What Is This NFT Madness?
NFT is the most talked about concept of this year. In the first 6 months of this year, NFT sales of $ 2.5 billion were made in the NFT market.
Along with some famous brands and artists, many creators have been swept away by NFT and sold thousands of dollars worth of NFTs. NFTs seem to be the engine of the cryptocurrency market in a short time.
NFT is an abbreviation for “non fungible token”. Besides NFTs, Music and artwork, it can be characters and miscellaneous items in games, a digital plot or structure, a video or even a tweet. In short, the immutable crypto equivalent of both real and virtual world assets can be an NFT.
NFTs are produced on Blockchain infrastructure just like cryptocurrencies. What sets them apart from cryptocurrencies is their uniqueness.
An NFT is very easy to verify on the Blockchain as it is unique. It would be pointless to prepare fake NFT collections and put them on the market, as they can be easily tracked on-chain.
NFTs have worked best for artists and creators. They had the opportunity to deliver their works directly to the community without the need for a third party in any way. This has increased their income.
However, as artists create their NFTs, they have the chance to program them in such a way that they can receive royalties from each sale as these works change hands in the future. This is something that happens automatically, thanks to smart contracts.
So, How can I buy NFT?
In fact, buying NFT is not much different from buying cryptocurrencies. The logic is the same in NFT trading. A market where NFT is sold and a cryptocurrency wallet are enough for you to start NFT trading. Of course, some capital is also required.
Among the most famous NFT markets are Binance NFT market, Open Sea, Rarible and Bondly. Apart from these, there are many more NFT markets and new ones continue to open.
You can buy various collectibles from such NFT markets and sell them at a higher price. However, you need to do a good research because you may have to sell an NFT you bought at a much lower price.
The NFT craze doesn't seem to be over soon. On the contrary, it will continue to grow and move forward.