NFT is an abbreviated form of Non-Fungible Token. NFTs have been around since 2014 but in these recent years, they have exploded all over the internet. NFTs are digital assets but they are not normal assets. Each NFT is unique and there can be only one true holder at a time and this is only possible because of the blockchain. NFTs are pieces of work and art and are sold digitally using different cryptocurrencies hence when someone trades an NFT it is recorded forever in the blockchain and anyone can see the transaction since blockchain is a decentralized network.
Even though duplicate copies can be produced of different NFTs, these do not have any value so you can not sell them because you won’t have any authentication certificate. Also since these are traded on the blockchain it is easy to keep a record of any NFT and its origin.
The First NFT
May 3rd, 2014 was the day when it all began Kevin McCoy minted his first non-fungible token “Quantum”. Quantum is a simple yet intriguing GIF. The GIF itself feels like Octagon with hypnotic patterns emerging from the core and then vanishing.
Creating Or Trading NFTs!
NFTs can be created by anyone who has the skills to make one. The trading is a bit of a hustle though, to put any NFT for sale you first should have proof that you are the creator or owner of the NFT then you can mint the NFT and begin the process. “Rarible” and “OpenSea” are two of the largest store for trading NFTs.
For artists, it’s always has been difficult to sell their artwork most of the time they would need to wait for the auctions which might even take months or so, and even after this, it wasn’t sure that their piece will be listed. Also, there wasn’t enough reach and there was a big gap between artists and collectors. But now NFT solved this problem artists can list their artwork anytime and anywhere and their reach is almost the whole world and also collectors have more variety and options. So this big technological development has proven itself great for both collectors and artists.
NFTs In India And Are They Legal?
NFTs can be very helpful for Indian artists too it can help them sky-rocket their careers. As for now, the government has allowed the exchange of cryptocurrencies in regulation so it’s completely safe to buy or sell NFTs because it’s just a trade of service for currency the only exception is that currency is crypto. But as the government has allowed the exchange of cryptocurrencies you are free to trade NFTs.