NFT meaning and why Nigerian youths dey rush into am

If you never hear of NFT, na im be say you no dey use di internet well. And if you don hear about am and you no sabi wetin e mean, you dey forgiven sake of say no be everybody sabi wetin e mean.

Becos of di way many Nigerian youths dey embrace NFT, we decide to look into NFT mata and shed more light on dis technology wey dey part of di Web 3.0.

NFT stand for Non-fungible token and dis one mean say token wey no fit dey replaced wit any oda token. NFT na digital asset wey dem dey trade on di blockchain technology.

Na ontop blockchain technology most cryptocurrency transactions dey also take place but cryptocurrency na fungible token - meaning say if I sell one Bitcoin today, I fit replace am wit anoda Bitcoin. But dis reality no be di same wit NFT.

You fit don dey confused say wetin be blockchain. Say no more - blockchain na digital ledger wey dey store data of any kind. Blockchain fit record information about cryptocurrency transactions and NFT ownership.

So as you don sabi di meaning of blockchain, make we continue wit NFT. One particular NFT no fit dey replaced wit anoda NFT sake of say each NFT get unique identification code and metadata wey separate dem from one another.

NFT na for photographers, artists, musicians and collectors. In fact, NFT na for anybody wey fit create anything wey dey unique and wey dem fit store digitally.

Photographers wey dey into NFT dey take fotos and mint dem for di purpose of selling as NFT. Musicians wey dey do NFT dey also mint dia songs and if you be artist, you fit mint your art and sell am as NFT.

You fit dey wonder say wetin be minting abi? Well, minting for dis context mean di act of creating a piece of item on di blockchain technology as NFT.

Di funny tin be say oda pipo fit also save di piece of item you sell as NFT. Yes, you read wetin I tok correctly. Di pesin wey buy your item and me wey save am from di internet get di same tin but one na original while di oda na fake.

Wetin make di collector own original be say di piece of item get information wey serve as proof of ownership for di collector. Collectors dey value dis digital bragging rights well well. So na only di collector get di original while many pipo fit get di fake.

NFT and physical art collection

Make we relate NFT to physical art collection. Na di crown prince of Saudi Arabia, Mohammed bin Salman get di Salvator Mundi, wey be Leonardo da Vinci painting. Salman buy di painting for $450m in 2017 and na di most expensive painting in di world.

As Salman get di original painting, oda pipo around di world get di fake wey dem hang for di walls of dia houses. But na Salman get di bragging right as di man wey get di world most expensive painting. Dis na how NFT also work. One person get di original while many pipo get di fake.

One interesting tin about NFT be say di creator of di piece of item go dey receive royalty ontop am each time collector resell di item. Dis kind tin no dey for physical art collection.

Why young Nigerians dey troop into NFT

Many Nigerian youths dey troop into di NFT space sake of di testimonies wey odas dey give. Dem no want carry last as dem realise say photography and arts dey make pipo millionaires on di NFT space and dem don activate dia photography skills and begin take fotos to mint.

However, as sweet as NFT take be, e dey take patience and enough publicity to make sales. No be everybody wey list dia items dey make sales. You fit dey read oda pipo success story and tink say naso e easy to become millionaires on di NFT space, whoever tell you dat kind lie, tell am say "tule jor".