Short blog series (part13) NFTs
- Manyanshi Joshi
- Oct 13
- 4 min read
NFTs (Non-Fungible Tokens) are digital assets that represent ownership or proof of authenticity of a unique item or piece of content, usually stored on a blockchain. Here's a simple breakdown:
🔹 What Makes NFTs Unique?
Non-fungible = not interchangeable. Unlike Bitcoin or dollars (which are fungible), each NFT is unique.
They're commonly tied to digital art, music, videos, in-game items, or collectibles.
Ownership and transaction history are recorded on a blockchain (commonly Ethereum).
🔹 How NFTs Work
A creator "mints" an NFT by uploading digital content to a blockchain.
This NFT is given a unique token ID and metadata (e.g. name, description, properties).
The NFT can then be sold or traded on marketplaces like OpenSea, Rarible, etc.
Buyers own the token, but not always the copyright (depends on the license).
🔹 Popular Use Cases
Digital Art: Artists can sell digital artwork and get royalties on resales.
Gaming: In-game assets that players can trade or sell (e.g., skins, weapons).
Collectibles: Digital trading cards, avatars, or even tokenized tweets.
Music & Media: Musicians can sell songs or albums as NFTs, sometimes with exclusive content.
Event Tickets: NFTs can be used for secure, verifiable event access.
🔹 Criticism & Controversy
Environmental concerns: Energy usage of blockchains (especially older proof-of-work ones like Ethereum pre-2022).
Speculation & scams: Many NFTs were bought purely for flipping, leading to market crashes.
Ownership confusion: Owning an NFT doesn't always mean owning the intellectual property.
Market crash: Many early NFTs have lost significant value.
🔹 Current Status (as of 2025)
NFT hype peaked around 2021–2022.
Many projects failed or lost value, but some sectors (gaming, ticketing, digital ID) are still exploring blockchain-based NFTs.
Ethereum moved to proof-of-stake in 2022, reducing energy concerns.
There’s more emphasis now on utility NFTs (e.g. access, identity, function), not just digital art.
How to create, buy, or use NFTs into simple steps. Whether you're a creator or collector, here's everything you need to know:
🛠️ 1. How to Create (Mint) an NFT
Step-by-Step:
✅ Step 1: Choose a Blockchain
Most common:
Ethereum (most popular, widely supported)
Polygon (faster and cheaper, built on Ethereum)
Others: Solana, Tezos, BNB Chain
✅ Step 2: Get a Crypto Wallet
Popular wallets:
MetaMask
Coinbase Wallet
Trust Wallet
You’ll use this to store your NFTs and crypto. Make sure to:
Write down your seed phrase securely.
Fund your wallet with some ETH (or other crypto, depending on the blockchain).
✅ Step 3: Pick an NFT Marketplace
Top platforms:
OpenSea (Ethereum, Polygon)
Rarible
Zora
Magic Eden (for Solana NFTs)
✅ Step 4: Upload Your Digital File
This could be an image, music file, video, 3D model, or even a document.
✅ Step 5: Add Metadata
Give your NFT a name, description, and optional attributes (traits, unlockable content, etc.).
✅ Step 6: Mint the NFT
Click “Create” or “Mint” on the platform. You'll sign a transaction using your wallet, which may cost a gas fee depending on the network.
💸 2. How to Buy NFTs
Step-by-Step:
✅ Step 1: Set Up Your Wallet
Same as above — use MetaMask, Coinbase Wallet, etc.
✅ Step 2: Fund Your Wallet
Buy crypto on an exchange (like Coinbase or Binance)
Send it to your wallet (e.g. ETH for Ethereum NFTs)
✅ Step 3: Browse Marketplaces
Go to sites like:
✅ Step 4: Buy or Bid
Click “Buy Now” for fixed price NFTs.
Or participate in auctions by placing a bid.
✅ Step 5: Confirm Transaction
Your wallet will pop up for you to confirm. Once it’s processed, the NFT appears in your wallet or profile.
🧩 3. How to Use NFTs
Here’s where things get interesting.
🔓 Use Cases:
Use Case | Description |
Digital Art | Collect, showcase, or trade art NFTs. Many come with royalties to artists. |
Games like Gods Unchained, Axie Infinity, and The Sandbox use NFT items. | |
Membership Access | NFTs can give access to exclusive content, events, or Discord communities. |
Real-World Tickets | NFT-based tickets (e.g. for concerts or conferences) with anti-fraud features. |
Domain Names | NFT domains like yourname.eth (via ENS) work as crypto wallets or websites. |
Staking & Yield | Some DeFi platforms let you stake NFTs to earn rewards. |
Identity & Certificates | NFTs used for diplomas, licenses, or identity verification (still emerging). |
⚠️ Tips & Warnings
Do Your Research (DYOR): Many NFT projects are hype-based or scams.
Check Utility: If you’re buying, ask: what does this NFT actually do?
Secure Your Wallet: Never share your seed phrase. Use hardware wallets if holding high-value NFTs.
Watch Gas Fees: Especially on Ethereum, fees can spike during high activity.
🎯 Conclusion on NFTs
NFTs (Non-Fungible Tokens) represent a powerful but still evolving technology that enables digital ownership, provenance, and verifiable uniqueness. They’ve opened new doors for creators, collectors, and innovators — from digital art and gaming to ticketing and identity.
✅ Key Takeaways
Ownership & Authenticity: NFTs allow unique digital assets to be owned, traded, and authenticated on the blockchain.
Empowering Creators: Artists, musicians, and game developers can earn directly from their work and even receive royalties on secondary sales.
More Than Hype: While much of the early NFT craze was speculative and unstable, the core technology has real use cases in:
Digital identity
Gaming and virtual goods
Real-world asset tokenization
Access control and membership
⚠️ But There Are Caveats
The market has seen scams, volatility, and hype cycles.
Legal and copyright issues around NFTs are still not fully settled.
Utility and long-term value are key — not all NFTs are worth buying or holding.
💡 Final Thought
NFTs are not dead, but they are maturing. The future of NFTs lies not in overpriced JPEGs, but in practical, meaningful applications — where ownership, access, and interoperability matter.
If you approach them with curiosity, caution, and purpose, NFTs can be a valuable tool — not just a passing trend.
Thanks for reading!!!
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