NFTs are new cryptographic assets that are also making the world panic about the future of normal artists and financial markets. This assets are created and minted by artists on Blockchain. Any transaction concluded can also be tracked on open ledger (blockchain). If you wants to own any of these assets. You can go to OpenSea, Binance NFT, and Rarible. For you to be able to buy these assets. You need to first buy cryptocurrency like Ethereum, Solana, Polygon and other currencies that are supported by the marketplace. The most popular and growing NFTs are CryptoPunks, Bored Ape Yacht Club, CodeCats, tricorNFT, and VeeFriends.
NFT Price determination.
The price of the NFT is determined by the seller and sometimes bidders. There is a Floor Price which can be translated as the minimum price. Owners they normally try to price up. Sometimes a seller set a price but due to desperation for cash. They might end up selling it for less price offered by bidders. The price also fluctuates even in this market. You might make profit NFT sales. And capital gains based on underlying cryptocurrency network used to mint the asset.
Platform fees, creators fees, and Gas fees
Some platforms charge a platform fee. Creators are also charging royalty fees. CryptoPunks creators charge ZERO percent of royalty fees. There is also gas fees payable when you are buying NFTs. Before you but an NFT. It is your responsibility to check if the buyer is not a scammer. You buy from verified collections and/or verified artist (creator). Airdropped NFTs may be scams. However, some may be genuine assets. And all these assets are not easy to sell. If you want to make quick buck. Then, this is not the way of making quick buck. There are so many projects and some may fail in future. No one knows until that happens..
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