What is an NFT?

Introduction of National Financial Technology Day

A popular day in the year 2019 to start with, it’s quite a controversial and significant day. This day is called ‘National Financial Technology (NFT) Trends’ and was introduced by a group based named the World Economic Forum to generate awareness about financial technology among young people. It also provides training on how to use information and communication technologies to manage finances, business, and personal time and money.

The theme of this day is ‘FinTech & FinTech’ which means finance technology and innovation-related subjects. A report released recently says that around one-third of UK companies surveyed have invested in innovation and are looking at ways of accelerating growth and improving customer experience. This is an indication that we do need innovative solutions that help us stay ahead of competitors and offer better services to our customers – hence FinTech. So, what is Not? Here’s what you need to know:

Why are we talking about NFT?

Net is an acronym that stands for a non-fungible token that is used in many sectors, for example, cryptocurrency trading or investing. The term itself comes from the fact that a token cannot be lost once it is purchased or redeemed.

In simple words, Nft is a unit of account or item whose value keeps increasing from time to time. But while such tokens can be easily exchanged for goods or services, the concept is not so easy to understand because they are essentially a single piece of code that has no physical existence.

Such tokens can only be bought using fiat currencies like bitcoin, which is almost impossible for those who work in other domains. Hence, NFT stands for Non-Fungible Token and has no form.

Types of Tokens

There are 2 main types of tokens present today. Let’s find out more:

Cryptocurrency

Cryptocurrency (or crypto-token) is a way where you can purchase assets without having to pay any funds or making any direct contribution towards their price. These tokens are created on a blockchain network and are unique in the sense that there isn’t anyone else who can use them.

They have the potential to give out more benefits than goods in exchange or even allow users to make investments which would otherwise be difficult to make but is possible when a user holds ownership rights. There are several different types of crypto tokens and these include:

Private key

Wallet address

Litecoin

Ethereum Ether

Binance Coin

Dashboard Card

The last type of token is an asset class in itself, with Ethereum being perhaps the most famous and well-known one. One can buy Ethereum through its website, by going online and buying into one of its official platforms. Then, he/she can trade Ether through various methods available like Binance or Bitstamp.

However, note that every coin must be able to be used in the ecosystem to be accepted on the networks, and consequently get activated. The reason why Ethereum works very well is that it’s a good network that allows developers to interact with each other, thus saving a lot of time and resources.

How do I get started?

To begin off effectively, first, you first need to choose between two types of cryptocurrencies: Bitcoin and Ethereum. There are several advantages and disadvantages to both. You will find out more if you decide to start your own business.

While searching for Ethereum, you should look for some guides, blogs, or websites that explain everything about ERC20, ETH, etc in detail, and then select whichever type you wish. Remember to check all the terms, including security, privacy, transaction fees, etc. before purchasing anything.

If you are still unsatisfied with what you read on the page, try to search on Google, in case you have trouble finding what you were searching for. If you aren’t familiar with web searches, go to SEO or google and learn all about these terms before buying.

After finding the perfect solution, it will take anywhere between 72 hours to 3 days for an account to appear in your bank account. When you see the confirmation screen, it will say something like ‘Account now’, click on that ‘OK’ button and fill up the details. Now, it will take you to another screen where you provide payment details. At the end of the process, your wallet address will be sent and you can track it on the site.

You can choose either of the above two types of tokens. However, it’s important to understand that you’ll only be able to buy one type only at that moment. Therefore, it’s advised that you have at least one type to hold or hold onto till you become financially stable enough. By that time, you should create your own business too.

The best thing about starting your own business is that you don’t have to worry about any kind of fraud. As soon as you start giving away your product or service to others, you’ll automatically get rid of the negative publicity, which ultimately leads to positive publicity, and thereby increases your sales.

Conclusion

These days, everyone is moving towards the digital world, and it’s becoming increasingly hard for businesses to remain competitive. While choosing between two types of tokens, you must learn all the relevant terminology and study the market before making a decision. Start your brand with just one type of NFT and get set to hit the ground running.

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