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What’s the difference between NFTs and cryptocurrency?

NFTs and cryptocurrencies rely on the identical underlying blockchain technology. NFT marketplaces can also require people to buy NFTs with a cryptocurrency. Nevertheless, cryptocurrencies and NFTs are created and used for various purposes.

Cryptocurrencies aim to behave as currencies by either storing worth or letting you purchase or sell goods. Cryptocurrency tokens are fungible tokens, similar to fiat currencies, like a dollar. NFTs create one-of-a-kind tokens that may show ownership and convey rights over digital goods.

How to purchase an NFT

You can buy, sell, trade, and create NFTs from on-line exchanges or marketplaces. The creator or current owner may select a particular price. Or, there could also be an public sale, and you’ll have to bid on the NFT.

Foundation: A community-curated marketplace that requires creators to be invited by different creators who’re already part of the platform.

Nifty Gateway: An artwork-focused marketplace that works with big-name brands, athletes, and creators.

OpenSea: One of many first and largest marketplaces the place you could find NFTs for a wide-range of collectibles.

Rarible: Presents a range of NFTs with an emphasis on art. Uses its own RARI token to reward members.

SuperUncommon: A marketplace that focuses on curating and providing digital art.

The sign-up process can vary relying on the marketplace. Typically, you’ll purchase NFTs using a cryptocurrency, reminiscent of ether (Ethereum’s native cryptocurrency), though the value can also be listed in dollars. Relying on the marketplace, there could also be totally different fees related with each transaction.

The financial takeaway

While there may be many practical applications for NFTs in the future, they’re primarily used with digital art today.

“For creators, NFTs create a seamless way to sell digital art that might not have much of a market. Additionally, there are ways in which creators can get paid charges for each subsequent sale of the art,” says Ceesay. “On the flip side, collectors are able to invest on digital art as well as have bragging rights on rare collectibles on the chain.”

If you happen to’re considering buying an NFT as an investment, know that there’s no assure it will improve in value. While some NFTs sell for hundreds or millions of dollars, others could stay or change into worthless.

Still. What exactly do you get once you buy an NFT?

This question unleashes a fury of debate among NFT enthusiasts. The reply will not be simple.

Are you buying what quantities to an Internet trophy? Clout? A feeling? A digital collector’s item?

Perhaps, but you are additionally purchasing a kind of bar code, nearly a certificates of authenticity that serves as proof that a sure model of something is uniquely yours.

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