Whereas there are many people in India who are currently making crores of rupees from this technology. So in today’s article, we will tell you what NFT is, and how NFT works and how we can also be a part of it and which platform is the best about all these things. So let’s talk in details.
What is NFT – What Is NFT?
First of all the question comes that what is NFT which is in so much discussion all over the world today and people are earning manifold by investing money.
So let us tell you that NFT whose full form is Non Fungible Token. Also called cryptographic token. Explain that NFT is a crypto token similar to bitcoin or other cryptocurrencies.
NFTs are a unique token or digital asset that generates value. Overall NFT is a digital asset i.e. can be digital art, music, film, games etc.
That is, if you are an artist who knows digital art or are an actor or singer, then you can sell your NFT and earn a big amount from it. But you are wondering what to do if you are none of these. So you don’t need to worry because you can become an NFT collector and buy NFT’s that you like, then resell them further.
How NFT Works – How Does NFT Works?
NFTs can be used for digital assets or most other things in the world. That is, NFTs are a digital asset that you can sell. As if you are an artist and you want to sell your digital painting, then you have to mint on an NFT marketplace. This will create a token for you. Overall it is an online digital auction.
Explain in simple language, that unique digital item is sold on NFT which has no other copy. That is, you cannot mint another person’s artwork or song.
How do we become a part of NFT?
If you are also an artist, singer or actor, then you can sell your art digitally in the form of NFTs and you can make a good income from it. Nowadays you must have also heard that many celebrities are also selling NFTs which includes big names like Amitabh Bachchan, Salman Khan, Rohit Sharma and Yuvraj Singh.
So for example you are a digital artist and if you want, you can sell your artwork by making NFT. But if you don’t know how to make these things then no one you can buy NFT by becoming NFT Collector and then put them in bid again by putting your price.
Which are the Best NFT Marketplaces?
Now finally it comes to which are the best platforms to sell NFTs. So if you want to mint (sell) your NFTs on the Indian Marketplace, WazirX NFT Marketplace is the best platform and the guess fees for minting it are also very low (around $1).
But if you want foreign collectors to bid on your NFTs, you can try out marketplaces like OpenSea, Foundation and Rarible. But here you have to pay a hefty amount for minting NFT which is updated from time to time.