Non-fungible tokens of NFTs work in a way that cryptocurrencies like Bitcoin, Binance, or Ethereum work. They are used as an exchange for goods bought online. They are safe and secure means of transferring valuables over the internet. However, unlike cryptocurrencies, they cannot duplicate. NFTs are technically digital files that are similar to having an image, video, or any other file format saved on your computer. 

The NFTs you pay for solely belong to you until you sell them. The ownership is granted via a smart contract in the NFT, that can also be traced from the current owner all the way back to the creator. NFTs are a groundbreaking invention that is widely notorious for putting digital art pieces on a similar level to physical art pieces in terms of their value. The digital marketplace has grown immensely since the invention of NFTs.

How To Buy And Sell NFTs

There is a number of digital marketplaces such as Nifty Gateway, MarkersPlace, SuperRare, Open Sea, Decentraland, and Rarible where you can purchase as well as sell your NFTs. These marketplaces are all independent and safe and work exactly how any digital marketplace would work. All you have to do is sign up, choose an NFT and add it to your cart to make a purchase. 

Many digital content creators are turning to these digital marketplaces to showcase their work and put it up for sale. They get a small fee from the transaction that covers the cost of transforming the digital content over to an NFT. 

How Much Are NFTs Worth?

The value of NFTs is measured in a similar manner as any other valuable would be measured. The demand of NFT predicts the value of each individual NFT at any given time. There is no limit to the transactions that can be made in exchange for NFTs. a community of collectors is committed to proving how valuable digital content can get and here are a few examples for the references.

The co-founder and CEO of Twitter sold his first tweet over the digital marketplace for $2.9million.

Collectible trading cards NFTs can be sold, and the super bowl champion Rob Gronkowski made well over $1.8million by selling them. Many digital artists over the past couple of years have made up to millions selling their digital art. Mike Winkelmann who also goes by the alias Beeple is a recognized digital artist who managed to sell his artworks for $ 69 million.

At the moment, the NFT market is said to be lucrative, therefore there is no solid prediction of whether the NFT market will grow in the near future. 

Are NFTs Ethical?

The question of morality when it comes to transferring digital data in exchange for NFT, many fraudulent and counterfeiters exploit the digital marketplace by selling content that does not belong to them. fake profiles are not a new concept to fraud someone of their due worth. Many digital content creators and buyers alike suffer at the hands of these frauds. Besides this, the ecological impact in the mining of NFTs contributes a lot to the harmful emissions.

Conclusion

NFTs is a digital breakthrough to the digital marketplace. Digital creators in particular have made the most out of digital platforms where they can sell their content in exchange for valuables. NFTs are a great asset to possess as their worth is increasing over time with the increase in demand. 

The ethics behind purchasing and selling of NFTs is still questionable, however, if one is certain about the authenticity of the seller of a digital artist there is nothing wrong with making a purchase.