The world has changed a lot in the past decade; from using the internet for the first time to making money on the internet, the world has changed a lot.
Cryptocurrency has been a new phenomenon surrounding the internet for a long time. These are financial tokens stored on the blockchain, and anybody can buy them through crypto exchange platforms.
These cryptocurrencies have given birth to another ecosystem wherein swapping, trading, staking, and investing in NFTs are possible.
NFTs are still a new phenomenon for many as they are non-fungible tokens and are only available in the digital format, and the blockchain backs these tokens.
You will be surprised to know that more than four per cent of all the internet users in Australia own a non-fungible token. It is estimated that the adoption of NFT is set to increase in Australia to eleven per cent shortly.
But, if you do not know how to start investing or trading NFTs, you can learn how to buy NFTs in Australia by reading guides on reputable sources.
Here are some facts that you must know about NFTs to get you started.
1. What is an NFT?
To put it simply, they are a set of graphics or a single image on the internet with proof of ownership.
An NFT could be anything from an image to animation to a sports card. You would be surprised to know that even memes are created into NFTs. The first-ever tweet was sold as an NFT.
Since these are non-fungible tokens, you can not swap them against other tokens that give each NFT its intrinsic value.
2. Monetizing digital art
Digital art has been there since the inception of the internet. Many graphic designers and other types of artists make special digital artists, but earlier, they did not have something to show as ownership.
On the other hand, by creating NFTs, they have an opportunity to own and sell their art on their terms and monetize it.
This has created a new source for artists and given them a platform to monetize their art.
Artists like Beeple set a record by selling an NFT for a whopping USD 69 million.
You will be amazed that this is the fourth most expensive piece of art by a living artist.
3. Anybody can buy NFTs.
You do not have to be an art connoisseur or an art collector to own a collection of NFTs.
Anyone can buy NFTs, and for whatever purpose you want, you can buy and set them up as your display picture, buy your favourite artists’ NFTs to show support, or simply trade them to make money.
4. The pandemic made NFTs famous.
NFTs have been around since 2014, but they gained popularity in 2021. Their popularity boomed because of the pandemic as people had more time to sit on the internet and read about new things. Moreover, social media and the fact that celebrities launched their own NFTs collections made them even more popular.
Almost every other celebrity is launching or promoting an NFT collection.
5. What is the market size?
The NFT market grew by almost three hundred per cent from 2020 to 2021 and became a $2billion industry.
Even more, world-renowned auction houses are hopping on the trend and hosting the sale of NFTs.
6. Many consider it the future of digital asset investing
NFTs are considered the modern tools for investing in art and digital assets. But, the future of the NFT is yet to be determined since it is already a new phenomenon.
So, if you want to learn how to buy NFTs in Australia, you must start reading guides and other literature regarding NFTs to make the best investment decisions.