I’ve been hearing a whole lot about these things called NFTs and how they’re taking off on Instagram, right? Now, I understand a bit about cryptocurrencies and blockchains, but this whole NFT business has got me a little stumped. I mean, what precisely are they? How can a piece of digital art, a virtual image or even a meme be sold for so much cash? Not only that, but how does this all work on Instagram?
So, as far as I can gather, an NFT, or “non-fungible token,” is a sort of digital asset, with its ownership being recorded on a blockchain. There’s no way to trade these tokens for equal value, unlike cryptocurrencies. Is this how it works? But how can you put a price on these digital things without a tangible aspect?
Utilizing Instagram for this purpose is another source of my confusion. Instagram, from my understanding, is just an image-sharing platform. How does this integrate with the buying and selling of NFTs? Is it possible that Instagram users are utilizing the platform to showcase and sell these NFTs?
On the whole, I’m interested in understanding the fundamentals of NFTs more clearly, particularly how they intersect with Instagram. Do you know the process involved in creating and selling NFTs on Instagram? It’d be really handy to have a step-by-step breakdown of this. Hopefully, someone here can help me unravel this whole mystery!