NFTs, or non-fungible tokens, have been in the limelight due to their quality of making any item a unique digital asset. In other words, for example, a digital artwork, maybe a painting or a photograph can be represented as an NFT, and authenticated with a digital certificate via blockchain technology (where the information cannot be altered). Thus, this artwork, becomes one of its kind and cannot be copied, shared, and reproduced in different ways.
Thus, NFTs are denoted as a valuable way for collectors and businesses to make investments, trading, and auctioneering in art and other 'non-fungible assets in the digital medium. The world at the moment is witnessing NFT’s in diverse and unique forms.
How to Buy, Sell Or Make NFTS
The Non-Fungible Tokens can be bought, made, or sold in a variety of marketplaces like Nifty Gateway, MakersPlace, SuperRare, OpenSea, Decentraland, and Rarible any many more. For specific NFTs like NBA highlight collectibles, NBA Top Shot is the place to find them, where $230 million has already been spent trading tokens, or "moments."
Yellowheart is a platform used by Kings of Leon used to release their various album NFTs. This is a music-centric platform that ensures the authenticity of concert tickets and works towards preventing scalping using blockchain. This is often called the future of concerts and gives immense power to the hands of the artist.
On some platforms, buying an NFT involves an auction process where you bid on items, and the highest bid wins, and on other platforms, you can directly buy the listed NFTs at a set price.
Further, if you are an artist who aims to earn money from work that cannot be monetized in its physical form, NFT is your go-to option. A perfect example of this is either a doodle turned into an NFT, a comic strip or something like the Nyan Cat, which was an animated cat with a Pop-Tart body and a rainbow trail. This sold as an NFT for about $580,000.
The process of doing this varies from site to site, and some charge a fee (to cover the computational "gas" needed for the transaction on platforms like Ethereum). But platforms like Nifty Gateway, allow you to apply to create a project to be sold as an NFT on their marketplace.
India’s first NFT marketplace
Binance-owned cryptocurrency exchange WazirX has launched a marketplace for Non-Fungible Tokens (NFT), which claims to be the first marketplace for NFT in the country. This will help Indian creators to auction their digital assets over the Blockchain-based platform and make money. According to the company statement, this platform facilitates the exchange of digital assets and intellectual properties such as art pieces, audio files, videos, and even tweets apart from other digital goods and services.
Nischal Shetty, the founder of WazirX, said, “Since our inception, we have been on the forefront of innovation and empowered our customers with value-added offerings. The latest addition to the WazirX portfolio builds along the same lines. It will truly transform the market in our rapidly digitizing world with a growing interest in NFT worldwide. Both digital creators and collectors stand to benefit from the WazirX NFT marketplace”.
Wazir X further said that it will not charge its customers for listing NFTs on the platform and is currently working in favor of reducing costs to make NFT minting feasible for artists and creators.
This initiative is being supported by Canada-based entrepreneur Sandesh B Suvarna with film actor and producer Vishakha Singh as an adviser.
“From the creative industry perspective, we believe this is a great opportunity for artists and IPR owners to monetize their existing assets via a new revenue stream. The myth of the starving artist needs to be rewritten. Every creator, artist, influencer has the right to showcase their IP with dignity and on a credible platform with legitimate buyers,” Vishakha Singh, Adviser, NFT Marketplace said.