Non-Fungible Tokens (NFT) Courses

The security of NFTs is essential. You cannot leave them in a marketplace or an exchange as they can be possibly hacked. Because it is based on blockchains, the storage is decentralized and completely secure. Store them in the following manner:

• Do not keep them in your e-wallet. Through a private key, the wallets allow access to investments. If you store them online, they are susceptible to hacks.
• Save them offline, like in cold storage where they are connected to the internet. Unauthorized access and cyber-attacks cannot affect them.
• Take your privacy seriously and avoid hackers. The storage should be compatible across the different chains and with the marketplace to carry out buy/sell transactions.
• The wallet must offer security and also be user-friendly.
• Most NFTs are Ethereum based, so the wallet should be compatible with the Eth blockchan.

You can set up an offline software wallet, Interplanetary File System, or Cold Storage Hardware Wallet to store your

1. Software Wallet- Those who do not have much technology or are new to NFTs can use it. Many software wallets have mobile and web applications. Metamask is one of them. Use only approved and authorized apps. Enjin wallet and Math wallet are other suitable options.

2. InterPlanetary File System(IPFS) uses content-based rather than location-based addressing. The files stored here cannot be tampered with, overwritten, or changed. Pinata is an IPFS-based NFT wallet with many users

3. Cold Storage Hardware Wallet- The hardware wallet works offline, and the digital assets are held in an unhackable wallet device. It provides additional security as two-factor authentication is used. Trezor and Ledger are popular in this category. Hardware wallets are expensive, but they are the safest ones.

Buying and collecting non-fungible assets is as safe as buying and owning cryptocurrency. But you have to be careful to store them like any other investment. They are stored digitally, but the blockchain is considered to be safe. The ways you to safely keep them must be highly-secured with top-tier systems.

The other risk is how much money you want to invest in non-fungible assets because that’s where the problem lies. If you divert all your funds to invest in them, there is no guarantee that they will fetch you wonderful outcomes if primarily bought to make money out of them. If the platform that hosts the NFTs shuts its business, you can be in trouble.

Those interested in art, music, gaming, etc., may enjoy being involved in NFTs. We cannot predict which NFT will fetch what amount of money. From a creative point of view, they might be inspiring, but they do not create value for themselves just as a collectible. It all depends upon its market demand and the kind of work.

Non-fungible tokens are a new class of assets. Just as many other physical possessions can be transacted online, like loans for different assets, NFTs enable digital representations of physical assets. Their uniqueness lies in the combination of the concept with that of the tamper-free blockchain. As we spend a lot of time on digital platforms, we find non-fungible tokens interesting. They have become valuable to us due to the scarcity and people believing in them as valuable possessions. It is a personal decision to have it or not, but as an asset class, it is gaining popularity for the following reasons.

• Buying an NFT is to support artists. Especially to encourage those who are not wealthy. Sometimes it is more about getting the satisfaction of buying into your favorite piece of art or attaching yourself to a cultural world of your choice.

• They are market efficient. Intermediaries are removed as they can be transacted in digital forms. Blockchain eliminates the need for agents, and artists can freely connect with their fans. The artists can directly deal in the market. The production, perseverance, and sale can be made independently.

• They help to create an identity. Imagine what if you take digital passports instead of physical ones to airports? By assigning unique characteristics to these passports digitally, digital identities are possible.

• The token system can digitally divide assets like real estate, allowing them to be owned by many participants instead of one. This can be true in the case of artwork as well. The artwork is owned by many, and in return, it fetches money.
• New markets are created for making investments. Real estate comprises many assets like commercial buildings, entertainment complexes, beachside properties, etc. If they are represented with NFT, then the task of having them all under one umbrella is possible by creating a unique NFT for each.
• They can establish ownership and authenticity, assure transferability, and boost growth as an economic activity while promoting arts and artists.
• They act as an evident in the proof of ownership. They associate ownership to a single account. They cannot be distributed among different owners as they are indivisible.
• There is a large amount of uniqueness available in the non- fungible tokens. The characteristic of being unique implies strong potential for contributing value.
• The traditional and streaming platforms have utilised NFTs as an additional source of revenue for their established Intellectual Property (IPs).
• The fashion industry have used NFTs to appeal to the younger generation.

There are both positive and negative facts related to the future of NFTs. If we look at the positives,

• Research shows that the investment in Bitcoin in 2017 could fetch more than 16 times the return. It is believed that the same return could bring 1,25,000 times if invested in a portfolio comprising a fraction of NFTs.
• Initially, very few investors parked their money into NFTs, but hundreds of people have already entered the market. The global interest in NFTs has grown exponentially. NFTs can create uniqueness in the upcoming digital environments.
• They work as a powerful way to build identities, brands, and marketing tools. Consumers can have their piece of it. Big firms are also entering this platform to seek a promotional advantage.

Despite all these, experts fear that -

• Prices may fluctuate due to speculations. The underlying assets do not generate any income. The creation and selling of NFTs involve costs.
• Insider trading can manipulate prices.
• Uncertainty prevails when it comes to ascertaining the value of any particular NFT. It lacks a legal definition, nor is there any way to determine the prices by applying some uniform stands.
• The chances of hacking could spoil the originality of the NFTs. Even fake NFTs can be sold by impersonating a famous artist.
• Some bidders do not want to win but bid just to inflate prices. Due to all these risks, despite many entrants and the progressive outlook of NFTs, speculations revolve around its valuation theories.
• Enormous energy is spent to create and verify transactions.
• It may bring the entire thing down in no time. It is an unregulated place and cannot be trusted. In crux, the future is uncertain. It is necessary to take them just like any other asset class and do thorough research before investing in them. Also, have them as a component of your portfolio but do not dedicate it entirely to them.

You can earn as an owner of digital art by selling it. It could be any form of digital assets, as discussed above. But it does not give any copyright ownership. So earning royalties or reproducing work is not possible.

So once they are bought, you can trade them and sell them to earn profits. There is a secondary market for them where you can trade them. Commissions can be earned by passing the file and paying each time somebody buys them. Otherwise, you cannot buy anything with NFTs. They are not like credit cards or currency that can be exchanged in the open market for goods or services. There is specified way and wallets where you can store cryptocurrencies; similarly, you have to follow the procedure to carry out transactions of NFTs.

There is a problem faced by those who produce consumer goods. The things that you virtually buy are not present in physical forms. NFTs can be sold for money or cryptocurrency officially. You can earn profits by selling digital assets or by royalty payments. The crypto funds that you are offered get transferred to your wallet. Then you can withdraw this money and use it to buy other products through crypto or exchange it for cash.

You can buy NFTs from platforms like AsyncArt, Axie Infinity, Crypto.com, Decntraland, Foundation, Knoworigin, Mintable, ThetaDrop, Valuables, Verily, etc. To get them, you can register first at Binance, Kucoin, eToro, etc.

When it comes to Indian markets, you can choose one of the best platforms functioning in India for buying NFTs like Blockparty, NFT STARS, NFT-X, Patron, SolSea,Crypto.com, VeVe, WaxirX NFT, OpenSea, etc

• NFTs work on blockchain technology. Due to their distinctive construction, they have the potential for many applications. There is a digital asset management platform for representing physical assets digitally, like artwork or real estate.
• There are no intermediaries, and they are built on blockchains making the transactions more efficient. They can be used for digital content, investment collateral, domain names, and gaming items. They reside on Ethereum cryptocurrency’s blockchain, a distributed public ledger recording transactions.
• Crypto is fungible and can be traded or exchanged for any other crypto. Just like any other product, the market sets its value. Physical types of art can be bought and sold there. NFT is created from digital objects, including tangible and intangible items like music, art, tweets, GIFs, etc. The ownership and transfer of tokens can happen between owners as NFT’s data is easy to verify.
• NFTs are minted from a digital object representing both tangible and intangible things. But they give exclusive ownership rights.

NFTs are no longer restricted to just digital artwork. The journey surely began with artwork but it now includes much other digital works that is accepted by users. Games, GIFs, Memes, Videos, and even tweets have found their place in this newly emerging market. Anything that can be digitized can find a marketplace on this platform. Moreover, it just does not end by buying and selling. The users like to possess them as well and it all depends upon their contentment level for how long they keep such art pieces or other digital work with them. The real estate sector also finds NFTs useful to sync the real-world transactions in a digitized manner. So it would be unfair to define NFTs without giving other digital forms a proper inclusion under this category. It is definitely something beyond art.

The difference is:

1. NFTs cannot be traded for each other due to their unique identities representing real-world assets. Cryptocurrencies can be traded for each other.

2.The value of NFTs change as there is no clear-cut way to fix their rates. A particular art piece is sold for a specific price. If the same work is resold, it may fetch a lesser or higher amount than the original price at which it was launched. So they cannot be exchanged. Cryptocurrencies do not suffer from any such change in value or loss of their value so that they can be exchanged for each other.

3. NFTs are decentralized and are regulated by the infrastructure specifically meant to run them. Cryptocurrencies have their regulatory bodies (Ethereum, BitCoin, DodgeCoin, etc.), but those are different from NFTs.

4. Fungible assets or cryptocurrencies do not have unique identification marks, making such distinctions challenging to establish. Gold is one such asset. When it gives a special mark, they become non-fungible. But when they can be traded for money, they are fungibles. NFTs are unique because of the digital signature that makes them identifiable and unique.

The process is not that complicated, and you can create it straightaway. There is no need to have extensive knowledge of the crypto industry either. The steps to develop non-fungible tokens are as under:

1. Choose the format and content- The non-fungible token can be generated from any multimedia file depending upon the choice of the creators, like a digital photo, a text, a painting or video, audio, etc. Anything digital can be a non-fungible asset, even real estate, and diamonds. Convert this into an appropriate file if it is not already digital. These items, such as portable network graphics PNG, graphics interchange format-GIFs, etc., can be stored.

2. The value depends upon their uniqueness. Several copies or versions of the same item could exist. How many you include will become fixed and cannot be changed later. The process is called minting, which turns a digital item into an asset on the blockchain. They become temper-free and secure. They are represented by a nonfungible token and can now be traded and digitally tracked whenever bought or sold in the future again. Minting will start once you pay the gas fee to the miners for their computing energy and resources spent for validating the NFTs. The gas fee is not fixed and depends on the demand level to create transactions. Your profile shows newly minted NFTs once the transaction is validated.

3. Decide on the blockchain that you want for issuing your NFTs. The development of NFTs started with the Ethereum blockchain though it does not have a monopoly on NFTs.

4. Choose from the other popular NFTs like Tron, Cosmos, Polkadot, Tezos, Biance Smart Chain, WAX, EOS, etc. Ethereum is the largest ecosystem for NFTs. You can use that platform as well to create your NFTs. The choice depends upon blockchain types, supported standards and formats, price to mint, accessibility, etc

5. Each platform has token standards, marketplaces, and compatible wallet services to list the tokens.

6. Non-curated platforms provide free access to all. The users must pay the transaction fee to mint a token. Raible allows users to mint tokens before selling them, and OpenSea does minting when a token is sold. The curated ones allow certain types of creators.

7. You should set up a wallet and own some crypto to access different platforms, manage your accounts, and sign transactions.

8. Download the cryptocurrency wallet app to personal computers and smartphones to access the sales receipts, etc.

9. Promote your freshly minted NFT creation by adopting a strategy to do so. Public relations, online advertising, crypto podcasts, social media, and newspapers are a few options.

1. Art NFTs- Beeple sold an NFT of his artwork for $69 million. The first batch of his NFTs got sold for $66,666.66 each. The most popular non-fungible tokens are programmable art.

2. Music NFTs- The famous DJ and EDM remixer 3LAU sold NFTs worth $11.6 million. Dance DJ Steve Aoki earned $4.25 million from his non-performing loans. Musicians can use smart contract technology for their copyrights and get royalties whenever the music is played.

3. Real Estate-The property buying process can become speedier and avoid intermediaries if smart contracts are introduced through NFTs. The transfer of ownership and rights are recorded to the Blockchain and are verifiable. Fractional ownership can also get money by unlocking the value-form illiquid assets without visiting a bank.

4. Gaming NFTs-Gaming industry got billions of players worldwide due to NFTs. The gamers are allowed to unlock specific accessories for the characters on other game products that can be traded in-game or sold for real-world money.

5. Collectable NFTs-Collectibles are the first ways to teach consumers how to use NFTs in their daily lives. Collectibles are essential entries in the world of non-fungible tokens.

The NFTs also, just like any other artwork, get their value depending on the following factors:

1. The credibility and popularity of the artist in the physical world, the effort put in its creation, the nature of the artwork, the story behind it, and the social currency of the artist.

2. They are priced between 1-10 percent of the original physical art piece. However, the creators of the NFTs are the final deciders. The potential collector can also offer their price as opposed to the price provided by the NFT creator himself. No set of rules determines the value of an NFT (a mutual settlement).

3. Among the other factors is the rarity of the item.

4.The use of the real-world article is the next thing. This feature can give an immediate value as the popularity of the underlying object could be more. Those which are tethered to real-world objects fetch more values.

NFTs have changed the world for artists. It is giving more power to artists, increasing their value of possessions. Artists are getting paid on their terms, and NFTs have brought innovation and revolution to the arts field. Artists can now create their unique artwork, take ownership and earn by selling the number of copies they want.

A musician can get royalties each them their work is played. Artists register their work on a blockchain and create a unique digital asset. The creation of wealth and its decentralization is enabled through NFTs. Artists get in control of their success. Showcasing the talent through this platform is a new concept with its unique way of authenticating it.

For example, Trevor Jones’ “open edition bitcoin angel” has 4157 NFTs sold for around 3.2 mn USD.

The points that should be considered while buying and holding NFTs are explained here:

Owning an NFT is different than owning a project’s copyright. NFTs are non-fungible tokens living on blockchains. They cannot be held physically. Buying a digital picture stored on a decentralized system cannot be hung on the wall. It has some monetary value but is not the underlying artwork or media itself. It is a file stored on a hard drive.

NFTs do not guarantee anything. There are no defined ways to do anything with an NFT. You have to do your research. A few things are suggested to show you what can be done with NFTs:

1. If you are the creator or owner, you can flip collectibles, loan NFTs, or make fractions of them. Flipping collectibles is risky. Study the NFT field before doing anything. You can know from experienced people about flipping an NFT.

2. Holders of the NFTs can loan them, and in turn, they get paid. Many NFT platforms allow holders to use their NFTs as collateral for loans.

3. Fractionlizing a valuable NFT can also bring liquidity. Once an NFT is split into hundred and thousands of tokens, it can be sold to many people. This way, NFTs became a profitable avenue to earn.

The online Non-Fungible Tokens Course, like from upGrad (hyperlink), is beneficial due to the following advantages it offers.

1. It is a flexible learning mode, and many people can join it.

2. It offers many courses and programs.

3. You can immediately take up the course.

4. Time management and skill up-gradation take place simultaneously.

5. It is affordable.

6.You get a chance to get better opportunities in your career.

7.Learn and understand a broader range of perspectives.

8.Virtual collaboration is possible.

9.The coursework is immediately applicable and gives a complete idea about NFTs.

10. Technical skills in this field become easier. Concepts like blockchain and developing your own digital asset or managing it for a client are possible.

The certification course may include the following:

1. Details about Ethereum, NFT Fundamentals, tokens, etc.

2. The necessary information to get started with NFTs.

3. An in-depth idea about the NFT uses and its benefits.

4. The challenges and risks of NFTs.

5. Training is imparted for creating NFT projects or for the collection and development of expertise in NFT Trading.

The market size of NFTs is expected to grow by USD 147.24 billion from 2021 to 2026 at a CAGR of 35.27%. There is potential for the industry to bloom during 2024-25. Most consumers believe that a brand’s digital presence is as significant as its physical/offline one. The demand for NFT assets is increasing, and consumers prefer digital-only kinds of brands. The current customers are very much interested in further buying NFTs in the coming year.

Analysts also affirm that NFT-related company stocks have a bright future during 2024-25. It is going to be a mainstream thing in the coming year. Soon, technology and media companies will have innovative NFT strategies. The coming years are going to only grow in terms of NFT performance. Not only will their price rise, but so will their sales volume, inter-operations, and the diversity in use. The ownership of digital media will be taken more seriously.

Celebrities and wealthy entrepreneurs have taken an interest in NFTs, and there has been a surge in sales of NFTs because of that. NFTs are setting new records, and they are here to stay.

Due to the surge in demand for NFTs, many people are keenly interested in the digital asset world. That has resulted in the need to learn about NFTs, from their basics to their buy and trade of NFTs. There are online courses for those who know about them. There are no eligibility criteria for that.

A senior NFT analyst can earn ranging from Rs. 5 lacs per annum to Rs. 20 lacs in India.

NFT specialists can be gaming specialists or experts in digital art and content, metaverse platforms, and other areas. They

Non Fungible Tokens Specialist Starting Salary in India

• An NFT specialist in India's starting salary is about Rs. 25,000 - 30,000 monthly. It depends upon their expertise and seniority levels that will help them earn a higher income gradually.
• An experienced specialist can annually earn as high as Rs. 45 lacs in India as the market requirements are surging.

• The NFT-related jobs are now getting prominence globally. But the western countries offered more career opportunities because the emergence and development of NFT were evident there before its emergence in other parts of the world.
• India is also growing faster in terms of NFT transactions and their value. So the demand for qualified professionals in this field too is slowly increasing. There is high demand for blockchain experts, consultants, Ethereum developers, blockchain developers, etc.
• The qualified professionals are getting paid nicely, and there is an enormous scope for them to earn more depending upon their experience and seniority levels.