Doing Math Was Never This Easy!
We provide banks with the tools they need to become better at change, leverage technology, and their people, and get the most out of emerging opportunities. Our mission is to help banks and payment providers succeed and be ready for the future by leveraging new technologies.
Have you ever imagined buying a digital artwork on the Internet and getting a unique digital token that proves your authority over that piece? Well, is happening now! Thanks to NFTs, digital artists are now capable of selling their artwork to the crypto audience.
But are NFTs worth the money? Is investing in them the right choice? While some experts say they are not, others believe they will flip the table and will change investing market. To understand more about NFTs and what they are, let’s dive deep into them and see what are all about!
What is NFT?
NFT stands for non-fungible tokens. It is a digital asset that represents objects like art, music, and videos. They are bought and sold online, mostly by cryptocurrency. These cryptographic assets are based on blockchain technology and cannot be traded like other assets.
What are the key features of NFT?
Exchange –
NFT allows exchanges with cryptocurrencies such as Bitcoin Digital Asset –
NFT is a digital asset that represents digital collectibles like art and music using blockchain technology Unique – It is secure and cannot be forged
How Does NFT Work? What mechanism?
Most NFTs reside on the Ethereum blockchain, a ledger that is responsible for recording transactions. Since NFTs have a value set by the market offer and demand, they can be bought and sold like other types of art. NFTs’ provides unique data that makes it easy makes it easy to verify and validate ownership and transfer among owners.
Examples of NFTs:
1 – Games
2 – Essays
3 – A Digital Collectible
4 – Domain Names
5 – Sneakers in fashion line
How is an NFT Different From Other Cryptocurrencies?
Cryptocurrencies are fungible which means they can be exchanged for one another for the same, equal value. A Bitcoin, for example, has the same value as another Bitcoin. If one is USD10 then the other is USD10, as well. On the other side, each NFT has a digital signature that makes it impossible for users to exchange them; they are not equal in the value. If we speak about The Last Supper painting, then it cannot be exchanged with any other painting.
How to Buy NFTs?
Confident about your decision, you might want to venture into buying NFTs. If so, you will need to the flowing: 1 – A digital wallet to store your NFTs and cryptocurrencies. 2 – Cryptocurrency: you will need to buy them as per the currencies your NFT provider accepts. 3 – Once confirming your cryptocurrency purchase, you will be able to move it from the exchange part to your wallet.
NFT Marketplaces
Once you’ve set up your wallet and funded it, you can purchase your NFTs from different markets. Below are some examples:
• OpenSea.io: A peer-to-peer platform that provides rare digital items and collectibles. You must create an account so you are able to browse NFT collections.
• Rarible: An open marketplace that allows artists and creators to issue and sell NFTs.
• Foundation: In this platform, artists must receive either upvotes or invitations from other creators to post their artwork.
Conclusion
With NFTs being new to both people and investors, it might be worth investing small amounts and checking how it goes. Since NFT’s value is based completely on what people are willing to pay. Then the higher the demand is, the higher the price will be driven. Still hesitant? Feel free to drop your questions to our dedicated team at HiSAB. Our experts will handle all your concerns.