How To Sell NFT in India?
NFT stands for Non-Fungible Tokens, it is a digital asset or financial security which consists of digital data stored in a blockchain, a form of a distributed ledger. NFTs can be sold and traded by anybody.
Among digital artists and creators, NFTs have become a possible new way to make money. As a creator or an investor, you may create or buy NFTs based on their demand in the market.
But, there is a catch. No matter how rare or in-demand NFT you have in your collection, selling them at the right time is what will fetch the profit you seek. So, it is crucial to know how and when to sell your NFTs to enjoy a substantial profit.
What is NFT?
NFT means non-fungible tokens (NFTs), which are generally created using the same type of programming used for cryptocurrencies. In simple terms, these cryptographic assets are based on blockchain technology. They cannot be exchanged or traded equivalently like other cryptographic assets.
Like Bitcoin or Ethereum. The term NFT clearly represents it can neither be replaced nor interchanged because it has unique properties. Physical currency and cryptocurrency are fungible, which means that they can be traded or exchanged for one another.
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Why Are NFTs Becoming Popular?
NFTs have actually been around since 2015, but they are now experiencing a boost in popularity thanks to several factors. First, and perhaps most obviously, is the normalization and excitement of cryptocurrencies and the underlying blockchain frameworks. Beyond the technology itself is the combination of fandom, the economics of royalties, and the laws of scarcity. Consumers all want to get in on the opportunity to own unique digital content and potentially hold them as a type of investment.
When someone buys a non-fungible token, they gain ownership of the content, but it can still make its way over the Internet. In this way, an NFT can gain popularity — the more it’s seen online, the more value it develops. When the asset is sold, the original creator gets a 10 percent cut, with the platform getting a small percentage and the current owner getting the rest of that revenue. Thus, there is potential for ongoing revenue from popular digital assets as they are bought and sold over time.
What is an NFT Marketplace?
NFT marketplace is a virtual marketplace and economy platform. This platform permits artists to display and list their art in the form of digital assets, and buyers and investors from all over the world purchase these art pieces in the form of digital assets.
This process and system are very much similar to online shopping done through digital and E-wallet payments.
To access and use these types of marketplace you need to have the following;
A crypto wallet
A number of coins in the wallet
A user account
How to Buy and Sell NFT in India?
India’s leading and popular cryptocurrency platform WazirX, also known as Qubitx, has launched a new non-fungible token (NFT) based on the Ethereum blockchain that is dedicated to artists in the country. The aim of this project is to bridge the gap between artist and audience by creating a simple, easy-to-use platform that allows users to buy or sell artworks directly from each other. Indian artists will be able to make their own new forms of art. They can sell music and photos on the platform that is created by them.
How to buy NFTs in India?
- Search WazirX NFT on Google and click on the official website URL.
- The home page of the website lists various NFTs to explore.
- Click on the artwork you like.
- There is an option to pay the price in the native coin of WazirX, WRX
- Once clicked it will ask you to connect to an Ethereum-based account MetaMask.
- After that, fund the account and confirm your purchase.
- Now, you finally own digital art.
How to Sell NFT in India?
The selection of artists on WazirX has been divided into ‘Spotlight’ and ‘Discover’ sections. Spotlight artists have been curated keeping in mind the diversity of their work, genre, popularity, and credibility. For artists in the ‘Discover’ category, the platform is announcing 50 selected artists each day from over 15 thousand applications received.
- Search WazirX NFT on Google and click on the official website URL.
- Go to the upload section of the website
- Set up Metamask and connect with your account
- Upload to convert your art into NFT. You will need a Binance coin as a gas fee
- Once payment is made, upload and give details about the art such as title, description, price, and royalty to the art
- Then you can start minting your NFT
- WazirX will escrow your property as buyer protection.
- Voila, Your NFT is listed for sale.
How To Sell NFT in India
To sell your NFTs, first, select a marketplace. There are many to choose from, and different ones specialize in a certain type of digital asset. They also provide many different options for buying and selling, which you can select according to your investment strategy.
Among the various options available, here are a few:
This NFT marketplace was founded by Abhay Aggarwal in September 2021, known as the largest licensed in the NFT marketplace. This platform enables its users to buy and sell their art.
This company is partnered with sports stars, and musicians in the form of trading cards. The marketplace has launched a digital token of Trump Cards, users can access gaming platforms with gaming personalities.
It is the world’s largest marketplace for buying and selling NFTs. One can get game items, crypto art, exclusive digital collectibles, and more. OpenSea supports the ERC-721 and ERC-1155 tokens. It would help to choose between Ethereum and Polygon while listing your NFT in this marketplace.
One thing to remember is that the OpenSea trading fee is 2.5%. So price your NFT accordingly while selling here.
Ranked as the top NFT marketplace from the year 2020, is a private company specializing in NFT Marketplace, Art, DeFi, and governance. This company was founded by Mr. Alexai Falin in early 2020.
This platform has created the Ethereum blockchain and has partnered with some big brands like Adobe and some famous artists as well.
The company has two tokens, the first is the ERC-721 for creating unique one-off items and the second one is ERC-1155 for creating multiple editions of a single item. This marketplace allows its users to make their decisions on their own.
Binance is a reputed cryptocurrency exchange with its own NFT marketplace. There are various categories from which you can sell your NFT – gaming, entertainment, collectibles, sports, art, etc. This marketplace supports Ethereum and Binance Smart Chain (BSC).
Binance has the lowest trading fee in the market. NFT creators and sellers have to pay a trading fee of only 1%, and additionally, traders have to pay a 1% royalty if the NFT was created by someone else.
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WazirX was launched in the year 2018, as an Indian Cryptocurrency exchange, currently, this company has about 7.3 million users.
The company is specialized in cryptocurrency, cryptocurrency exchange, digital assets, exchange Tron, Ripple Bitcoin wallet, P2P, Buy Ripple in India, Buy Tron in India, crypto trading India Investing and Buy Mtic India. It is a private company.
6. Jupiter Meta
Jupiter Meta enables users to buy and sell NFTs across a variety of sectors such as music, art, films, and culture, this platform showcases an information chart of NFTs in cooperation with four artists.
It also provides digital art pieces to its users. This company was founded by Mr. Sathyan Rajan and Mr. Chakradhar Reddy Kommera in the year 2022. It is a private company specializing in the marketplace for arts, music, games, and cinema. Jupiter Meta partners with NGOs for 50% of the proceeds.