October 4, 2022
By Murtuza Merchant
Even though many individuals may still be confused about what NFTs are and how they operate, they are becoming increasingly common.
However, there is money to be gained by exchanging these digital tokens that stand in for actual things like music and art.
NFTs offer unflinching evidence of ownership, exclusive rights, and a secure licensing system.
The fast emergence of NFTs as assets today is being fueled by the democratization of the virtual world, where content producers may freely market and exchange their NFTs.
Learning how to mint NFTs can open the door to monetizing digital material at prices that beat the market for both business owners and artists.
In an interview with NFTMetta, Arijit Mukherjee, founder of NFT platform YunoMeta provides advice for those who are new to the NFT market.
Q1. What changes do you expect to see in this area during the next twenty years? Would committing full-time to NFTs be worth the risk?
I believe it is worthwhile, and I can say that because I make a very good living. We are in a developing industry, therefore I see a tonne of potential for the space going forward. We currently have digital art and sports as the main subjects for NFTs. Soon, movies, television shows, and music will all be available as NFTs. NFTs have several applications that have yet to be discovered, making this area a top choice throughout the following ten to twenty years.
Q2. What tips would you provide to young people and those who want to stand out in NFTs?
Do a substantial amount of research. Never buy in NFTs based only on the advice of a stranger without first conducting your own investigation. Education and information are essential, especially in the beginning when there are many con artists waiting to fleece unwary investors and a constant stream of new frauds. Being alert is the only way to protect yourself, which will also stop con artists from using you as a convenient victim. Did we envision the possibility of digital transactions ten years ago? Nearly everyone now takes digital payments, from vegetable vendors to grocery store owners.
Q3. Could you tell us what methods may be utilized to acquire accurate information as you place such a high value on education?
I began with a two-day training from a buddy who is an expert in blockchain technology and holds advisory roles in several blockchains and cryptocurrency startups. Fortunately for me, the course I attended’s fundamental principles were conveyed in simple language, which immediately captivated me. Despite the fact that there aren’t many classes accessible, I don’t suggest taking any online courses because they are frequently out of date. A person should personally seek information after conducting at least rudimentary research about them.
Q4. Would you mind sharing your approach so that novices might imitate it and providing us with some advice on how to sell NFTs more easily?
The first thing to keep in mind is that the target population’s primary interests should be the ones on which attention should be focused. A pricey work of art, for instance, will appeal to a specific group of people. There is no use in investing in such beautiful NFTs unless we are aware of buyers. Midrange-priced things, however, are simple to sell. Yet again, buying too inexpensive collectibles is not advised since they will not have resale value. Therefore, it is important to have a balance to prevent losses. Aside from this, I think investing in music is a good idea since I think it has a great future. While not everyone can afford an iPhone, everybody can buy a Samsung. Similar to this, one should concentrate on collectibles that enjoy widespread appeal. Additionally, one should be mindful of fraudulent sites that steal cash before disappearing, but this awareness won’t occur unless one properly researches the topic.
Q5. Can a beginner sell NFTs after gathering the necessary knowledge to begin minting or purchasing them without being a part of the appropriate communities?
There are now several services that may help you grow your network and connect with influencers via the use of the appropriate material. It takes science to determine where to go for the proper services and how to approach them. Once you’ve made contact with the right individuals, they may give you advice on the best course of action. Not much can be sought without the right guide.
Q6. In comparison to the US market, how do you anticipate the Indian NFT market will develop over the next ten years?
Indians will realize in the next two years what is best for the US and European markets, and such artifacts will be minted and purchased locally at really low prices and sold in the western markets for three times as much. Foreign markets must be used to sell uncommon, high-quality NFTs, particularly to those with money but less expertise, in order to make money. Within the next five years, India will surpass all other NFT markets in terms of volume sold. India is now just making modest leaps; enormous strides still lie ahead.
NFTs are financial assets and investments that must be controlled; otherwise, there is a great risk of money laundering. The same tax band that is now used in capital exchanges could be considered by the government.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.