The latest buzz in the digital world is about the non-fungible token. NFT, as it is called, is a data unit that is unique and non-interchangeable. The data storage is enabled through blockchain technology, the mere mention of which may remind you of Bitcoin or Ethereum. But unlike Ethereum blockchain, NFT is non-fungible or cannot be interchanged. That is because the unique data of the NFT is safely recorded on the blockchain.
Digital files that are transferred all the time, like photos, music, videos, tweets, even memes, can be stored as an NFT. Leave NFT out of the equation, and we have copies of the same picture or video owned by millions. But with NFT, there is one unique copy of the photo, while the others are mere imitations. It’s a bit like original artworks – you have a copy of the Monalisa that you bought from the neighbourhood gift shop, but the uniquely original one is at Louvre.
NFTs are bought and sold
As NFT adds uniqueness to the file, the file becomes a novelty. In comes the demand, as is apparent from people queuing up to buy NFT. It’s still early days, but if NFT becomes a part of digital culture, the value of NFT can skyrocket. There are instances of digital arts and gifs selling for a fortune already. Beeple’s “The First 5000 Days” is a digital NFT based artwork that garnered over $69 million. Another digital art, X-Copy’s “Right-click and Save As Guy”, was sold for over $6 million. Twitter boss Jack Dorsey sold the first-ever tweet for nearly $3 million while musicians are selling originals of their compositions. All this makes it an attractive investment. The question on your mind at this moment must be – can I buy an NFT?
Sites like OpenSea, SuperRare, and NFT ShowRoom are some of the many websites selling NFT tokens in batches, often called “drops”. MG Motor is India’s first auto brand to offer an NFT collection through its dedicated website, ngagen.com. Therefore, where to buy an NFT depends on what you want to buy in NFT. Please note that while purchasing an NFT, you are likely to need one of the preferred digital wallets of the site to make payment. MG ngageN goes a step ahead and provides you with a wallet ready to be used. Use it to buy NFTs like you buy anything else on e-commerce platforms, and pay using your credit or debit card, or through your UPI account.
As mentioned above, the use of blockchain technology ensures NFT authenticity. For instance, if you have created an artwork and plan on selling it digitally, you can convert the artwork into an NFT. This is done in blockchain, wherein the file is uniquely recorded in the blockchain ledger. This process is known as minting, and, with luck, you can be minting money out of it. Furthermore, the authenticity of MG Motor NFTs can be viewed through ngagen.com on polygons and ipfs.io. Put a price on your artwork (now NFT) and sell it on a marketplace.
The big question
So, how do I prove I own an NFT? Well, you can spend a fortune like the basketball star Stephen Curry or music icon Jay Z and splurge millions of dollars on some NFTs. The use of NFT is now a part of affluence, with many global celebrities dipping their fingers into it. But is screenshotting an NFT illegal? No, you might as well take a screenshot if it is an image NFT we are talking about. But NFT adds the stamp of authenticity to the file. So, if this image goes on to be sold, it is the original NFT owner who will benefit and not you. You can buy an NFT for a bargain if the opportunity provides and hope for a windfall in the future. And with MG’s NFTs being as low as Rs 500, it provides a perfect gateway to the NFT space.