NFTs — The future of Crypto-market ?
NFTs as they are popularly known, have taken the art world by storm. The first NFT project was launched on the Ethereum blockchain in 2015, and interest rates grew in line with the growing interest in cryptocurrency.
NFT is a short form of ‘Non-fungible Tokens’, a digital token created using blockchain technology and attached to a work of art (or any real content) that can be anything from art, image, video, music, website or even GIF. Unlike cryptocurrencies, they cannot be exchanged, copied or divided.
According to the application tracking company DappRadar, people were buying and selling more than 85,000 NFTs in May, estimated at a total trading value of $ 5.8 million in one day. Additionally, NFTs can include performance and rewards for real assets.
How to Buy NFTs
1. Buy Ethereum
Since most NFTs are Ethereum-based tokens, most markets for these collected items only accept Eth tokens as payment. If you already have a cryptocurrency exchange account, you can purchase Ethereum from it and transfer your crypto to your MetaMask wallet. If you do not have a crypto exchange account, Coinbase and eToro are good options for beginners.
2. Connect your MetaMask to OpenSea or another NFT Marketplace
There are many markets for buying and selling NFT. Depending on the market you choose, you will be able to purchase different kinds of art or collections. Most websites have secondary markets with different NFTs, but each platform works differently.
3. Buy Your NFT
It is an easy process to purchase NFT once you have backed up your account. Most markets are in auction format, so you will need to submit an NFT bid you want to purchase. Some markets act as exchanges, using a very high and low bid asking for NFTs with fewer prints.
The power of NFTs far surpasses anonymous digital art works. NFTs are also used in international digital purchasing and next-generation music ownership, licensing and publishing. Some observers see a future where NFTs offer access to exclusive sales or limited products.
What do you think about NFTs! Is this the future of the cryptocurrency ecosystem?