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Buying and Trading NFTs Online
A non-fungible token (NFT) is a computer file that represents ownership of an item in the digital realm. These computer files are used to create and sell virtual assets, such as artwork, games and collectibles. NFTs can be bought, sold and traded on online marketplaces using the crypto currency bitcoin. This process of creating and selling NFTs is called'minting'. NFTs are recorded and tracked on the blockchain, so the transfer or creation of an NFT is permanently recorded and timestamped. This makes it very easy to trace a single NFT back to its origin, which is useful if you're worried about purchasing fake art or virtual animals.
If you're looking to buy an NFT, the first step is to open a digital wallet. This is a type of cryptocurrency wallet that stores the keys that grant access to your digital asset. Some of these wallets are hosted on a crypto exchange, and some operate independently. Regardless of which type you choose, it's important to keep your private key safe as losing it means that you lose access to your crypto. Once capricorn unicorn have a wallet, you're ready to trade for your first NFT.
NFTs can be bought on a variety of online marketplaces, including the major players like CryptoKitties and OpenSea. However, if you're looking for something specific, you can also find niche NFT marketplaces like MakersPlace, which focuses on digital fine art and unique creations. The platform is currently invite-only, but famous artists like Shakira and Tom Morello have already signed up.
Another large NFT marketplace is Rarible, which offers NFTs in categories such as art, games, metaverses, music, domains and memes. The marketplace uses the Ethereum blockchain, but you can also use the marketplace's own token Rarible to buy and sell items on the platform. Rarible has partnered with companies such as Yum! Brands (NYSE:YUM) Taco Bell and Adobe.
Some NFTs are designed to be collectibles, while others are meant to act as a form of social activism or raise funds for charitable causes. The most high-profile example of the latter is 'AssangeDAO', which raised over $52.7 million for WikiLeaks founder Julian Assange by creating an NFT called 'Clock' that simply counts down how many days he's been imprisoned.
While NFTs are not a replacement for real-world assets, they have the potential to democratize investing by making it easier to divide physical assets into smaller pieces that can be easily sold or traded. For instance, it's much easier to split a piece of art into multiple smaller paintings or prints than it would be to break up a large piece of property like a house. NFTs can also make it easier for people who don't have a lot of capital to invest in the art market by offering a more affordable entry point.

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