NFT is making its way to India, raising the question of where to buy NFT in India. While few already know how to trade and invest in them, most people in India don’t yet know what an NFT is.
What is an NFT?
An NFT is an asset that lives on a distributed network over the internet on technologies like Ethereum blockchain and several others.
Let’s make it a little simple for you,
According to Investopedia, “An NFT is a digitally generated piece of digital property stored on a distributed network. They are an asset that exists as a unique version of themselves without any real physical existence. In an NFT, the asset is a digital file stored on a blockchain, enabling it to be used as a part of the protocol of the application handling it”.
Still difficult to understand?
NFT (Non-Fungible Token) where “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have precisely the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.
Unlike most tokens in the cryptocurrency world, NFTs have a life independent of the application on which they are used. If Ethereum goes down, for instance, NFTs will still be available and functional. Unlike a digital currency like Bitcoin, NFTs are not used as a medium of exchange but as an investment asset. The goal of an NFT is not to be spent but to be collected as a historical artifact.
NFTs can be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.
You can copy a digital file as many times as you want, including the art that’s included with an NFT.
But NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). So, to put it in terms of physical art collecting: anyone can buy a Mona Lisa print. But only one person can own the original.
SO, You mean, like, people buying my good tweets?
I don’t think anyone can stop you, but that’s not really what I meant. A lot of the conversation in the marketplace is about NFTs as an evolution of fine art collecting. But sure, do give it a try and let me know if you could make an NFT of your good tweets.
How to buy NFT tokens in India?
If you are interested in investing in NFTs in India, here is a guide:
First, create an account on WazirX, the only NFT marketplace in India at present.
Step 2: After that, you will have to select a portfolio to buy any NFT.
Step 3: You can buy it for INR as an initial investment, and if you want to sell soon, then you can use the ‘Sell’ option to convert it into NFT (INR)
WazirX – India’s first NFT market
WazirX, announced as India’s first NFT- non-fungible tokens marketplace on May 31, amid the crypto boom. They will run on Binance Smart Chain, one of the largest crypto exchanges in the current world scenario, which acquired WazirX back in 2019.
Here’s what all you need to know about India’s first NFT marketplace:
The market has already received more than 15,000 applications from its creators and collectors. It already has 15 creators, and more than 300 creators have been ‘whitelisted’ to display their work on the marketplace.
The marketplace welcomes those interested in buying or selling NFT and has no listing price. The platform will charge a ‘minimal gas fee’ of $1 per transaction.
NFTs can be transferred to another blockchain (i.e., Ethereum) and will be interoperable.
The artwork on sale will be ‘displayed’ in the given two sections – Discover and Spotlight. The Discover section will contain a list of 50 final selected artists each day from over 15,000 applications received, and the Spotlight section will be featuring curated artists.
Currently, the marketplace allows only fixed-price sales, and it won’t take bids for the pieces on any sale right now.
Other coming up NFT marketplaces for Indian artists and investors:
NFTs have gained enormous popularity in India in recent years. The RBI also sent a breather to the crypto exchanges saying financial entities and banks can’t cite its order of 2018 that barred them from dealing virtual cryptocurrencies.
Most Expensive and Famous NFT transactions-
Listed below are some of the most expensive, famous NFTs on the market that will get you excited about NFTs and will make you want to sell/buy one (or maybe NFTs)
Investments in cryptocurrencies have been highly profitable. The market has been a roller coaster, but now, you can buy any token and know that it will generate profit in the future. Of course, they (crypto) may go down or even up in a day, but NFTs? Oh boy! They are only gaining more and more traction.