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How to Buy and Sell NFT in India: Step-By-Step Guide
Recently, an artist called Beeple sold his art digitally for over $69 Million. This concept seems crazy! We call them Non-Fungible Tokens, popularly know as NFTs.
In the past few months, we have seen a massive surge in NFTs and their marketplace. But, most of us aren’t aware of Non-Fungible Token, popularly know as NFT.
In this article, we will be stating everything you need to know about NFT. We have made a quick guide, which will help you understand – What is NFT?, How NFT Works?, How to Buy NFT?, and How to Sell NFT?
So, without any further ado, let’s get started with What is NFT?
What is Non-Fungible Token or NFT?
Non-Fungible Token is a unique and one-of-a-kind thing. It means a special thing that can’t be replaced with something else.
Let’s suppose you are an artist. You love creating original songs. And, you know that your song is unique and can’t be replaced with another similar song. Now, here your original songs are your Non-Fungible Token, also know as NFT.
One Of The Highest-Selling NFTs
Now, you must be thinking that we can also consider Bitcoin as an NFT.
Probably not! We can’t consider Bitcoin as an NFT. Bitcoin is a fungible token because it isn’t a unique asset and can be replaced and exchanged with another Bitcoin.
Summarizing it in a well-manner, every digital art that is unique and can’t be replaced with another can be considered an NFT. However, your art should feature something unique so that it will attract more buyers.
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How Does Non-Fungible Token or NFT Works?
NFTs are part of the Ethereum blockchain. Ethereum is a popular cryptocurrency, like Bitcoin or Dogecoin. Ethereum blockchain also supports NFT, which stores extra information that makes them work differently from Ethereum Coin.
Now, let’s understand it in simple words.
Let’s suppose you have made a beautiful artwork such as a song and want to sell it online without even physically present. Now, here NFT comes.
The main purpose of NFT is to sell your artwork without meeting someone. NFT makes the trade easy and fast with less process. Moreover, it also eliminates the middleman.
Now, your digital art will be assigned with a unique code, which is also known as Token. Token proves that this person owns this particular art. Isn’t it interesting?
This is Just An Example
After that, the token with digital art will be stored in the Ethereum Blockchain ledger.
Now, we have understood What is NFTs and how it works? Let’s move ahead and find out How to Sell and Create NFT?
How to Sell and Create NFT?
Users can easily sell and create and their own NFT. There are several platforms to buy, create and sell NFT. In this article, we are using OpenSea, a leading platform to buy, make, and sell NFT for this tutorial.
Step 1. Search OpenSea on Google and click on the official website URL.
Step 2. Click on Create button at the top-right corner.
Step 3. Now, it will redirect you to another website asking to connect your Ethereum based wallet.
Step 4. After that, connect your Ethereum based wallet with the account.
Step 5. After connecting the wallet, it will redirect you to the My Collections tab.
Step 6. There you will see your existing NFTs, then click on Create button.
Step 7. Now, add your artwork, logo name, and description in the given area.
Step 8. Now, click on Add New Item and click on Sign.
Step 9. After Signing, it will redirect you to another page where you can upload images, audio, GIF, video, or 3D model of your NFT.
Step 10. Now include unique characteristics and traits to increase the uniqueness of the NFT.
Step 11. Once you are done, click on Create and sign another message to confirm the creation of your NFT.
Now, you will see NFT in your collection; however, if you try some other platforms to create your NFT. They might ask you for some money to make your NFT. Though, OpenSea is free.
How to Buy NFT or Non-Fungible Token?
We can easily buy NFTs through OpenSea, as we mentioned earlier. Follow the given steps carefully.
Step 1. Search OpenSea on Google and click on the official website URL.
Step 2. Now click on Explore, by which you will land on the product page.
Step 3. After that, click on the artwork you liked.
Step 4. Now, click on Buy Now.
Step 5. Then, it will ask you to connect an Ethereum based account such as MetaMask. Connect your wallet and go ahead.
Step 6. After that, click on Checkout and confirm your purchase.
Voila! Now, you finally own an NFT in your account with the ownership. However, OpenSea will charge some money as a Gas Fee on some orders.
How to Buy and Sell NFT in India?
India’s leading and popular cryptocurrency platform called WazirX has launched a separate NFT platform for Indian artists. As per Nischal, Indian artists would be able to create their own NFTs. They will be able to sell music, videos, photos, and many unique things via their platform.
However, users will only be able to buy NFT’s in exchange for a popular cryptocurrency called Ethereum. The platform will charge a 5% of processing fee.
However, India government has not announced any legal frameworks on buying and selling of NFTs in India.
5 Highest Selling NFTs
Here are some of the best and highest selling NFTs so far:
- An NFT named Everydays – The First 5000 Days was sold for around $69 Million.
- Hashmasks NFT was sold for $16 Million in the auction.
- Canadian artist named Grimes artwork/music videos NFTs’ was sold for $6 Million.
- CryptoPunk #3100 NFT was sold for $7.58 Million.
- CryptoPunk #7804 NFT was sold for $7.57 Million.Jack Dorsey, CEO of Twitter sold his first tweet as an NFT, or nonfungible token, for over $2.9 million.
This is the guide on What is NFT?, How NFT Works?, How to Buy NFT?, and How to Sell NFT? We hope you liked it.
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