Non-fungible tokens, or NFTs, are a type of cryptocurrency that is generated using a smart contract framework like Ethereum. They’re one-of-a-kind digital products that can be fun to have or even valuable to trade. Consider them to be virtual collectible cards. They normally start out as a hobby for enthusiasts, but if you have a rare one, it might be worth a lot in the future.
What is fungible vs. non-fungible?
Cryptocurrencies may be fungible, which means that all of the currency’s units (i.e. tokens) are the same and equivalent, similar to how rice grains or dollars are.
Non-fungible tokens are the polar opposite to fungible tokens in that such cryptocurrency unit, or token, is one-of-a-kind and cannot be duplicated.
This “non-fungible” property can be extended to a number of items, including currencies. However, digital art and collectibles are behind new NFT craze. People have realised that a one-of-a-kind digital object can be fascinating, cool, and even valuable financially. It’s one of the reasons why the industry has recently exploded, with thousands of ventures involving art, gaming, and sports.
How To Trade NFT’s?
With a few exceptions, trading is a very easy concept. You’ll need NFTs to trade with, you’ll need to know who you want to trade with, and they’ll want to trade with you!
Step 1: Go to wax.atomichub.io and log in.
Step 2: If you’ve signed in, type in the WAX Address of the individual who has the NFTs you want to trade with at the top of the page. I’m going to use my friend afjaw.wam as an example.
Sep 3: So you’ll see “Accounts” about halfway down the list. You will see the person if you typed the name correctly. To contact them, simply click on their name. It will take you to their website, where you can see all of their NFTs as well as how much they’ve spent on Atomic Hub.
Step 4: A button labeled “Send Trade Offer” can be found near the top of the page, next to their name. Please click on it! You’ll be taken to a page divided into two pages. On the left, you’ll see your inventory, and on the right, you’ll see the person you’re trying to trade with.
Step 5: All you have to do now is click on the NFTs you want to exchange before you have an offer ready to go. When you’re finished, go to the top right and press “Send Trade Offer,” then wait for them to accept. They will be told in Atomic Hub that a trade offer has been made, and they will be able to display it and counter, approve, or reject it.
That’s all there is to know about trading NFTs, ladies and gentlemen!
How to trade with a stranger?
If you’re not sure who you want to trade with, then follow these measures. Let’s say you’re exploring the market and come across a SUPER cool NFT that you really like, but you don’t have enough WAX to purchase it, so you decide to trade for it.
Look at this super cool KOG that’s for sale for 1,400 WAX.
Simply choose the Seller Name It’s located directly above the Buy button. (When you see an NFT in the market, click on “Details” to get to this screen.) When you click on their name, you’ll be taken to the page mentioned earlier in the article, where the “Send Trade Offer” button can be found.
It’s one thing to buy an NFT because you like it or to make (or lose) a few fast bucks. Investing in NFTs, on the other hand, is a different matter. It’s still a nascent business. Even a Van Gogh painting or a rare Babe Ruth baseball card took some time to become extremely valuable.
Since NFTs are digital, it’s difficult to equate them to cherished physical artworks like statues and paintings. On the other hand, we live in a world where one Bitcoin is worth more than $50,000, so digital objects can be incredibly valuable and even retain their value for long periods of time.
In any case, if you want to invest in NFTs, you’ll need to learn a lot about this complicated environment because NFT market is special. Also, Ethereum trading can be very costly due to the network’s recent congestion, which has caused fees to increase. Finally, you’ll have to think creatively to keep up with the often shifting cryptocurrency patterns.
In short, you can make money by investing in NFTs, but you’ll need to do your research first.