An NFT is a digital collectible, and the non-fungible part in NFT refers to the uniqueness of the digital asset. The asset cannot be reproduced, and
NFTs - How Can You Buy Them in India?
Imagine owning an exquisite work of art by a famous painter, worth millions of rupees. And now imagine that you come across a copy of this work of art, an exact replica, which can only be distinguished after a scientific process. But will someone who knows that the second piece is a duplicate value it the same as the original? Not really. As there is only one piece of art that is original, it doesn't matter how similar both pieces are.
The concept of a non-fungible token or NFT is exactly this, albeit in digital form.
- NFT a Virtual Collectible
- Should you invest in NFT?
- How NFTs Remain Unique
- How to buy NFT in India
NFT a Virtual Collectible
An NFT is a digital collectible, and the non-fungible part in NFT refers to the uniqueness of the digital asset. The asset cannot be reproduced, and any imitation of the asset will not have the same unique properties, just as the many copies of the Mona Lisa do not have the same quality of having been produced by Leonardo Da Vinci himself.
So what kind of digital assets can be stored as NFT? The answer to that question is anything you can put into digital format like paintings, GIFs, music, videos, or even that photo you took of the haunting sky at 3am because you couldn't sleep. If it can be digitized, it can be an NFT.
Recently, Twitter founder Jack Dorsey sold his first tweet on the platform as an NFT for $ 3 million. Other examples include Canadian singer Grimes selling her digital art for more than $ 6 million online and the GIF of Nyan Cat, a 2011 flying cat meme sold for $ 500,000.
Why would someone buy a GIF of a flying cat for $ 500,000? The answer is not simple, and there could be two answers:
- 1. Like art, its value is in the eyes of the beholder and
- 2. Someone might buy it thinking they could sell it at a higher price later. .
Should you invest in NFT?
As with all news, the answer to this question is not clear. If there is a genuine work of art that is being sold digitally and you want to own it for the long term, you might consider investing in it. The other reason is simply if you think its value will go up because enough people believe its value will go up.
How NFTs Remain Unique
NFTs are powered by blockchain technology. Blockchain certifies the digital asset as a unique token and then stores it in the distributed online ledger.
The certification of the asset implies that it is a unique asset and any other similar digital asset will be considered as an imitation of the original asset.
How to buy NFT in India
If you are interested in investing in NFT in India, here is a guide. Create an account on WazirX, the only Indian market for NFT today.
Fund your WazirX account: NFTs on WazirX can only be purchased with your native WRX token. The price of 1 WRX is 87 rupees. At the moment, the NFTs on WazirX are priced at a fixed price, but they will introduce an auction system in the near future.
Choose the NFT you want to buy and pay with the WRX token.