How Are NFTs Purchased
NFTs are purchased with cryptocurrency. The money used to purchase the NFTs, is fungible, because there is no distinction between one dollar and another. NFTs, however are non-fungible, which means that they represent unique physical and digital assets like a piece of art, a song, or an in-game collectible that other investments cannot replace.
How does it Work?
Each non- fungible token is recorded on the blockchain, has metadata and a unique identifier that makes it impossible for NFTs to be exchanged, cloned or copied. By enabling digital representations of individual items combined with the benefits of smart contracts, NFTs can remove intermediaries and connect content creators with audiences directly, offering blockchain-generated certificates of authenticity for digital assets. This is incredibly beneficial for both artists and collectors alike.
In this sense, NFTs essentially allow content creators to digitally “autograph” their NFTs, so that the artist is always credited as the original source. When collectors buy an NFT, they purchase something unique and scarce– which is truly what any collector seeks in an investment. Additionally, their purchase ensures proof of ownership, thanks to it being recorded on the blockchain.
Buying a Work on UNCT
When you collect a work on UNCT, the NFT gets transferred to your wallet and appears on your UNCT collector profile. You can then display it in your virtual gallery, share it on social media, or sell it later on the secondary market if you choose.
Purchase with Cypto Wallet
A crypto wallet as a place to securely keep digital assets is an essential part of any blockchain system. Crypto community members need wallets to use blockchain services, access various platforms, sign transactions and manage their balances according to blockchain fundamentals.
There are two main ways of selling NFTs:
- Selling a minted NFT
- Selling an NFT that the collector has already bought and is now willing to trade.
Collectors can effortlessly resell their NFTs on the secondary market. The term “secondary market” encompasses all subsequent resales of the work, while the “primary market” refers to the first sale of an NFT.
How to Sell My NFT
To sell NFTs, collectors must have an account on the NFT marketplace of choice, or on UNCT for example, and additionally have a crypto wallet connected to it and an amount of cryptocurrency used on that marketplace.
On UNCT, anyone can create a profile to start collecting NFTs. All you’ll need is a wallet and MATIC cryptocurrency.
It is really that easy– this market is accessible to so many and proves as easy to transact and trade, as it is localized markets, in some instances it is even more clear cut and secure.