These days we can see lots of people talking about NFT and its another part in crypto that is getting more attention from the community and people. Especially after the NFT platform launch by Binance, we can see much more action in this space. Although a very good number of transactions are happening in NFT and some of the NFT are highly valuable as defined by the creators but there is a question that how can we use NFT in our life. If I talk about coins then I can sell the coins immediately and get USDT or any other coin that has a monetary value and I can withdraw it to my bank. With NFT things are not that simple and we just can't sell it as we do with crypto coins.
NFT (Non-Fungible Token) is a way to secure the art form and its certainly gives more power to creators as now they can their artwork in blokchain which will not be stolen and it will have a unique identity but what are the parameters that define its price. I know that there are many rare NFT having quite high value.
Have been in crypto space for almost 2 years but to be honest I do not have much understanding about these nonfungible token and I am always worried if I buy one and pay few 100 dollars and that too with the long-term answer to what will happen when I would like to sell after a couple of years. People who love art will understand the value from the artistic point of view but for a normal user like me, this is not easy.
I did check out some NFT on the wazirx platform and sharing one here that I like and it costs about $634 but what are the parameters that define the price.
I also tried to find the instant market for NFT where one can easily sell their NFT but I could not find one. Its like creators or owners list their NFT on the platform and wait for the buyer to pay and it will not be sold unless there is a buyer. This same principle applies with coins as well however since there is more volume and we always have the option to sell instantly at the current market price.
I think that the NFT segment has given more power to artists but for users, there is a lot to improve if they consider it as an investment because there is no instant sell market. Exceptions are always there and I have seen many NFTs sold at a higher price but again its difficult to identify if its rare and will really bring that much high value later.
I am exploring more about NFT these days and trying to learn more about this new segment in the crypto space. I am yet to buy any NFT but if I find something interesting and that with a high probability to get a better price later then I might buy one.
Thank you so much.