{"id":483067,"date":"2022-02-07T18:09:31","date_gmt":"2022-02-07T18:09:31","guid":{"rendered":"https:\/\/wncen.com\/?p=483067"},"modified":"2022-02-07T18:11:50","modified_gmt":"2022-02-07T18:11:50","slug":"what-exactly-can-you-do-with-nfts-how-to-buy-where-to-store-and-common-uses","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/company\/what-exactly-can-you-do-with-nfts-how-to-buy-where-to-store-and-common-uses\/","title":{"rendered":"What Exactly Can You Do With NFTs? How To Buy, Where to Store, and Common Uses"},"content":{"rendered":"

NFTs have taken the internet by storm over the last 18 months. From something completely unheard of to a market that\u2019s worth over $40 billion<\/a>, NFTs have had an incredible year. But what exactly are NFTs, and more importantly, what\u2019s the point of them?<\/p>\n

While some people think that NFTs don\u2019t have any real purpose, many industries are incorporating them in innovative ways. This is especially true within the gaming industry, which has taken to using NFTs as unique skins, methods of improving the diverse styles of play within gameplay, and digital methods of trading.<\/p>\n

In this article, we\u2019ll be explaining what NFTs are and breaking down how you can buy one, where they are stored, and the various functions associated with them. Let\u2019s get right into it.<\/p>\n

What exactly is an NFT?<\/h3>\n

NFTs, which stands for Non-Fungible Tokens, are digital assets that are stored in the blockchain. When a person buys an NFT, they\u2019re buying ownership, with proof of their digital ownership being stored online. Due to the blockchain technology that\u2019s used for this process, which is incredibly secure, NFTs are a safe digital asset and are famously difficult to steal.<\/p>\n

Considering that NFTs can be anything digital, people are seeing everything from digital art to GIFs turned into NFTs and sold online. Launched and sustained on the Ethereum blockchain, every single NFT represents a digital asset that cannot be duplicated, which is why people are paying so much for them.<\/p>\n

How do you buy and store NFTs?<\/h3>\n

Most commonly, NFTs are sold on NFT marketplaces. These are systems where people can either directly buy or bid on NFT auctions. Additionally, they act as digital auction houses, exhibiting NFTs that are about to go on sale for everyone to see.<\/p>\n

Currently, the three biggest NFT marketplaces are OpenSea, Rarible, and Nifty Gateway. Once a person buys an NFT on these platforms, their proof of sale is then sent to the Ethereum blockchain.<\/p>\n

Imagine this as a series of blocks that, once placed down, cannot be picked back up or changed. The immutability of blockchain ensures that once someone buys an NFT, their name is safely stored on a chain. If someone were to look up an NFT in the blockchain, it would clearly state the owner\u2019s name on it.<\/p>\n

While digitally, the original NFT and its owner\u2019s details are stored on the blockchain, the NFT will be accessible to see from the owner\u2019s wallet. These wallets, just like crypto wallets, are secured using a set of digital encryption pathways, as well as a private key.<\/p>\n

Once purchased, NFTs can also be transferred off NFT marketplaces onto cold storage hardware wallets on a third-party platform. These offer advanced security for digital assets.<\/p>\n

What can you do with an NFT?<\/h3>\n

NFTs haven\u2019t skyrocketed in public attention simply because they\u2019re new. On the contrary, there is a range of applications for NFTs that help boost their value, providing services alongside also just being interesting to look at. While there is a range of uses for NFTs, we\u2019ll be focusing on the following three:<\/p>\n