THECRYPTO.WATCH – The difference between crypto and NFT must be understood because there are still many things that are still wrong. Lately, this non-fungible token has become a lot of interest.
Ghozali’s success in getting money from non-fungible tokens is still a topic of discussion. However, many people still not understand the difference between crypto and NFT.
The difference between Crypto and NFT
Non-fungible tokens are digital assets in the form of works of art and other collectibles that also have the function of buying virtual goods. However, the digital asset must first be verified through the blockchain.
The non-fungible market itself only accepts crypto as payment. So it can be concluded that to buy products in the form of NFT, you must have a platform account and crypto assets.
While crypto assets can be traded between one another. It also has the same value, for example the value of 1 Bitcoin will be the same as the value of other Bitcoins.
Understand non-fungible tokens as digital certificates. Each has a unique signature or token containing the digital asset. So the non-fungible assets cannot be exchanged. There are no two NFTs that are identical on both platforms and games.
It can be concluded that the difference between crypto and NFT is in digital signatures, which are not present in crypto. In addition, the crypto has the same value while the NFT has a different value.
Before doing the trading process, non-fungible token owners must have Ethereum on the exchange.
NFT On Blockchain
There is a market for buying non-fungible tokens, such as OpenSea. The market will be decentralized because it uses a blockchain system. So that people can buy non-fungible tokens directly using crypto assets that already exist in crypto wallets.
The creator of the work in the NFT can vote and then specify a certain amount for public viewing. After that, the creator of the work can receive the proceeds through the sale of the work to the first buyer.
In addition, you can still receive a share of the royalties when there is another sale to a second or third buyer. The distribution of royalties will vary depending on each platform.
The difference between crypto and NFT will obviously have a different mechanism. If you already understand, then you will benefit more from both.
