All You Need To Know About Non Fungible Token NFT |

All About Non Fungible Token NFT

The word NFT is coined from NON-FUNGIBLE TOKEN. I know you will be like, what does NON-FUNGIBLE mean? Non-fungible refers to anything that is unique and can't be replaced with something else. For example, the Monalisa picture by Leonardo DaVinci is non-fungible, there is only one original copy.

Bitcoin is an example of fungible stuff, when bitcoin is traded for another bitcoin, you have the same thing. At a simpler level, NFTs are digital assets or modern-day collectibles that link ownership to a unique physical or digital item, such as works of art, music or videos, etc.

Who invented Non-fungible tokens(Nfts)?

Nfts begin with a man called Kevin McCoy on the 3rd of May, 2014. He minted(minting is the act of turning a digital file into crypto collectible or digital asset on the Ethereum blockchain)his first none fungible token known as "quantum". 

Quantum is a pixelated image of an octagon filled with denoting circles, arcs, or other shapes which share the same center, with larger shapes surrounding smaller ones and hypnotically pulsing in fluorescent hues. As of today, the one-of-a-kind “Quantum” art piece (2014-2021) is on sale for seven million dollars.

So where can I get NFTs?

You should firstly know that Non-fungible tokens(Nfts) are securely recorded on a blockchain- the same kind of technology behind cryptocurrency, this ensures that the asset is one of a kind and also makes it difficult to alter or make an NFT counterfeit. Nfts is built on the Ethereum blockchain and Ethereum is a fast-growing blockchain that will soon blow.

With all this said and explained. We have several marketplaces where we can buy and sell our Non-fungible tokens(NFTS). Let's see the three most popular

1. Opensea: this is the most popular marketplace, very easy to use. It has a peer-to-peer interactive interface for buying and selling NFTS. It recently surpasses a trading volume of $10 billion. Opensea supports multiple blockchains. The open sea is backed up by trust wallet, metamask, etc. It not only allows purchase nft but you can also upload yours and list it.

2. Rarible: this supports the Ethereum blockchain. It is one of the largest Nft markets placed on the Ethereum blockchain network. You can use various wallets to get access to this marketplace, like trust wallet, metamask, coinbase, etc.

3. Crptopunks/larva labs: this marketplace is one of the earliest examples of an Ethereum blockchain. Originally crypto punks NFTs were free, however the only you can get a hold of one is by buying it and this is expensive. This NFT marketplace allows you to place a bid on your favorite items once they are up for sale.

There are still lots of market places like, Super rare, Known origin, Marker's place, solar art, nifty gateway, theta drop, and foundation. So apart from the marketplace, we also have types of Non-fungible tokens. Nfts can be said to be under these 5 category, 

1. Collectibles, which represents items of interest to a collector

2. Digital artworks, this includes, video, images, music, etc

3. Games, includes digital object used in competitive games

4. Metaverse, consist of pieces of a virtual world

5. Utility, represents an item having a unique function.

I know you will be wondering how are nfts useful, what makes an NFT valuable?

The utility of that nft, the utility will refer to the usefulness of an nft which determines its value. For instance, in the gaming industry, an nft could be a source of the exchange of game weapons, etc.

Also, we have the rarity, it's a known fact that NFTs are rare and therefore unique so they can't be replaced.

What causes an NFT to depreciate?


 When the community behind the project is not supportive and committed the NFT project will fail. This is a major reason for the depreciation of NFT


 when you list an NFT below its floor price the NFT will depreciate. The floor price of an NFT is the lowest amount you can sell an NFT. It could be the price of the latest transaction or the listed price right now. In a simpler term, floor price shows the lowest price at which an nft should be sold in the market

Try as much as possible not to list am NFT below its floor price! You can list at the floor price and higher than the floor price but try not to list below it!

How to buy NFTs?

If you are eager to get started with this, you will need a digital wallet such as trust wallet or metamask to store the NFTs and cryptocurrency. Then Go to the dapps on the wallet app and paste the marketplace address at the dapps search option. It's highly important that you do your research about the nft to buy and keep in mind the gas fee depending on the blockchain network.

Are NFTs like cryptocurrency and digital currency? 

The primary difference is that NFTs can not be traded or replaced with one another because they are a unique representation of real-world assets, cryptocurrency, and digital currency can be traded. NFTs is one of a kind just like the Monalisa drawing and painting by Leonardo DaVinci.

what is the popular example of Non-fungible tokens?

1. Jack Dorsey's first tweet

2. NBA shots sport collectibles

3. Black ape

4. Nyan cat

5. Everyday: The first 5000 days etc.

Are non-fungible tokens safe?

Non-fungible tokens, use blockchain technology just like cryptocurrency, making it secure. The distributed nature of blockchains makes NFTs difficult, although not impossible, to hack. One risk for NFTs is that you could lose access to your non-fungible token if the platform hosting the NFT goes out of business or you lost your passphrase to your wallet.

Post written by : Ogundiran Segun


  1. You wrote this post very carefully. The amount of information is stunning and also a gainful article for us. Keep sharing this kind of articles,How to buy cryptocurrency in Canada Thank you.

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