An NFT “Non-fungible token” in full is a kind of cryptocurrency asset that deals with art. Like crypto coins and tokens, a piece of art is converted into a digital asset through the process known as minting and afterwards, sold on an NFT market place within the Blockchain space in exchange for a Crypto coin or token.
https://bukrypt.com/what-is-an-nft/

Think of an NFT or Non-fungible token as a piece of art which might be a music, graphic, an act, etc. converted into a digital immutable transferable format. Imagine that NFTs existed during the time of Leonardo da Vinci,Mona Lisa his Mona Lisa’s painting might have been in a digital format where it could be auctioned for the highest bidder to purchase.

Of course it can be made open for anyone with access to the link to see it anytime like we have in a museum where anyone can have access for a sight. It can also be accessible to the public when it becomes whitelisted in this case by Leonardo who owns it.

Nft Whitelisting
Whitelisting here refers to the process where Leonardo makes the piece public for sales purposes. Making it public makes it possible for anyone to see it and even take a screenshot of it, but it can only be transferred to the highest bidder who will in exchange for a crypto coin or token, get it.

I read your mind trying to ask “hey, what’s up with those guys who got a screenshot, will it not also be theirs? Can’t they as well sell it as NFTs?” well, you got a point too, you know. And I might have tried answering by asking what happens with those real pictures of Mona Lisa flying around the internet, can’t they be printed and called the Real painting of Mona Lisa, but that will be totally off.

The immutability of an Nft
Here is what happens, first off, an NFT is often created under what is known as an ERC721 or Bep721 Blockchain network. This network is usually for Non-fungible assets. It gives what ever you are creating a unique identity. Same way you can’t have more than one individual with a fingerprint, you can’t have more than one NFT within the Blockchain.

This makes it impossible to modify the piece of art once created or minted. Did I also mention that Leonardo can decide to mint more than one Mona Lisa NFT? Like the same painting that can’t be differentiated by anyone but won’t be same NFT. Wow, right? Interesting! Pardon me if I didn’t mention that earlier but you can. You can mint two copies of same NFT, yet they will have different identities within the Blockchain.

What are Nft’s used for?
Wait, I think I heard something! Was that you asking what NFTs are used for? Chill, I will tell you. I am not going to tell you what other people use NFTs for but I will tell you what I use NFTs for. I use NFTs for two major things,

1. For the love of Art
2. For business.
FOR THE LOVE OF ART
Why will anyone want to buy any original painting of Leonardo? Why will anyone want to buy an autographed album of Michael Jackson? Why do I buy collections of paintings from local artists? Probably because I love the paintings and good music. And possibly because I gain some level of pleasure when I fix my eyes on such paintings or because the music helps me get relaxed.

Might be some different other reasons from any other person, might be same with mine. Same thing here is applicable for factors that influence my choice of buying an NFT. This also to a large extent, determines the kind of NFTs that are minted by creators.

They must have to put into perspective, what will be appealing to their buyers/collectors. It must have some aesthetic values. I am saying this so you don’t just pick up and mint any picture that communicates nothing to the mind of the buyer. People might not be interested in bidding for such as NFTs.

FOR BUSINESS
Well, I wouldn’t buy any piece of art that cannot appreciate in price and value with time. If I buy any painting (NFT) of Leonardo for 100 ETH today, I can be rest assured that in a couple of weeks, months or years, that same painting (NFT) might be worth up to 200 ETH.

Of course, art appreciates in price with time, so I am not just buying it for the aesthetics void it fills, I should be buying it for how much more I can make out of it if I decide to list and sell it again at a later time.

How can I invest from Nigeria and how much is required

Samken2:
How can I invest from Nigeria and how much is required

LUCKYSMILLS

This should help you with 4 platforms where you can mint and trade your nft.

https://bukrypt.com/4-websites-where-you-can-create-and-sell-your-nft/

Samken2:
How can I invest from Nigeria and how much is required

Check my comment.

OBALOLA55:
LUCKYSMILLS

Meanwhile, there's no fixed price, you can get some NFTs for as low as $5 and still sell. Register with those platforms where they are sold, fund your wallet and check out for some good ones to you can buy and sell back

Samken2:
How can I invest from Nigeria and how much is required