All About NFT (Non-Fungible Token) | How to buy and sell NFT
What is the full form of NFT?
NFT stands for "Non-Fungible Token"
What is NFT (Non-Fungible Token)?
NFT is created by the English Scientist Tim Berners – Lee in 2021 that portray the ownership of various digital items like photos, videos, audios and other types of digital files or any other real-world objects like art, music etc from when he invented the World Wide Web in 1989.
How to buy Non Fungible tokens?
NFT is a new type of Digital Asset, being unique that cannot be forged. Various currencies can be used to buy NFTs. NFTs are non-fungible token which is a unique digital item but a virtual entity that cannot be owned by anyone else if created by you. Some NFTs are sold worth millions of dollars and a study reveals that by the end of 2021 the NFT market may exceed the billion-dollar mark.
NFTs can be bought for their uniqueness and authenticity, the owner holds the actual copyright of the work even if the work is imitated and sold to others as many times. Simply saying they can have the equivalent of the work but not the original one. For instance, the painting of the Mona Lisa has been reproduced thousands of times despite having the copyright.
Some marketplace makes it mandatory to acquire some kind of Digital wallet before the purchase of NFT apart from NBA Top Shot with an exception as it also accepts payment via credit cards. There are various marketplaces that deal with NFTs such as OpenSea, Raible, and Foundation and so on. Let’s take the example of OpenSea where one must have ETH if they want to buy NFT. The process of buying is exactly the same just like we purchase anything only via an e-commerce website. You have selected the NFT and click on the ‘buy now’ option then ‘checkout’ and then ‘submit’ with the only difference of physical delivery, here it gets delivered virtually with handling charges termed as ‘gas fee’. Since the fee charged is valued at ETH so the amount differs however, it may multiply the cost of NFTs that are of low valuation.
How to sell NFT?
The creation of NFT is an easy process that requires no such specific skill and can be created by anyone with a transition into NFT on the blockchain. However, if we speak about selling NFT then yes everyone has the authority to sell an NFT at any and every marketplace, needless to mention it is literally taking the world of Art and gaming to prosperity.
Once your digital content is created in any marketplace you have listed your NFT in the marketplace. Let’s assume the sale of NFT in OpenSea Marketplace. Before you sell, you need to mandatorily make a digital wallet, add funds to the wallet and connect the wallet with an NFT Platform and lastly create the NFT art which then makes it eligible for selling.
- - Browse on the newly created item by clicking the button ‘sale’ that will take you to the listing and pricing page.
- - Set a fixed price and click on the option of ‘Post your listing’.
- - For first time listing, the transaction fees are charged. Immediately after confirming the transaction payment with your MetaMask wallet balance, your NFT becomes immediately eligible for selling.
