NFT tech is elusive to most of us. NFT is a budding new phenomenon that has taken the digital world by storm. It is so new, in fact, that we still haven’t seen the technology’s full potential.
Maybe you’ve heard of it and have come here to get a feel for what NFTs have to offer. What an NFT is, how you can buy NFTs, and if NFTs are worth the money.
Click Clone Cash is a new startup that specializes in the NFT market analysis. They have ample knowledge in Ethereum, blockchain tech, and of course everything NFT-related.
We sat down and interviewed with Click Clone Cash to see if they could shed some light on this new digital spectacle.
Are NFTs going to crash in 2022 or how do you think they’re going to grow?
With all the biggest names and companies making moves in the NFT space, we highly doubt that NFTs are going to crash in 2022 or anytime soon. I can tell you this. If we weren’t confident in the future of NFT technology, there is no way we would’ve started this company.
NFTs are so new, and they are so versatile. The limits of the tech haven’t even come close to being tested. We’re really just at the tip of the iceberg. We’ve seen images and GIFs turned into NFTs, videos, URLs, and things like that.
But soon, we, at Click Clone Cash, think we’re going to see hospitals and businesses storing their sensitive documents on an Ethereum blockchain.
How are NFTs and cryptocurrency related? Are NFTs a form of crypto?
NFTs are not a form of cryptocurrency. Crypto can be thought about as money, while NFTs are the product.
Not everything purchased with cryptocurrency is an NFT, but at the moment you need to use the crypto known as Ethereum to purchase NFTs. NFTs and crypto are both built on the Ethereum network, and you use Ethereum to buy NFTs.
Can you take us through the process of how NFTs are made?
Sure thing. We can give you a quick run down because the full process is very intricate. The first thing you do is get something that you want to tokenize.
As we’ve said this can be anything from an image to full-blown documents. Next, you will want to use a service that can mint your NFT on the Ethereum blockchain.
This also costs money, as minting is expensive. However some websites allow you to sell an NFT without minting it, then when someone buys it, the NFT will be minted and sold with extra transaction fees to cover the minting cost.
— Click Clone Cash (@click_clonecash) December 27, 2021
So can anything be turned into an NFT or can NFTs only be images and gifs?
Yep, pretty much anything at all. Images and GIFs are probably the most popular thing at the moment because they are the easiest and most obvious commodities. They also look the best in a collection, since it is similar to an art collection or trading card collection.
Like we’ve said, we won’t be surprised if we start seeing land titles, proof of sales, and all kinds of things being minted in the future.
Can NFTs only be bought with Ethereum?
You can only buy NFTs with Ethereum. This is because NFTs are minted in the Ethereum network.
If you have another crypto, you can always exchange that crypto for Ethereum and then use it to purchase an NFT but this will have transaction fees at every step. This is why it is best to have a nice Ethereum wallet with enough funds to use at will.