Unless you are someone who’s living under a rock, you might have come across this thing called NFT. After Dogecoin, Ethereum, and Bitcoins in the queue, NFTs are the next financial stop. Your favorite celebrities have already put their hands on these masterpieces.
Dive in to know what’s the hype all about.
What are NFTs?
NFT is the abbreviated form for Non-fungible Tokens. These are digital entities such as a selfie, a meme, a digital artwork, or an autographed picture. NFTs are designed to be bought in exchange for other digital items. Beeple, CryptoPunk, and the bored ape are some of the most popular NFTs. And just so you know, these are all JPEGs!
Why are these so popular?
NFTs have drastically transformed the face of the digital market in the past few months. Did you know that the total estimated sales of NFTs are about $41 billion! Around 23.7 thousand NFTs were sold in 2021. Not just that, in January 2022, this number is estimated to be approximately 44.6 thousand! The main reason these are so popular among celebrities and netizens is because of the ownership. Mostly, people buy NFTs for the sole purpose of investing in digital assets.
Here is a list of celebrities that own NFTs-
Lionel Messi
Shawn Mendes
Amitabh Bachchan
Snoop Dogg
Lindsay Lohan
Rohit Sharma
Steve Aoki
Eminem
Paris Hilton
Salman Khan
Justin Bieber
Steph Curry
Jimmy Fallon
How to get yourself a NFT?
NFTs can be purchased with both cash and crypto. If you are a crypto investor, you are already sorted. It’s because most of the NFTs that you see are traded via cryptocurrencies. Ether (ETH), the native currency of Ethereum, is the most popularly used crypto to purchase NFTs.
Step-by-step representation to buy NFTs-
Go to an NFT marketplace website of your preference and sign in with your blockchain wallet. These wallets can be easily be created on platforms such as https://www.binance.com/en, and https://metamask.io/.
If you don’t own any cryptocurrencies, you need to purchase them (If you want to purchase via crypto). Ethereum is highly recommended.
Next, scroll and choose an NFT you would like to purchase from the marketplace.
Mostly, NFT marketplaces have an auction system. So, you might need to bid.
Once your bid is successful, complete the transaction. The quoted amount will be debited directly from your wallet. (There might be a minor transaction fee depending upon the marketplace you’re using)
That’s it! The NFT is now yours. Enjoy.
You either believe in NFTs or belong to the non-believer community. However, these have created enormous opportunities for digital creators. NFTs are rare, authentic, and transferrable. Despite its colossal demand, mainly since the past year, NFTs are only limited to the ideals and imagination of developers and communities. NFTs will gain a permanent place in the digital market and become mainstream soon.
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