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Power of NFTs


Crypto’s fungibility makes it a trusted means of
conducting transactions on the blockchain.
Physical money and cryptocurrencies are “fungible,”
meaning they can be traded or exchanged for one
another.
They’re also equal in value, one dollar is always
worth another dollar, one Bitcoin is always equal to
another Bitcoin.
But NFTs are different.
Each has a digital signature that makes it impossible
for NFTs to be exchanged for or equal to one another
and hence, non-fungible.
When you buy an NFT, you receive a token or proof of
ownership that is held on the blockchain, which
makes it easily verifiable by anyone.
Basically, NFTs can be unique digital art assets, real
estate, collectibles, event tickets, website domains or
even tweets that are sold to investors on the
blockchain.
They can include any kind of art that can be rendered
in digital form, music, video, imagery, memes or a
combination of media.
NFTs are also subject to capital gains taxes, just like
when you sell stocks at a profit.
Approach NFTs just like you would to any other
form of investment.
Do your research, understand the risks,
and if you decide to take the plunge, proceed with a
healthy dose of caution.
When you list your NFT on a marketplace, you pay
something called a gas fee, which is the transaction
fee for using the Blockchain, following which your
digital art is then recorded on Blockchain,
mentioning that you own the particular NFT.
This gives you full ownership, which cannot be
edited or modified by anyone, including the
marketplace owner.
NFTs are the future, it is undeniable because they
respond to needs that have long been neglected.
Starting to explore this world right away can bring
significant gains, and offers a competitive advantage.
If you’re keen to have your own NFT collection, you’ll
need to acquire some key items,
You will need Ethereum’s native token Ether to buy
an NFT.
You can open an account with an exchange like WazirX
or Binance and purchase the tokens from there.
You also need to set up a crypto wallet compatible
with Ethereum.
A crypto wallet is a digital address where you can
store cryptocurrencies.
You can open wallets with platforms like
Metamask, Binance or Coindesk.
After opening the wallet, you will need to send the
Ether you bought from the exchange to the wallet’s
address.
There are multiple marketplaces for NFTs.
Some of the top NFT marketplaces include OpenSea,
Rarible, SuperRare, and Foundation.
Connect your wallet to the marketplace.
Most marketplaces have a simple ‘Connect wallet’
option on the platform.
Browse the marketplace and choose an NFT of your
liking.
After a successful bid, you will complete the
transaction and the necessary amount will be debited
from your wallet for your NFTs.
What are your thoughts on the power of NFTs?
Like, Share & Write in the comments below.
#inspiration #motivation #personaldevelopment

ttyyy
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