How To Buy and Sell NFTs In India, Complete Guide

NFTs have started taking our world by a storm, as they have affected almost every aspect of our life. They are finding their uses in the gaming industry, entertainment industry, art industry and real estate sector. Their use case is going to increase further with the passage of time.

NFT stands for Non Fungible Token. These are the tokens that represent a physical asset. They are non fungible in the sense that they are unique irreplaceable pieces of data stored on a block chain.

In the following section, we will discuss how you can buy and sell NFTs in India.

Should we buy NFTs in India

In case, you are wondering whether you should buy NFTs in India, then check the following points to know why you should get NFTs;

  1. They are the future assets and they are going to be of immense use in the future.
  2. Their value is supposedly going to increase in the future. So, if you invest in them now, you are going to get good profits.
  3. They are going to act as the badges of recognition in the near future.
  4. They open new doors for you to the exclusive top level communities and top level content.
  5. By owning NFTs, you may shower your love on your favourite brand, artist or content creator.

If you are motivated now to buy NFTs, check the step by step guide on how to invest in NFTs in India below.

How to Buy and Sell NFTs in India in 2023.

You can invest in NFTs in 2023, by following the steps given below.

  1. Get a digital wallet for yourself, where you can store cryptos to make transactions. It will also store the NFT that you are going to buy.
  2. Choose the market place. It is a place where NFTs are bought and sold. Opensea and Rarible are some examples of marketplaces.
  3. Create account on NFT market place and connect your wallet with it. Recharge your wallet with the cryptos supported by your marketplace.
  4. Check the listed NFTs and buy some NFTs. Before buying these NFTs, you should conduct a proper research.
  5. The payment will be made using your crypto wallet and once the transaction is complete, the NFTs will be transferred to your wallet.
  6. Now, it is for you to decide when and where will you sell these NFTs.

Before you purchase the NFTs, let me tell you that NFT trading is still volatile in nature. Hence, you should conduct a proper research before investing in NFTs and invest only that much which suits your risk appetite.

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FAQs on How to Buy and Sell NFTs in India

What are NFTs?

NFT refers to a Non Fungible Token. It is a piece of data that is stored on a block chain and represents an asset. NFTs derive their value from some underlying assets.

Can I invest in NFTs in India?

Yes, You can very easily invest in NFTs in India and they come under the category of Virtual Digital Assets. However, they are taxable and you will have to pay a tax at the rate of 30%.

Name some Indians who have invested in NFTs in India?

Some of the famous persons who have invested in NFTs in India are Amitabh Bachchan, Sunny Leone, Salman Khan, Rajnikanth and Sunil Gawaskar. According to the official data, around 7% of Indians have invested in one or the other kind of NFTs.

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