{"id":354,"date":"2021-06-26T01:56:47","date_gmt":"2021-06-26T01:56:47","guid":{"rendered":"https:\/\/blog.prestmit.io\/?p=354"},"modified":"2025-02-08T16:42:02","modified_gmt":"2025-02-08T16:42:02","slug":"what-is-a-nft","status":"publish","type":"post","link":"https:\/\/prestmit.io\/blog\/what-is-a-nft","title":{"rendered":"What Is A NFT &#8211; How To Explain NFT To A Kid"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f89ab62cc65\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f89ab62cc65\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/prestmit.io\/blog\/what-is-a-nft\/#HOW_TO_SELL_NFTs\" >HOW TO SELL NFTs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/prestmit.io\/blog\/what-is-a-nft\/#HOW_TO_BUY_NFTs\" >HOW TO BUY NFTs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/prestmit.io\/blog\/what-is-a-nft\/#%E2%80%9CCAN_I_INVEST_IN_NFTs%E2%80%9D\" >\u201cCAN I INVEST IN NFTs?\u201d<\/a><\/li><\/ul><\/nav><\/div>\n<p><em>If this is your first time of hearing NFTs, gather here.<\/em> A lot of people have never heard of NFTs and that\u2019s pretty normal. I mean, that\u2019s what we are here for, isn\u2019t it?<\/p>\n<p>NFT means \u201cNon fungible token\u201d and what it simply does is that it allows buyers to purchase ownership of a digital good living on a blockchain. Digital goods come in the form of anything. It could be an image, a video, animation, <em>anything<\/em> in the form of a unique digital token living on a blockchain. Let\u2019s look at it from this angle. If you own a digital asset such as a photo, or a video, these assets that you own can be \u2018tokenized\u2019 or turned into an NFT. These tokenized items can then be bought or sold or traded using cryptocurrency. Anything can be an NFT. If it is digital, then it can be tokenized. <em>And what\u2019s not digital in this age? Nothing!<\/em><\/p>\n<p>To buy an NFT, you need a cryptocurrency wallet. This is where you store your digital monies. A cryptocurrency wallet allows you to spend, receive and trade cryptocurrencies<\/p>\n<p>There are different types of crypto wallets. In fact, we have quite a lot. You get a cryptocurrency wallet when you sign up with a cryptocurrency exchange. There is Binance, Coinbase, Luno and also Prestmit among others. When you sign up with Prestmit, you get a crypto wallet automatically.<\/p>\n<p>As stated earlier, you need a crypto wallet to buy NFTs. NFTs exist in a variety of industries such as collectibles and even real estate. As an artist, you could sell your paintings using NFTs, people that want to purchase too, would do that by using NFTs. An NFT is like a digital stamp that you have on your digital assets. It allows you to tell your stuff apart from other similar stuff or look-alikes.<\/p>\n<p>Let\u2019s cite an example:<\/p>\n<p>If John has a painting of Mona Lisa and Tunde (aka Tundeski) also possesses the same picture of Mona Lisa. The only way the two paintings can be told apart is if maybe Tunde has his own painting tokenized.<\/p>\n<p>Now, you can be the original creator of a photo or video or maybe not, but the blockchain proves that you actually own the original NFT. Once you create an NFT, it lives in your wallet. This wallet is how you access your NFT and is then listed as the owner of the NFT within the NFT contract. This contract lives on Ethereum.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"HOW_TO_SELL_NFTs\"><\/span>HOW TO SELL NFTs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If you have an NFT you want to sell, there are a couple of NFT market places you can do that. People who are interested in your piece can then bid for it at a price<\/p>\n<h3><span class=\"ez-toc-section\" id=\"HOW_TO_BUY_NFTs\"><\/span>HOW TO BUY NFTs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Likewise if you are interested in any piece or valuables, you can also bid for it and buy it. <em>It\u2019s really that simple!<\/em><\/p>\n<p>One really amazing thing about NFTs is that every time your NFT is sold, you get a certain percentage off it. Yes! Every time your piece exchanges hands, you get paid. If your piece gets really popular, you get a commission every time it is exchanged.<\/p>\n<p>NFTs can also appreciate over time. So just like Bitcoin or any cryptocurrency, you can hold on to it till you know that the value has gone up.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%80%9CCAN_I_INVEST_IN_NFTs%E2%80%9D\"><\/span>\u201cCAN I INVEST IN NFTs?\u201d<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Now that you\u2019ve heard all you need to know about NFTs. <em>Well, pretty much the basics. <\/em>This is what we have to say. Every investment has its risks and rewards, so also NFTs. NFTs are new in the market so be careful before putting your cash in it. Don\u2019t go and purchase collectibles simply because <em>the price may go up later. <\/em>What if it doesn\u2019t? The first rule of investment is to only invest what you can afford to lose.<\/p>\n<p>NFTs could be the next future of cryptocurrency transactions and we will be here for it. We hope you got the answers you were looking for.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If this is your first time of hearing NFTs, gather here. A lot of people have never heard of NFTs and that\u2019s pretty normal. I mean, that\u2019s what we are here for, isn\u2019t it? NFT means \u201cNon fungible token\u201d and what it simply does is that it allows buyers to purchase ownership of a digital [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9142,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1788,1007,1565],"tags":[298,297,295,296],"class_list":["post-354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-nfts","category-web3","tag-how-to-buy-nfts","tag-how-to-sell-nfts","tag-what-are-nfts","tag-what-do-you-need-to-know-about-nfts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Is A NFT - How To Explain NFT To A Kid - Prestmit<\/title>\n<meta name=\"description\" content=\"What Is A NFT - How To Explain NFT To A Kid - Prestmit is the best site to sell gift cards and cryptocurrencies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prestmit.io\/blog\/what-is-a-nft\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is A NFT - How To Explain NFT To A Kid\" \/>\n<meta property=\"og:description\" content=\"What Is A NFT - How To Explain NFT To A Kid - Prestmit is the best site to sell gift cards and cryptocurrencies.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/prestmit.io\/blog\/what-is-a-nft\" \/>\n<meta property=\"og:site_name\" content=\"Prestmit\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/prestmit\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/prestmit\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-26T01:56:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-08T16:42:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/11\/Screenshot-2022-11-07-at-01.52.15.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1410\" \/>\n\t<meta property=\"og:image:height\" content=\"714\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"prestmit\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/www.twitter.com\/prestmit\" \/>\n<meta name=\"twitter:site\" content=\"@prestmit\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"prestmit\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/prestmit.io\\\/blog\\\/what-is-a-nft#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/prestmit.io\\\/blog\\\/what-is-a-nft\"},\"author\":{\"name\":\"prestmit\",\"@id\":\"https:\\\/\\\/prestmit.io\\\/blog\\\/#\\\/schema\\\/person\\\/66c7bcbda2fd096b52c069ba33e8a6f3\"},\"headline\":\"What Is A NFT &#8211; 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