An NFT is a Non-Fungible Token, which is a unique digital asset. NFTs are created using blockchain technology and can represent anything from digital art to in-game items. Unlike Bitcoin or Ethereum, NFTs are non-fungible, meaning each token is unique and cannot be replaced by another. This makes them ideal for collecting and trading digital items.
NFT Market Place in India
The NFT market is still in its early stages in India, but it has the potential to grow rapidly. In an NFT market, digital assets are bought and sold using blockchain technology. This allows for a more secure and transparent way of handling transactions and provides easy creation of new assets.
One of the main advantages of an NFT market is that it can help reduce fraudulent activities. For example, it is difficult to verify the authenticity of a piece of art in the traditional art market. With blockchain technology, each NFT is unique and can be easily verified. This can help reduce the number of fake or counterfeit items in the market.
Another advantage of an NFT market is that it offers a more efficient way to buy and sell digital assets. In a traditional market, buyers and sellers often have to go through intermediaries, adding to the cost and time of a transaction. With an NFT market, buyers and sellers can transact directly with each other, saving time and money.
The Indian government is still in the process of deciding how to regulate the NFT market. However, the potential benefits of this market are clear, and the market will likely continue to grow in the coming years.
How to Sell NFT?
There are two approaches to NFTs selling. You can own an NFT, and a seller can mint an NFT. NFTs can be created on sites like OpenSea. After printing the new NFT, it can be listed on any NFT selling platform.
Step 1: Search for any NFT selling platform and go to the official website
Step 2: Click on the upload section
Step 3: Create your account
Step 4: Then upload your NFT or art piece to convert it into an NFT. For this, the seller will require cryptocurrency for the gas fee.
Step 5: Once the gas fee is paid, upload and provide specifics about the NFT, such as description, title, cost, and royalties to the art
Step 6: Then, the seller can start issuing the NFT
Step 7: As buyer insurance, NFT selling platforms will safeguard the property
Step 8: Then, finally, the NFT will be listed for sale
Here are some of the best NFT selling platforms in India
- WazirX
- Jupiter Meta
- Bollycoin
- BuyUCoin
- Rarible
- BeyondLife
- OpenSea
- Binance NFT marketplace
It’s critical to realise that the price of NFT will be determined by what an individual is willing to pay for it, and costs will be determined by demand. With that in mind, as with any other asset class, one should only contemplate purchasing or selling an NFT after conducting thorough research.
Also Read: Top NFT Marketplaces in India
