The full form of NFT is Non Fungible Token . Non Fungible means which is unique and can not be replicable . Non Fungible item has unique identity and it can not be replaced by other similar items . For example an Art , Paintings , Antique etc may be Non Fungible items .
Suppose some gift has given to you by your father , mother , brother or any other , then this item is non fungible for you and it can not be replaced by a similar item available in the market because you are emotionally attached with this gift items . Therefore art , paintings , songs , videos , posters may be Non Fungible items .
How NFT Works ?
The mechanism and Technology behind NFTs is same as in Cryptocurrency , but Cryptocurrency and NFT are not same . Cryptocurrency is fungible asset whereas NFT is Non fungible . One Bitcoin can be replaced or exchange by other Bitcoin as 100 US dollar can be replaced or exchange by other 100 US dollar or two 50 US dollar .
The Technology used behind both Crypto & NFT is Blockchain Technology . This Technology is safe & secure and any manipulation is next to impossible . Every Non Fungible item tied to a specific token in block chain network having immutable record . This is like your digital signature ownership that can not be changed .
What is NFT Art ?
Any art that has been sold or purchased vis NFTs are known as NFT Art . Since NFTs market is in nascent stage but still it is growing significantly . The trading in NFT market is to be fare . The people are not much aware about this , but day will come when it will gain popularity .
How to Create NFT ?
There are some important steps by following that you can create your own NFT & can earn money .
Step #1 : Select the Item
At first you have to select an item which you have to use for NFT . It should be unique because uniqueness gives value . For example Art , Paintings , Music , Video or any other digital items .
Step #2 : Select Blockchain Technology
After creating NFT , now you have to select Blockchain Technology so that you could do your transactions . The most popular Blockchain Technology which is to be used by most of the NFT creators is Ethereum .
Step #3 : Create digital Wallet
You should have a digital wallet because it is must in creating NFT , where you can store your NFTs and Cryptocurrency . Some digital wallet are : Metamask , Alphawallet etc. Now with the help of digital wallet you can create and trade your NFTs .
Step #4 : Select NFT Market
As you have completed all the steps required for NFT , now you can sell it . But for selling you need a market place . Some popular market place are : Opensea , Rariable etc. Since all the market have same purpose but they are not same . Different market utilize different tokens . Opensea is the market leader in NFT market .
Final Thoughts :
I have given some basic knowledge about NFT here , i.e. What is NFT ? How to create NFT ? How to sell NFT ? Step by Step . Before going to take any steps you should have proper knowledge about these things . Therefore at first you should enhance your knowledge then starts your journey , certainly you will be successful .
Cryptocurrency : Cryptocurrency is a digital currency or virtual currency in which all the transaction takes place in digital way , there is no any physical existence of cryptocurrency . All the transactions in crypto maintain in online ledger in encrypted form . This is so secure that hacking is next to impossible . The technology use in cryptocurrency is known as blockchain technology . There are no any central agency regulate Crypto . If you want to transfer crypto , no conversion is required and no middle man is involved in this , it eliminates the middle man like banks , credit card companies etc , but as in case of physical currency bank is involved as a middle man . Therefore if want to send 100 usd to anyone you can do it directly without involving any agency . The purpose of development cryptocurrency was to create alternative to physical currency in which no central agency is to be involved .
What is Blockchain Technology ?
Blockchain is a digital ledger in which every transaction is being stored in blocks . This is the network of thousand of computers placed at different places in a decentralised way . As data is stored in a block , every block has a hash number which also stores the hash number of previous block . When one block become full it is linked with previous block . Thus all the previous blocks are linked with their next block . Due to decentralized system , no one can edit or manipulate the data , If anyone want to do this , the transaction will be cancelled . So it is secure and safe .
There is no any central agency involve in cryptocurrency . If we talk about physical currency of any country , a central agency is involved , e.g. Indian currency is regulated by Reserve Bank of India , in USA , Federal Reserve controls the US dollars .
Some Popular Cryptocurrencies :
#1. BitCoin (BTC) :
This is the most popular Cryptocurrency in this time . It was created by Japanese Engineer Satoshi Nakamoto in 2009 . This is the topmost Crypto of this time in valuation . In 2010 , the price of 1 Bitcoin was less than 1 USD but in 2022 one Bitcoin has value more than 42000 USD . According to data , the market capitalization of Bitcoin is 665 billion USD . There is a huge jump in its prices and market capitalization .
#2. Ethereum (Ether) :
After Bitcoin , Ethereum is the second most popular Cryptocurrency in this time . This was developed by Vitalik Buterin in 2015 . Ethereum is a blockchain platform having its own Crypto named Ethereum . As Ethereum provides a blockchain platform , if you have an idea/project in your mind , there is no need to develop your own blockchain , you can start building your project on Ethereum blockchain . This is more than a digital currency due to their blockchain platform . In 2016 the price of Ethereum Ether was less than 3 USD but in 2022 one Ether’s price is more than 3000 USD .
#3. Litecoin (LTC) :
Litecoin was created by MIT graduate and former Google Engineer Charlie Lee in 2011 . Litecoin has much faster blockchain generation that’s why it provide faster transaction & confirmation . Day by day Litecoin has been growing by number of merchants due to faster transaction & confirmation . Litecoin transaction completed in 2.5 minutes whereas Bitcoin transaction takes 10 minutes to complete . In march 2017 , Litecoin price was 3 USD but in January 2022 , LTC price was more than 120 USD .
#4. Binance Coin (BNB) :
Binance coin was created in 2017 & initially Binance coin was operated on Ethereum blockchain platform but ultimately it had launched its own platform i.e. the Binance Chain . Binance coin is for those who use token as a way of payment for exchange . If we talked about trading volume , the Binance coin is the most widely used exchange in the world . Binance coin can also be exchanged for other Crypto such as Bitcoin , Ethereum , Litecoin etc . It is more flexible in payments methods . One can also book hotels , flights , pay for virtual gifts , lottery etc on some websites . Several platforms also allow to invest in stocks , ETFs , used as collateral for loans etc . The current market capital of BNB has more than 70 billion USD .
#5. Cardano (ADA) :
Cardano is created in 2017 by Charles Hoskinson . Like Ethereum , Cardano has also a blockchain platform but difference is that it has many improvements in technology over Ethereum . That’s why Cardano is being considered as most advanced blockchain Technology till now . Cardano is one of the top 10 Cryptocurrencies of 2022 . Cardano is more scalable than Ethereum having capability of 257 transactions per second .
#6. Ripple (XRP ):
Ripple was launched by Ryan Fugger and Mc Caleb in 2012 . It is very popular due to its fast international transaction that is completed in seconds , as similar transaction in banks takes long time . Ripple was developed in such a way that it enable quick & cheaper international transaction . Ripple processes more than 1500 transactions per second . Due to this it has gained so much popularity . The main focus of Ripple is on one industry , that is related to International money transfer . As transfer is completed within few seconds and also charge is very few as compared to banks and any other financial institutions . This is the main advantage of Ripple . Ripple also has tie up with multiple financial institutions to its payment network .
How to Buy ?
You may buy cryptocurrency in following way :
Traditional Brokers : There are some brokers who deal with bond , stocks , etc . they also deal with crypto . Therefore you can buy crypto from them online .
Crypto exchange : You can also buy Cryptocurrency from Crypto Exchange .
How to Store Crypto ?
As we put our physical currency in leather wallet , similarly after purchasing Cryptocurrency we can store its key in a Cryptocurrency Wallet . As crypto do not exist in physical form , so we can not put in physical wallet . Therefore in Crypto wallet , private keys and public keys is to be stored . We can understand private key & public key with an example . Public key is like your Account number and private key is like PIN . As you may share your Account Number with anyone , with your company to pay salary etc . Hence there is no problem on sharing your public key , but private key is like your secret password it can’t be shared. Your wallet address look like this :
This is the combination of letters , numbers having both upper case & lower case .
There are different types of wallet available having different features .
(ii) Mobile Wallet
Things you can buy :
As popularity and adoption of Cryptocurrency increases day by day , therefore you can buy several things using Crypto . As adoption level increases in future , you can buy more & more things by using crypto .
Several Tech companies accepts crypto to sell their products e.g. Microsoft , AT&T etc. Some e-commerce companies such as Shopify , Rakuten also accepts Crypto .
Some Luxury goods retailer also accepts Cryptocurrency to sell their products e.g. Rolex .
Some car dealer also accepts crypto as a payment .
In this time most of the person accepts it as an Investment Asset . But as the time passes and adoption of crypto increases you can buy many more things .
Digital Gold is a digital way of investing in gold . We all aware that , Investing in gold is the most favoured investment options for long time . When purchasing physical gold there is always a doubt in your mind regarding purity of gold , whether it is pure or not ? . But in digital gold you don’t have to worry about safety and purity . You don’t have to worry about losses or theft of digital gold . If you would like to convert your digital gold into physical gold , you can certainly do whenever you need .
Benefits of Investing in digital Gold :
In today digital world so many people of this generation want to invest in digital gold . This is a type of wealth creating investment which is very simple and lucrative . There are so many benefits regarding investment in digital gold .
#1. No limitations on minimum investments :
There are no restrictions on minimum investment , hence you can start your investment journey in digital gold by small amount as you want .
#2. Quality Assurance :
You don’t have to worry about quality , it is safe & secure .
#3. Exchange your digital gold into Physical gold / cash :
If you want to convert your digital gold into physical gold you can do very easily and instantly . If you are in need of cash , you can also convert it into cash .
#4. Loan against digital gold :
Being an owner of digital gold you can use it as collateral and can get loan quickly without any hinderance .
#5. Safe and Secure :
There is no risk about loss and theft of digital gold . But in physical gold there is always a risk about safety and security . If you put it in a locker , then you will have to pay some applicable charge . But in digital gold there is no additional charge is to be applied . In digital gold whole responsibility lies with seller .
As in digital gold price is linked with market so any change in gold price will be completely & instantly reflected in your platform from where you have purchased and you can also take advantage of latest price .
How to invest in digital gold ?
There are several options available to invest in digital gold . you can invest in digital gold through paytm , Google pay , Phonepe , HDFC securities etc . Once you have purchased digital gold of certain amount the trading company purchase an equivalent amount of physical gold and store it under your nae in secure vaults .
There are three companies that offer digital gold investment in India :
MMTC-PAMP India Pvt. Ltd.
(i)At first you have to visit on the Platform which offer digital gold investment option such as paytm , Google pay , Phonepe , HDFC Securities etc.
(ii) Now enter your amount you want to buy .
(iii)Choose your payment options after doing payment you will get confirmation message .
As people takes gold investment as an asset , as a result the demand of gold increases and hence price increases .
Credit Card is a financial instruments issued by banks for your help & encouraging you towards cashless transactions by giving some rewards & offers . Credit card has pre-decided credit limit under which you can purchase goods & services provided by the company .
Why you need a Credit Card ?
Suppose you go to shopping mall and purchase something according to you need by using your credit card and come back to your home . You will experience that whole the process is so much easy that anyone can enjoy this . If you have no money in your bank account but you have a credit card then you can go for shopping without any hurdle . You don’t have to go to the bank for taking borrow and explaining the purpose of borrowing money . You have to use your credit card and purchase anything according to your requirements . Thus credit card has changed the way of shopping . You may use your credit card for purchasing goods & services .
There are several types of credit card that issued by banks & financial institutions and it is widely acceptable . You can purchase groceries , cloth , online shopping , booking airlines tickets , movie tickets , paying utility bills & many more .
Advantages & Disadvantages of Credit Card :
#1. Buy on credit :
The most attractive feature of Credit Card is its Credit Limit . You can buy anything within this limit and pay later . If you have purchased some high value goods then you may convert the total amount into EMIs and pay easily into monthly installments . This facility makes shopping experience better .
#2. Widely acceptable :
Due to widely acceptable nature of credit card you may travel anywhere without carrying so much cash with you . As it is widely acceptable so you can pay for anything you have to purchase .
#3. Cash withdrawl without interest :
There are some credit card issued by banks and financial institutions that allow you to withdraw money up to certain limit in case of financial emergency & they do not charge any interest up to 45 to 50 days . You should only use this facility in case of financial emergency because if you are unable to pay on time then bank will charge high interest rate .
#4. Insurance Coverage facility :
You can also avail insurance coverage facility by using credit card . You can get personal accident coverage , Travel insurance coverage , etc. This is the most significant benefits of credit card which also makes it more significant .
#5. Improving CIBIL Score :
As you may enjoy several facilities such as shopping expenditure , Service facility , cash withdraw & many more by using credit card . In stead of these facilities , it also helps to improve your CIBIL Score , if you know how to improve and repay your used amount on time . Better CIBIL Score helps you to obtain personal loan , home loan , car loan etc without any difficulty .
Most of the company (which issued credit card) provides discount , offers , incentives to use your credit card . Some companies also offers discount on booking Air ticket , holidays booking , high value shopping etc through using credit card .
#7. Make Travelling safe :
Credit card makes your travelling safe because you have not to carry much cash . You can reserve a vehicle , book a room etc by using credit card . If there is no sufficient funds in your bank account , credit card increases your purchasing power .
You should aware that like most other financial products , credit card has many benefits if you use it responsibly . You should pay all your used amount within given time frame , otherwise company will charge high interest rate & it will hamper your purchasing power , CIBIL Score etc. So be careful !
(i) High Interest rate: If you do not pay credit card bill on time , then bank will charge high interest rate (2.5 % to 3 % monthly ) .
(ii) CIBIL score will fall due to delayed payment of credit card .
How to Choose best Credit card :
(i) Low interest rate
(ii) No/Low Annual maintenance fee
(iii) Low issuance charges
(iv) Suit your expenditure pattern
(v) Reward & Offers
This is the transfer of money between sender (who is living in one country) & receiver (who is living in another country ) . The transfer of funds are called remittances . As transfer of money takes place between the two different countries so it is called foreign remittances .
There are two participants one is called active participant and other is called passive participant . The person who sends money is called active participant & the person who receives money is called passive participant .
1. Types of Remittances :
Inward Remittance : In this remittance , person is passive participant , because he has to given his details to sender who will transfer money . Therefore in Inward remittance money is received from abroad .
Outward Remittance : In this remittance , person is active participant because he has to transfer money to recipient account . In outward remittances money is sending abroad , hence one should always choose right bank for outward remittances .
2. Be careful about choosing Bank :
The person should be careful about choosing bank for transfer of money .
Time for Process Completion : In how much time bank will complete the remittance processes . Some bank complete the transfer process within two days .
Hidden Fee : One should always check before transferring that is there any hidden fee is imposed on remittance .
Check Limitations : How much money can be transferred . What is the maximum limitations (Maximum Amount) of transferring money .
Exchange Rate : Before transferring one should always check that how much is the exchange rate .
Thus we can say that foreign remittances are the financial lifeline for a person living abroad .