NFT is a relatively new concept in the world of investment and is slowly starting to take really good shape as more and more people are driven towards it. NFTs can be bought on Wazirx, which is yeh another interesting platform offering cryptocurrency in a unique form. But, even if NFTs are extensively bought and Wazirx is thriving among crypto enthusiasts, many people are still not aware of it. What is NFT, and how can I buy it from Wazirx are questions that many are facing. So, to make things easier here’s a guide that covers it all in the simplest way possible. Let’s get started!

First of all, what is Wazirx?

Before we get into the details of what NFT is and how it can be obtained, let’s understand the platform first.

Now to answer the question, Wazirx is India’s biggest digital, 24/7 trading platform which launched a fresh system of trading NFTs, which has truly uplifted the platform like never before. Wazirx greatly expanded its reach in the South Asian market, and it was soon purchased by Binance, which happens to be one of the biggest and leading crypto exchanges in the world. Now let’s quickly look at what NFTs are and how they function.

What is NFT?

NFT is short for a non-fungible token, which is a unique kind of a digital asset, as it allows traders to own artworks of musicians, photographers, writers, and other digital artists. NFT works pretty much the same as any cryptocurrency without actually being a currency, and that is what makes it so special. NFT has not only enabled investors to own exceptional digital artworks, but it has also helped artists to generate monetary returns for their work, which has otherwise always been a struggle. Now, this brings us to the next important question.

Steps to Buy NFT on Wazirx?

Create an account

Before anything else, you’d need to create an account on Wazirx. Without doing so, you will only be able to browse through the available collectibles. However, you won’t be allowed to buy NFTs. You’ll have to set up your account by providing all the required details, such as your personal details, including name, contact number, email address, etc.

Additionally, you would also have to link your bank account in order to add funds for buying NFTs.

Explore

NFTs are available in large numbers today, in multiple areas and genres too. Collectibles from musicians, digital painters, vocalists, short films, photographs, and almost every form of digitally produced art are available. So, take a walk along with these collectibles, the way you’d do at an exhibition, and find out what interests you the most and will prove profitable in the future.

Decide and add funds

After having finalized the NFT, the next step would be to transfer funds into your account. Remember, you can buy an NFT on Wazirx only with its native token called WRX. And the value of WRX keeps fluctuating depending on the current demand from investors. So, by considering the value of WRX at the time of purchase, and the price of your chosen collectible, add the required amount of funds to your Wazirx account.

Buy!

Once you have added enough funds to your account, you are all set to buy the NFT you have been eying upon. As of now, you can buy NFTs only at a fixed price. But soon, Wazirx will be launching an auction system too, which will probably make things a tad bit intense.

Track returns

After buying your desired NFT, make sure you keep an eye on it and track its returns. Look at how the prices fluctuate. If you believe that the NFT you have chosen has the potential of increasing its value, you may consider keeping it in the form of investment.

However, know that this is a new concept, and people are still not used to it. So it is not reasonable to comment on whether NFTs are worth investing in for the long run or not. But, tracking returns regularly can definitely help you get a better idea.

Conclusion

All in all, the world is going digital at an unbelievable pace, and it’s about time we all move with the same speed too and adapt to new innovations, even in the field of trading and investing. NFTs are slowly building their way to success as more and more art, and trading enthusiasts are inclining towards. After all, it is one of the very few ways where both- investors and artists can come together and build a mutually beneficial relationship.