The progress of science has blessed the mankind in every sphere of life by bestowing amazing and magnificent discoveries which are revolutionizing the whole world. Digital transformation has fostered the standard of living and commenced the era of smart nation worldwide. Corporate Industry to consumer-based industry every sector of the economy is revolving around the power of Internet. All the sectors are gradually shifting towards online platform so that they can fetch the maximum attention and can cover maximum geographies for promoting their products.Amidst new techniques and technologies of earning hefty money have been invented and leading the youth of today towards a cherishing tomorrow. Cryptocurrency is one of such invention which made it possible to earn money sitting at your comfortable corner in the form of digital currency. After the sudden attack of Pandemic, the whole universe came to a stand-still and became shattered. It was next to impossible to see the bright face of profit in your business. Holding this situation tactically and tightly the craze of online currency and online money market grew to a large extent.

Cryptocurrency: It is a digital form of money which is not centrally registered but can be exchanged in to different tangible forms. It was mainly introduced to use digital form of money through internet.Bitcoin was the oldest form of cryptocurrency which was first came to everyone’s sight in 2008 and has been one of the influential and highly used currency over the internet. Cryptocurrency works through the network of block chain which is very similar to ledger and balance sheet. Besides Cryptocurrency, there is one more digital asset which became quite famous in this decade of digitalization and content creators. While quite a few are aware of cryptocurrency like Bitcoin, Ethereum, Tether, many of them are still belonging to the community of layman for such buzzing terms like NFT or Non-Fungible token.

What is NFT?

NFT or Non-Fungible Tokens are such digital asset which cannot be replaced or exchanged just like Cryptocurrency. Comparing to cryptocurrency this concept is quite new and came down to the market on or after 2020 when a pool of creative digital contents started coming down in the social media platforms. Crypto and NFTs are an integral and comprehensive part of block chain network. Few of the widely distributed NFTs are Rare Pepe, CyptoPunks, and CryptoKitties.

NFTs are represented as digital art, signature, piece of drawing, painting, comic books, sports collectibles, trading cards, games, videos regarding creative artworks like song, dance, or drama or more. Each of the NFTs contains a Unique Identification Code which helps them retain their unique features over others such contents in the market.

From a layman’s view it can be said that as we use patent and trademarks over certain things and discoveries so that it cannot be copied or imitated by others, for digital contents it is working in the same way making it safe and creative over the world full of plagiarists.

Working Process of NFT

Unlike Cryptocurrency, NFTs are irreplaceable, cannot be converted or exchanged. To secure each of them all the NFTs bear a Unique Identification Code along with a digital signature. The data from the unique identification code tokenize it and makes it easily identifiable which then proves the ownership of the real owner by verifying it. NFTs are connected to a blockchain network after getting tokenized by unique identification number. This real-world tangible asset can be made available for buying and selling more efficiently reducing the risk of potential fraud.

Buying & Selling of NFT

NFT market is considered one of the risky and extremely volatile market, where buying and selling of assets is considered risky. So, before getting into the market you need to understand the rules and regulation along with the process very well.

Firstly, you need to open an account in the crypto exchange platform but before opening and sharing personal details with that website go through all the terms and conditions of all the available platforms beforehand.

Next, you need to create a crypto wallet through which all the transactions will be done. Users are given a seed phrase or recovery phrase to ensure safe and secure exchange of assets. wallets can be operated and hosted independently which gives the opportunity to retain the private keys and sole responsibility of maintaining the account by yourself without the interference of third party. If you want to buy and sell NFTs without third-party involvement, you need a wallet connected directly to the blockchain network.

There are two variants of crypto-wallet, one is called Hot and the other one is called Cold. The hot one is software and web-based wallet and available in the websites and desktop. The cold one is hardware wallet this type of wallet is not directly connected to the internet and considered as more safe & secure. All the wallets should be connected to and truly compatible with Ethereum blockchain, as it is the sole network where NFTs are exchanged and dealt.

Market benefits of NFT

• NFT ensures authenticity as each of them is verified in the blockchain network. So, it is a layman’s business to identify its authenticity. It is very important in case of art, where maximum chances of fraud, forgeries or counterfeiting can happen. NFT ensures that the ownership of the right owner is ensured and the artwork is not duplicated.


• NFTs are easy to trace because each of the transaction is recorded on the blockchain. It makes it easy to understand the whereabouts of the particular assets.


• NFTs are easily accessible because of their digital format. It is the prime reason that NFTs can be accessed and traded from any corner of the world. So, the seller and the buyer need not to be in the same location. It can be sold as fractional shares, which ensures that more people will come and increase the value of it.


• NFTs are upscaling the rate of innovation in the market of art and culture. It helps the artist to innovate and create unique artifacts and paintings or digital arts and make money from it in a secure and verified way. It has given birth to new platforms and marketplaces of buying and selling of such unique innovative digital arts.


• NFTs are secure because it is attached to a blockchain network, and after tokenizing it becomes impossible to hack but you should be ready for exceptional cases where the keys bearing software can be hacked. But the NFT is safe as long as your key is in safe hands.

In a Nutshell, Crypto and NFTs are two trending assets of this digital decade. This can unveil a new horizon for all the enthusiastic investors in this market. Revenue in the NFT is expected to reach $1601.00 million in 2023 with a steep CAGR of 18.55 percent resulting from an expected growth of amount worth $3162.00 million by 2027. For the gaming enthusiasts these platforms will evolve more in future and will give birth to many potential gamers and creators of games which will unfold a new genre of gaming experience. On the other hand, finest and creative art and culture of one pole can reach to the other pole of the earth in a hassle-free and secure way which will unfurl a new direction of earning foreign currency and evolve the economy of India in the centuries to come.