By CNBCTV18.com Dec 11, 2021 3:01:38 PM IST (Published)
Non-fungible tokens or NFTs are digital assets with a digital signature, which makes them unique. If you want to support an independent artist and have an acceptable appetite for losses, NFTs can make a fine collectible for your digital library. Most NFT transactions take place in a dedicated marketplace. Here's a quick step-by-step guide on buying these digital assets from there.
Non-fungible tokens or NFTs are digital assets that are assigned a digital signature, making them unique. The asset itself can be replicated, but the record of ownership of that asset is stored on a public ledger safely where everyone can see the certificate of ownership.
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Many artists, musicians, and celebrities are capitalising on this trend by making their own NFTs and selling them on various marketplaces. From music to memes to sports memorabilia, you can find it all. If you fancy buying them, you only need a cryptocurrency wallet or an account with an exchange like WazirX or Binance.
How to buy an NFT
Most NFT transactions take place in a dedicated marketplace. Here's a quick step-by-step guide on buying these digital assets from there.
Should you invest in an NFT?
NFT market is a speculative market driven by scarcity and FOMO (fear of missing out). There is no assurance the NFT you buy will appreciate with time. But if you want to support an independent artist and have an acceptable appetite for losses, they can be a fine collectible for your digital library.
Also Read | Meet Vignesh 'MetaKovan' Sundaresan, who wants everyone to download for free his $69.3-million NFT
(Edited by : Yashi Gupta)
EXPLAINERS
Crypto salary: Why it may be risky to get paid in digital currency
While being paid in cryptocurrency has its benefits as it eliminates the need to deal with a bank, enabling instant clearance of payments, easier fund transfers, among other things, there are also risks involved.
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