NFT Market: Here’s how you can buy and sell digital collectibles

NFTs are unique virtual tokens on blockchain infrastructure that represents ownership and allow traceability of any digital collectible. In the digital world, it solves one of the main issues of copyright infringement in industries like music, art, and content creation. Experts say it is the future of the global collectible market which is estimated at $370 billion.

While NFT is a big market globally, the trend is becoming popular rapidly with more players joining the bandwagon in India. The newest kid on the block is NFTically. Money9 spoke with Toshendra Sharma, founder and CEO of NFTically, which is a Matic-backed company, on the future of this new technology in India. In the video, Sharma has talked about how to buy and sell NFT along with various costs and risks involved.

Before buying, do remember that NFT is risky as any other art purchase and the buyer should do proper research. Follow artists on social media and verify the authenticity of their art before jumping on the bandwagon. Moreover, NFTs are backed by cryptocurrencies and have no clear regulations. It is not clear whether the regulations that apply to cryptocurrencies should apply to NFTs as well. One has to wait for the government to come up with clear laws.