What are NFT Art coins?
In simple terms, NFTs are digital tokens in the blockchain network. Blockchain is the underlying technology in which cryptocurrencies work. The tokenisation of anything ranging from a JPG file to music to a tweet can be turned into NFT. It is any digital collectible that can be conceived to hold value. The name ‘non-fungible’ comes from the fact that each token is unique and cannot be exchanged for something exactly alike.
The popularity of non-fungible tokens (NFTs) has risen tremendously over the past few months. Those who had realised the potential of NFTs at an earlier stage have made significant profitable investments. For those who didn’t, now might be a good time to learn about NFTs.
The hype surrounding NFTs has inspired several people to turn their art forms into these digital tokens. There is a similar rush among buyers for these ‘art-collectibles’.
How To Buy Or Sell?
There are certain things one should know before indulging in a buying spree. As a buyer of an NFT, one would need a digital wallet to store it in. No prizes for guessing the second requirement: one would need cryptocurrency. Ethereum (ETH) is the most accepted crypto by NFT providers. ETH could be purchased directly from the website providing the NFT or it could be transferred from any crypto exchange.
Some of the websites that cater to NFT purchases are:
Rarible: It is one of the most popular platforms to buy NFTs. It is an open marketplace for sellers to create NFTs and for buyers to buy them.
Foundation: This is similar to a community where artists must receive invites or “upvotes” from fellow artists or creators to post their art. Its exclusivity can be compared to the new audio-only social media platform ‘Clubhouse’.
OpenSea.io: This is a peer-to-peer platform where all one needs to get started is to create an account. Different categories of art forms can be browsed and chosen thereafter.
Several other websites offer the platform to get a piece of the NFT pie. The following websites also sell NFTs: SuperRare, Nifty Gateway, VIV3, BakerySwap, Axie Marketplace and NFT ShowRoom. India, too, has some such platforms.
There are two ways to go about selling NFTs. One way is that you own an NFT. Alternatively, the person selling an NFT can mint it. One can mint NFTs through sites such as OpenSea, SolSea, etc. After minting the NFT, one can list it on any of the sites for sale.
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