As many would be aware, the Indian government is planning to ban cryptocurrency, though the details are not confirmed yet as various things need to be considered before heading towards a final outcome or taking any call. This awaiting decision will be a concern for all those users who have invested a lot in these platforms.
Therefore, the main concern of the government behind all this is that it’s completely decentralised and none of the individuals has control over it. Also, many of you have heard about NFT, which stands for non-fungible token. It is the digital token that allows its owners to create art that is unique and owned only by them. Later, those artworks can be sold on various sites supporting NFT.
The biggest example of an NFT marketplace is Opensea, where you can create your account and add your wallet details to handle your payments. To sell an NFT, the user must hold a digital wallet to make or receive the payments. Once those wallets have been set up, users can link the wallet with the NFT platform and upload their files for further auctions.
Afterwards, you can share your artwork publicly at the price that you feel is suitable for your work. In such a way, these things are gaining the immense interest of the youth towards the upcoming technology. Firstly, it’s digital artwork and you have complete hold on your artwork. You also earn royalty whenever it is sold by another person. In such a case, the creator always gets something in return when the artwork keeps selling further. Overall, it’s a profitable affair; NFT could be anything such as photos, videos, audios, GIFs or other digital items etc.
The most expensive NFT sold till today is Cryptopunk, at almost $532 million.
Therefore, we must say the future of NFT is dazzling and gives leverage to the artist to share their work on open-source platforms.
Some of the key benefits of entering the NFT marketplace are:
- It has many secured platforms.
- NFT is easy to manage and use.
- It allows uses and artists to have a share in the revenue and royalty.
- The artist has a hold in the ownership of their artwork.
- NFT is highly profitable.
- It doesn’t require a big investment.
So overall, NFT is handled via a blockchain network. NFTs are already getting huge attention via massive transactions and surely they will stay for longer.