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What is NFT and how to buy and sell in India 2021

What is NFT and how to buy and sell in India 2021

What is NFT? Recently one artist his name is Beeple sold his art on the digital platform for over 69$ Million, This concept seems crazy! This is called Non-Fungible Tokens (NFT), and its popular name is NFT

At a very high level, Most NFTs are part of the Ethereumblockchain. Ethereumis a cryptocurrency, like a dogecoin or bitcoin, but blockchain also supports these NFTs, which store extra information that makes them work differently from, say an ETH coin. it is worth noting that other blockchain can implement their own version of NFTs.

In this post, we will share the information about NFTs that you need to know. We have made a quick guide, which helps you to understand – what are the NFTs and How NFTs work?

What is NFT?

NFTs (Non – Fungible Token is a unique thing. that can’t be replaces with something else. Let’s example your are a graphic designer. You love creating unique and original graphich design and you know that your desing are uniqu and it can’t be replaced with another similar graphics. So now here your original graphic are your Non – Fungible Token (NFTs).

what is nft
One Of The Expensive NFTs
How Non – Fungible Token Work?

Let’s suppose you have made a beautiful artwork such as a graphich image and you want to sell it online from anywere without even physically present. so now here NFTs comes.

The main purpose of NFTs is to sell and buy your all artwork without meeting someone. we say NFTs make the trade easy and fast with less process to buy and sell the artworks. and it also eliminates the middleman. Once you enter this process your digital is will be assigned with a unique code, which is also known as Token. Token proves that this person owns this particular art.

This is an Example

After that your token with digital art will be stored in the Ethereum Blockchain ledger and everyone can buy your art.

How to Sell and Create NFTs?

Users can easily sell and create their own NFTs. there are many platforms to buy create and sell NFTs. For example, OpenSea is a leading trading platform for the buy create and Sell NFTs.

Source :OpenSea
  • Step 1: Search for OpenSea on google and click on the official website.
  • Step 2: Click on create button at the top right corner.
  • Step 3: After clicking on create button it will redirect you to another website asking to connect your Eathereum bases wallet.
  • Step 4: Now you can connect your wallet with the account.
  • Step 5: After connecting the Eathereum wallet, it will redirect you to OpenSea my collection tab
  • Step 6: There you can see your existing NFTs, then click on Create Button
  • Step 7: Here you can add your artwork, logo name, and description in the given area.
  • Step 8: Click on Add new item and click on Sign.
  • Step 9: After Signing, it will redirect you to another page where you can upload images, audio, GIF, video, or 3D model of your NFT.
  • Step 10: Now include unique characteristics and traits to increase the uniqueness of the NFTs.
  • Step 11: Once you have done, click on Create and sign another message to confirm the creation of your unique NFT.
How to Buy NFTs?

We can easily buy NFTs through OpenSea, as we mentioned earlier. Follow the given steps carefully.

  • Step 1: Search OpenSea on Google and click on the official website URL.
  • Step 2: Now click on Explore, by which you will land on the product page.
  • Step 3: After that, click on the artwork you liked.
  • Step 4: Now, click on Buy Now.
  • Step 5: Then, it will ask you to connect an Ethereum based account such as MetaMask. Connect your wallet and go ahead.
  • Step 6: After that, click on Checkout and confirm your purchase.
How to Buy and Sell NFTs in India?

There are many cryptocurrency platforms but one of the leading and popular platforms called WazirX has launched a separate NFT platform for an Indian artist. As par Nischal Shetty founder of WazirX, Indian artists would be able to create their own NFTs. They will be able to sell unique things via their platform.

Source : WazirX

This is the guide on NFT. How to Buy and Sell? We hope you licked it.

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