How to Buy and Sell NFT in India: NFT- Non-Fungible token is a term that can result in a billionaire or a loser but when talking about billionaires, how? ‘the question rises’.
So in this article, we will tell how one can use NFT to be rich. And for that, you need to know what the term is NFT- Non-Fungible token.
The NFT is a digital database but this is not exchangeable in any order. If you are unable to understand, just try it with an example, suppose anyone or you too is/are an artist and you had created a song, and you think it is original content and a unique song and can not be replaced with any of another similar song, then, in this case, your song is non-fungible.
Cryptocurrencies are associated with this but if you think that it would include bitcoins, then you are absolutely wrong. Have a note that bitcoin is fungible and it is not a unique asset many of you know that it is exchangeable and can be exchanged by another bitcoin. However, if you think just a simple art could be NFT then you are wrong because there something might be unique so that buyers could be attracted to your piece of work that you have promoted as an NFT. So remember NFT is always a unique digital art piece. The one most attractive advantage is that it can be sold digitally, even if you don’t need to propose it physically.
So, you can say the accurate purpose of NFT is to sell your artwork digitally.
The trading on NFT is easy but how?
Because it makes it easy and fast to trade as it is based digitally-not physically. And sometimes to provide you a faster result it eliminates, the middleman, lol! So further what is the next process to selling your art piece? When you would sell an NFT you will assign a token which will be a unique code for your unique piece thus token is the proof of your unique work. And after this do not think that the association forgets you Because your art piece would be always stored in ETHEREUM BLOCKCHAIN LEDGER.
Read| What Is NFT? How NFTs Work And Should You Invest In NFTs?
So that’s NFT, what is it and how does it work? Now we will see how can you buy and sell NFT in India.
Every one of you or let`s suppose a user is able to easily create and own NFT. But after that process is differentiated into many platforms such as – buy, create and sell NFT. So let`s explain the 5 ways to buy and sell NFT.
- OpenSea
- Binance NFT
- Wazir X
- Super rare
- Nifty gateway
Okay, these are the 5 ways to buy and sell NFT in INDIA but before dealing remember a few points that would make you understand what actually do you need to buy and sell NFT.
- The compulsory thing is that you need an Ethereum wallet so that you can store your funds. And also you can use a meta mask wallet or coin base wallet to store NFTs.
- And to validate your Ethereum purchase you will be charged some amount, that will be your transaction fees[also known as gas money].
Ok, so continue here to buy and sell NFT.
List of Best 5 ways to buy and sell NFT
1. OpenSea
It is a marketplace that hosts different types of NFT Ethereum based upon which you can buy or even bid on. And you can create your own NFT and put it. It contains a number of large varieties of popular options, which are growing day by day. You can choose over art, audio, trading cards, domain names, etc. So you need an Ethereum wallet like Coinbase wallet or Metamask wallet.
2. Binance NFT
It is one of the most prominent platforms for trading. This one features a lot of works from among bright and talented creators and let it be noted that it is the first-ever IN-GAME OFFERING platform. So we can say that (IGOs) are truly gaming based and it also features in-game items.
3. WazirX
It is known as a popular exchange for crypto in India. And they have their own NFT platform, called WAZIRX NFT.
One of the prominent features of this marketplace is that it features a number of hidden talents from India, and their artwork is amazing as well as unique, if you are an enthusiast, you can invest in this NFT. This marketplace uses WRX tokens for transactions for NFT, based on BINANCE SMART CHAIN(BSC). That alternates Ethereum.
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4. Superrare
It is one of the social networks that are suitable for NFT’s buying and selling. Each and every piece in this marketplace is truly unique and here only users can sell as well as buy these original pieces on the same website. This marketplace is operated with the Ethereum network thus in this case you will need your account to be funded before buying and selling NFTs.
5. Nifty Gateway
This is a huge and popular marketplace whose owner is `GEMINI`, a popular cryptocurrency exchange. This platform has a number of artists such as Grimes, Steve Aoki, 3LAU, etc. These all artists post their artworks here in this marketplace and earn as their artwork is sold through an auction. This company consists of a secondary marketplace that is used to resell artwork.
Now, these were the 5 ways where you could buy and sell your NFTs.
Now, what’s the process of buying an NFT?
The procedure to buy any NFT is that firstly auction or fixed prices purchases, you can afterward bid your price which is then deducted and locked in the marketplace if you win you will be provided that NFT or if someone another puts more money than you and if you lose then your money will be given back to your wallet as it`s no more than any auction.
Read | Top 6 Best Crypto Exchanges in India to Buy & Sell Bitcoin and Other Cryptocurrencies
Step by step NFT buying guide:
Step 1: Explore the marketplace and find a suitable NFT afterward you can buy in 2 ways, if a price is fixed then you can buy easily, and if not then you need to make a bid.
Step 2: To buy directly refer to OpenSea just above.
Step 3: To buy via placing the bid, follow the steps below
- A time will be shown there under that time the highest bid owner would win then that NFT so if wanna buy NFT place the bid high as well.
- See the amount and if in your wallet tap on (place a bid)
- You will see a billing order after that, confirm it, now click on buy, and finally, you have placed the bid.
Step by step NFT Selling guide:
Step 1: Choose your NFT by going to the profile.
Step 2: Now choose the option whether you want to sell it via auction or fixed drive and the same process is here. Auction sells your NFT to the most rated bid and if you select a fixed price your NFT would be sold at a particular price.
These steps are applicable to all of the 5 platforms to buy and sell NFT.
Wrapping up – How to Buy and Sell NFT in India
All of the above marketplaces have their own features and they offer what makes them different from others. We hope this article helped you know various marketplaces where you can buy and sell NFTs in India.
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