An NFT of digital artist Beeple, popularly known as Mike Winkelmann, sold for an incredible $69 million at Christie’s earlier this year. As of late, a lot of Indian celebrities have endorsed NFT, including mega star Amitabh Bachchan.
Have you heard of NFTs or Non-Fungible Tokens? Their popularity is growing worldwide, just like cryptocurrency. The technology behind it is the same as cryptocurrency.
NFTs: a description and their workings
Digital assets with the same unique identifying codes as everyday items, but without a tangible existence, are called NFTs. For a physical or virtual asset, they act as certificates that can be claimed or purchased as digital tokens.
Digital files are typically available in unlimited supply, so they can be copied innumerably. That’s not true for NFTs. Securitized digital works include videos, paintings, memes, and other iconic works. An online sale or purchase of this tokenized artwork is possible as it comes with a unique serial number and digital receipt.
Forging records is impossible with blockchain because a large number of computers around the world maintain these records, just as with cryptography. The unique digital assets can be viewed online, but if a NFT is purchased, the buyer gains the right to own the original item along with an authentication certificate. The overall value of the item increases many times over time as a result of this digital bragging rights.
Profiting from NFTs
Buy wisely and sell further: During the first week of November, Amitabh Bachchan’s NFT collection will be available for bidding on BeyondLife.club, an online marketplace where you can purchase artworks related to his life and career. In addition to accommodating NFT ideas, the website will also allow people to communicate with Bachchan about their ideas. Whether an audio clip, a signed poster, or a meet and greet is involved, it’s up to you. The website advised users to “go wild.”.
Logging on to BeyondLife.Club and making payments with a debit or credit card during the auction is the only requirement to participate in the auction. If Big B’s unique artwork is sold at a higher price, its owner can sell it again or auction it off.
Create and trade NFTs: In addition to monetizing your own creations, you can also profit from NFTs. Create and sell your own digital art, video clips, and audio clips as NFTs, whether you’re a budding musician or a budding painter.
Invest in NFTs: This is another option, where you can take advantage of the market to make money by buying and selling at the right times. A critical eye is required to evaluate an artwork’s intrinsic value and estimate its appreciation before making an investment. A future auction or sale can be held on this.