How to buy NFT in India? [EXTENSIVE GUIDE]

How to buy NFT’s in India [EXTENSIVE GUIDE]

NFT
Have you seen stories on instagram about people earning money by auctioning paintings and gifs online?These are the people that are selling non Fungible Tokens (NFT in short)In this blog we will go over all the details you need to know in order to get started with NFT in India…

Meaning of NFT:

meaning
NFT stands for non fungible tokens, which is an innovative type of cryptocurrency that is  unlike any other. Basically, it is a type of a digital certificate of ownership of an article, which can consist of artwork and other articles.They are crypto assets on a blockchain which have a unique identification code so that you can prove the legitimacy of your one of a kind article.These NFT’s are used to prove that you are the owner of an article.NFT’s are unique because they are one of a kind articles which cannot be bought again.

NFT India, Does it have any scope?

scope
After the recent booms in the crypto industry, NFT in India and around the world has become very popular and many famous celebrities and entrepreneurs have taken up buying and selling of NFT’s. The unique nature and style of buying them has led to millions of people engaging in the trading of NFT’s.In most of the countries NFT buying is completely legal and there are no restrictions on buying them whatsoever.Although nft is not banned in india, there is no clarity if NFT buying is legal in india.Every now and then, the lok sabha or the rajya sabha drafts a bill suggesting to ban any cryptocurrency that is used in India due to a long chain of crypto frauds that keep occurring frequently.Although none of these drafts actually transition into laws, they tell us about the mindset of the government towards any cryptocurrency.All that aside, if you are thinking about how to buy NFT in india, don’t worry as there are no restrictions on buying NFT in india yet, so you can start with NFT’s without any hesitation if you want to.At present, there are many platforms in India to buy NFT’s at.There are many famous indian celebrities and personalities which are selling and trading NFT’s right now.So NFT’s are not leaving India anytime soon

Guide to buying NFT in india:-

guide

There are many guides on the internet If you are planning on how to buy NFT in India, but most of them are vague and have unclear instructions.

When it comes to an NFT trading platform in India, there are many platforms, like the Wazirx NFT platform that is about to launch in India 

In the guide given below we will not only provide you with instructions on how to buy NFT’s in India, but we will also give you some of the best tips regarding the trading of NFT India.

Step one:

To start off with NFT buying in India, first you will need to make an NFT marketplace account. There are many marketplaces on which you can buy NFT in India. Some of the best ones are given below:

Opensea: Opensea is an NFT marketplace that operates on the cryptocurrency named Ethereum.

Users can interact with each other to buy and trade non fungible tokens.

You can buy a vast variety of NFT articles on this platform. Some of the most expensive and popular NFT’s have been sold on the Opensea NFT platform.

NiftyGateway: Nifty gateway is owned by the cryptocurrency exchange called Gemini. You can either use the cryptocurrency called Ethereum or you can link your credit card with it directly and use your bank directly.

Wazirx NFT platform: although not released yet, the wazirx NFT platform is going to be the first NFT platform that is developed natively in India and will support all Indian banks.

If you are thinking of how to buy NFT in India, keep the wazirx NFT platform in mind.     

Step two:

 Begin with funding your account.

Since most NFT’s use Ethereum as their native crypto, you will need to make an Ethereum wallet such as coin base.

You can then link your crypto wallet to your NFT marketplace and then proceed to buy NFT in India.

For that you will need to buy Ethereum by linking your bank account to your Ethereum wallet.

Step three:

Buy your NFT, you can do so by logging onto the Wazirx NFT platform. 

Most NFT marketplaces in India have an auction format, that is, in order to buy NFT’s in India, you will have to make a bid on the article you are willing to purchase.

You can either buy your NFT from a primary NFT marketplace or a Secondary marketplace, both of which have their own upsides and downsides.

How to make an NFT in india:

how to make NFT

Making NFT’s is not a hard task to do if you are following the right guides and steps. First off, you will need to make an NFT marketplace account that will enable you to create and sell your own NFT’s.

The best thing about selling NFT’s in India is that you don’t need to know anything about blockchain or any other technical stuff.

The only big hurdle that will stand in your way will be getting money off your NFT’s.

Most NFT’s by beginner artists sell for very cheap and theirs sales are also very low, so you will need to get famous and have some good publicity in order to start earning heaps from your NFTs

NFT and its future:

NFT's future
With the current situation in the world, many people have become jobless and have no other means to earn a living. So they are finding more ways to earn money from home, and selling NFTs is one of the most mainstream methods to do so.With the current trend in popularity of cryptocurrency, buying and selling NFTs in India is becoming more and more popular day by day, so it will not die anytime soon, in fact, this is just the beginning of NFTs.If you are planning to buy NFT in india, this seems the right time to do so, since the prices of these articles will keep rising and it will become harder to buy them without breaking your bank as time passes.

Conclusion:

CONCLUSION
As mentioned earlier, NFTs have paved the way for many artists and people around the world to earn more money off of their work.The people who buy these NFTs also earn a profit since just like auctioning an antique car, they can sell them at a higher price in the future.Buying an NFT in India is also very special in itself as it is a proof that you own a one of a kind unique item that no one else has.If you plan your strategies out well, you can also earn big bucks by buying and selling NFTs

Frequently asked questions(FAQs) about NFTs:

An Nft is a type of a cryptocurrency which stands for Non Fungible Tokens, which are essentially a proof of ownership of an article.

These are a type of Ethereum blockchain tokens which each possess a specific value and identity, which does not enable it to be exchanged like normal cryptocurrencies.

No current laws in India state that buying of NFTs is illegal in India. The crypto still lies in the grey area so there are no restrictions on buying them. So in short, yes, it is completely legal to buy and sell NFT in India.

Leave a Comment