What is the complete form of NFTs?
NFT stands for Non-Fungible Token

In simple terms, a Non-Fungible Token is a unique token that cannot be replaced or used for any other trade. For instance, a cryptocurrency such as a bitcoin is a fungible token. It means that a bitcoin can be traded for another bitcoin which gives you the same exchange thing.

However, a Non-Fungible Token And you cannot trade it for any other Non-Fungible Token and even big you exchanged it for something else, you wouldn’t get the same exchange. It will be a different trade. So you can easily send your friend a 0.10 BTC. However, you cannot spend 10% of NFT on your friend in a similar way. In other words, Non-Fungible Tokens are like movie tickets. They all look the same but have different seating numbers.

NFTs can be anything from paintings, art, drawings, music, games to AI and are attractive. There has been an increasing hype towards digital art as a source of NFTs.

How do NFTs function?

The ethereum, a cryptocurrency, includes NFT as a part of their ethereum blockchain. They are in the form of ERC-721 tokens, and they can be exchanged, that is, bought and sold on secondary markets. Due to their uniqueness, they bring about a rarity in the blockchains. This feature gives the NFTs their value, and so, the developers need to make sure that the tokens are restricted.

NFTs include Crptokitties, Football trading cards, basketball trading cards, and the kings of Leon album.

How to buy NFTs in Srilanka?

There are several NFTs one can invest in. But let’s talk about the most popular ones in Srilanka and the easiest ways to purchase them.

  1. WazirX

    The current price of WazirX is 1.45 USD and is at a rank of 151. There are multiple platforms to buy WazirX. However, it depends on the fact that you are a beginner or an advanced trader.
    EXMO

    EXMO is a popular and reputable platform that needs your verification before you sign in to it. You will have to complete the verification process by sending your passport details to the
    platform.

    Step 1: go to the EXMO exchange site and register yourself.
    Step 2: complete the verification process bypassing the identity check.
    Step 3: go to the currency section and link your bank account using a bank card.
    Step 4: click on the Trade section to select the number of NFTs you want to buy.
    Step 5: click on the buy button, and there you are, with an investment.

  2. Binance

    Binance offers multiple categories to make coin investments, one of which is the NFTs. To buy NFTs from Binance, you will have to complete an online process of registration.

    Step 1: download the Binance app to register and upload your ID details.
    Step 2: wait for approval by the administration team.
    Step 3: once approved, deposit your funds by various online payment methods- credit/debits cards, bank transfers, or even cryptocurrency coins of your own on this platform.
    Step 4: your funds will be added to your account, and you are ready to trade and invest.

  3. Coinbase

    Coinbase has recently announced its venture into the NFTs to purchase, mint, and trade. However, to get early access to Coinbase, you will have to join the waitlist.

    Step 1: enter your email id to join the early access.
    Step 2: After you are on the waitlist, you will get a referral link to share.
    Step 3: refer to others so you get higher up in the line and get easy early access.
    There have been over a million sign-ups already and, therefore, invest instantly to enjoy the trade experience faster.

  4. Gate.io

    Gate.io has launched a startup project free airdrop program for the VIP and GT users to enjoy various airdrop token benefits. It is a next-generation blockchain and is built on Unreal Engine.

    Step 1: Register on gate.io and login
    Step 2: complete the verification process
    Step 3: deposit an amount of cryptocurrency to your startup account
    Step 4: sign up for the purchase agreement and then place the order.

Why is NFT so popular?

NFTs have taken almost $69 million of the market, and there is an exciting hype around this trade due to its new unique concept of art and digital discovery for trade and investments. In addition, its authentic royalty allows the original artist to get a commission even after not owning the NFT, making it a top-rated trading platform.

Another unique concept of NFT is that it does not include replicas of the artwork or any other assets that you bid. Hence, there is a complete verification of the authenticity of the owner.

The bottom line!

The profits of NFT has tripled in 2020 and is expected to increase significant folds in the coming years because most investors and traders believe that this mode of trade will be the subsequent generation trading in the coming future.