What is NFT ? How to Buy & Sell

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What is NFT

NFT is fixed unit data stored in blockchain, a decentralized digital ledger. Photos, digital images, audio, video and movies can be digitized into NFT. Most of the transactions are done through Ethereum, a cryptocurrency similar to Bitcoin. And cryptocurrencies such as Tesos.

How to Buy & Sell

NFT products are sold through NFT-based marketplace platforms, just as they are sold in art galleries. Maintaining a blockchain network requires high computer capability and a large amount of power. So there is a fixed fee for uploading digital art as NFT. The charge is very high on major platforms. Since the transaction is in cryptocurrency, cryptocurrencies such as Metamask are required. You can also buy a lot by paying with crypto exchanges like Binance. You can then connect to the wallet by opening an account on NFT platforms such as foundation.app and opensea.io. Digital content is uploaded to the platform through a process called minting. You can then enter the expected amount for the product. An equivalent of about Rs 2.87 lakh. It is also possible to put it up for auction instead of setting a fixed price. The buyer will return the money to our wallet in any form. The token will then be handed over to that person.

Quality and risk

The NFT opens up an international market for artists to sell their work. In the past, when a painting was handed over several times, the real artist would not get his share every time. But NFT gets a fixed amount each time. As it is a gradually evolving platform, its future cannot be predicted. You need to invest and make transactions at your own risk. You should not fall prey to scams in the name of NFT.

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