NFTs – The concept of Non-fungible token has come to limelight and is selling like wildfire that every investor wants to hold it. However, that does not come without debate on its sustainability at large.
Where some experts believe it’s the future itself, others think it may just be another wishful thinking that may not materialize at long run.
What is NFT?
NFT is a digital asset which represents a real-world object like art, music, in-game items and videos. These assets are traded online on a regular basis with cryptocurrency, however, they are encoded with similar or same software as several crypto assets.
If you want to talk about popular way of selling and buying digital art, NFT is simply the answer.
The history of this token dated back to 2014, essentially, $174 million has been reportedly spent on the token since 2017.
Comparing NFT with cryptocurrency
| Cryptocurrency | NFT |
| Cryptocurrencies are fungible, which infers they are generally accepted and can be equated to each other | Where NFTs are non-fungible, by this standard are not generally acceptable or evenly distributed. By this standard NFTs are not exchanged or equal to another |
Essentially, both cryptocurrency and NFTs have a basic similarity in the fact that they are built using the same kind of programming (BTC and Ethereum).
How NFTs work
Like crypto assets, NFT exists on blockchain, essentially they are held on Ethereum blockchain, not ruling out the fact that other blockchains provide relative support for them as well.
NFTs are like physical items, only digital. However NFT is created and minted from digital objects that represent tangible and intangible items like (Art, GIFs, collectibles, designers, music, etc.)
Uses of NFts
It has been observed that both Blockchain technology and NFTs provide a safe haven for arts and content creators a striking opportunity to monetize their creativity, this can be seen where artists can sell their work as NFT.
Highlighting its significance, the CEO of Koinwa, Disu Hakeem in an briefing said,
“There are a lot of buzz going on about NFTs they are unique #digitalart selling for thousands and millions of dollars.
I feel the great opportunities around NFTs are tied to #physicalasset e.g wines, luxury cars, luxury wrist watches, royalties for musicians/celebrities, etc.”
“The big ask how can we confirm the authenticity of the wine, to ascertain if we are buying #vintage wine or an ordinary wine that is where NFT becomes the certification for the #vintage wine via #blockchain technology.”
How to buy NFTs on Koinwa
If you do not know how to buy NFT at this time, that’s understandable since the whole concept is pretty new, however, you will get to learn just how as you read on right here.
You can commence your journey into NFT following the below simple steps on Koinwa as well any other platform where NFT is being supported.
Step one: As a new user here you will need to download Koinwa app or any other exchange that supports Ethereum, better still visit www.koinwa.com to get started
Step two: Then create your crypto asset account at once
Step three: Visit Opensea.io or download the app
Step four: Connect your Ethereum wallet address to Opensea
Step five: Your Ethereum wallet automatically becomes your NFT wallet
Having completed the process you can now buy, sell and hold NFTs accordingly.
It’s as simple as that, even a 7-year old can effect the process.
Expert advise
Don’t buy NFTs based on speculations that it is going to worth some thousands or millions of dollars in the near future.
Rather what you believe has potential to increase in value at the long run, do not be too emotional in buying any especially the #digitalart. Buy NFT because you want to have a collection of it and if your instinct tells you it worth it, then it truly does.
