 392 on Coinmarketcap.. NFTX is listed on a number of cryptocurrency exchanges, unlike other major cryptocurrencies, it cannot be purchased directly with fiat currency. However, you can still buy this coin easily by first buying Ethereum from any fiat-to-crypto exchange and then transferring it to the exchange that offers to trade this coin. The steps to buy NFTX are quite simple, but we recommend you, before buying, to learn all the details about these new kinds of assets. To buy NTFX, you must first buy Ethereum. Since NFT is an altcoin, you need to transfer your ETH to an exchange where NFTX can be traded. Depending on the terms and conditions of the exchange, you may need to go through another KYC process. This should usually take you anywhere from 30 minutes to possibly a few days maximum. Although the process should be simple and easy to follow. Once you’re done, you should have full access to your exchange wallet.