NFTs (Non- Fungible Tokens) for Muslim investors can be quite a good investment choice. NFTs have gained popularity during the pandemic, and many investors start to wonder how to buy them. In the following article, we will briefly talk about the investment process of NFTs for Muslim investors.
How to Buy NFTs?
Investors can trade NFTs via a purpose-built NFT marketplace, which looks like Amazon or Etsy. The only difference is this marketplace is solely for digital assets. In the marketplace, you can purchase NFTs at a fixed price or put them in a virtual auction.
The main difference between NFTs, cryptos and stocks is that stocks and cryptos are fungible — each unit is the same. For example, one stock of Amazon is the same as another stock of Amazon, and one Bitcoin token is equal to another. However, NFTs are non-fungible, which means the token you purchase represents an irreplaceable item that is unique.
You need to open a crypto wallet and then fund it to sell your digital assets. A crypto wallet on the NFT marketplace looks like a digital wallet on e-commerce platforms. It is where you keep the cryptocurrencies you will use to purchase an NFT. A wallet must be funded with the coin required to buy the NFT you want to buy. For instance, an NFT built on the Ethereum blockchain may require Ether tokens to be purchased.
You can purchase an NFT on many different marketplaces. OpenSea, Rarible, SuperRare, and Foundation are some of the most popular NFT marketplaces. There are also some other speciality marketplaces that specialize in specific assets.
How to Sell NFTs?
If you are an NFT owner, the digital is yours and, you decide what to do with it. You can keep it as a collectible, put it on display for others to see, or include it in a larger digital project. You can also put it on the market. The marketplace charges fees for NFT sales. These fees can vary depending on the blockchain network that the NFT uses because the blockchain computing required to verify the NFT consumes energy, known as a “gas fee.”
In order to sell digital assets, you need to upload them to the marketplace you choose. You need to consider that your marketplace must support the blockchain your NFT is built.
You can then choose to list it for sale at a fixed price or to hold an auction-style sale in which buyers place bids. The marketplace will verify the asset after it has been uploaded. After it has been sold, the marketplace will handle the transfer of the NFT from the seller to the buyer and the transfer of crypto funds to your wallet, less the listing fee and other blockchain computing expenses.
How to Create NFTs?
Anyone can create an NFT (or “mint”) from a digital asset and sell it on a marketplace. NFTs, come from all types of creators — musicians, filmmakers, artists, writers. Anyone who can guarantee the authenticity of their work can monetize it as NFTs.
Each platform has its method to handle the NFT mint, but the basic minting process is as follows:
- Set up your digital wallet, make sure it is funded
- Click the “create” button within your marketplace and upload your file.
- Set up sales process
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