NFT For Dummies – An Engaging Guide for Aspiring NFT
NFTs – From nowhere to everywhere
NFTs have created a huge BOOM in the digital market, and without a doubt, they are the next biggest thing in the digital space to keep our focus. But there also exist some individuals who don’t know much about NFTs. This blog is exclusively for them as they need to have a brief glimpse into NFT basics before exploring them. Let’s start with the dummies guide to NFTs.
Actually, what is an NFT?
An NFT represents a unit of data that can only be seen in the virtual world. NFTs can be defined as a verifiable digital assets exchanged between a buyer and a seller (creator). You can tokenize real-world objects, including art, image, audio, or even a tweet, into NFTs and trade them for enormous profits.
Is there any link between NFTs and Cryptocurrencies?
There are certain common points, but it doesn’t state they both are the same. An NFT is a digital representation of a digital asset owned by a creator, whereas cryptocurrencies are digital money seen as an alternative to traditional cash systems. Both are seen as wise investments, and the blockchain seems to be the connecting factor between them.
What makes NFTs extra-special?
Its non-fungible nature makes it more attractive in the sight of NFT folks. NFTs cannot be exchanged like digital currencies. To simplify, NFT is like an item belonging to a physical collector, but the difference over here is the destination. NFTs cannot be showcased like any physical object, but one can get hold of a digital piece of art to include in their virtual gallery without complications.
How does blockchain work on NFTs?
As we know, blockchain is a completely decentralized public network that eradicates the presence of any intermediaries and go-betweens to interfere in the trading of NFTs. Non-Fungible Tokens use blockchain tech to provide verifiable proof of proprietorship of the specific item the NFT is linked with. The technology can also be defined as a “WALL OF PROTECTION” that safeguards the asset from all kinds of vulnerable attacks and never lets anyone replicate the asset.
What are the characteristics of NFTs?
There are 3 main characteristics of NFTs. They are as follows:
Uniqueness – Each NFT is unique by default. An NFT cannot be recreated again at any cost. An original asset remains in its stature until the end without giving space for replications.
Scarce – NFT is usually kept on the blockchain network. As a result, the certificate of ownership is available on various networks permitting the original owner of a digital item to be proved with proper evidence.
Indivisible – NFTs cannot be divided into parts, thereby, one cannot get hold of or transfer a small portion of them.
What are the different types of NFTs?
When you say the term “TYPES OF NFTs’, ‘the first thing that comes to our mind is some art. But my friend, even more, different types of objects can be converted as NFTs. And there are as follows:
- Domain names
- Real-world assets
- Virtual fashion
- Mega sports moments
- Event tickets
- Collectible items or Trading cards
How will you evaluate the value of an NFT?
The demand and scarcity factor plays a vital role in deciding the value of an NFT. It depends on the kind of NFT. For instance, a concert ticket or a real estate property has high value.
Who all are benefited by NFTs?
You, me, and many others. To make it simple, NFTs are considered a great blessing for original content makers like artists, musicians, meme creators, and even celebrities.
If you are interested in becoming a part of this great business, you can also convert your digital artwork as an NFT and get a chance to make massive profits.
You will be getting your profit in the mode of royalty pay (5% to 10%). Collectors use this trend to collect unique NFTs and sell them for higher profits when their value reaches its peak. So, many are benefiting from the inception of NFTs.
What provokes you to create an NFT?
Its productivity is the first and foremost thing that drives us into this mega money-making space.
Even though NFTs existed for many years, in late 2019, only everybody started to speak about it. The most significant reason is that NFT spaces are wholly dedicated to creative minds who can transform their unique artworks into NFTs.
The success stories of Beeple and CryptoPunks made many individuals step on this platform with big hopes and dreams. Creators with unique creations can make a good profit with this platform.
The only thing you have to do is to have a unique digital artwork that is unique and rare because rarity is the main key to achieving great success in the NFT space, without a doubt.
What are the most expensive NFTs ever sold?
1. Pak’s The Merge – 91.8 Million US Dollars
2. Everyday: The First 5,000 Days – 69.3 Million US Dollars
3. Clock – 52.7 Million US Dollars
4. Human One – 28.9 Million US Dollars
5. CryptoPunk #5822 – 23.7 Million US Dollars
Where to trade NFTs?
Like an e-commerce website, NFTs also have an ideal location for trading where potential buyers pay money to get hold of the assets they desire. An NFT marketing platform is exclusive where the NFT trading occurs.
What are the popular NFT Marketplaces?
Some of the most popular NFT marketplaces are OpenSea, Raible, Foundation, Nifty Gateway, SuperRare, Axie Infinity, Enjin, SuperFarm, etc. Apart from the mentioned, there are even more platforms in the market.
How to develop an NFT Marketplace for your benefit?
On learning about the financial aspects of owning such NFT marketplace platforms, many top investors and crypto startups came forward with the concept of owning an NFT marketplace to improve their business standards.
Creating an NFT marketplace from the ground up is not that simple, and we have to invest a lot of money and time to make it happen.
But another cool option also exists that ultimately helps you develop an NFT marketplace soon for an affordable price.
It is the process of creating an NFT marketplace with the help of clone scripts. A perfect clone script aids anyone to develop and launch their own NFT marketplace in no time.
What is an NFT Marketplace clone?
The clone NFT marketplace platform works in the same lines as an existing marketplace.
For instance, if you want to develop an NFT marketplace like OpenSea, you must first get in touch with an NFT marketplace development company in the crypto town.
Once you finalize the company, they give you the essential customization solutions where you can add some extra features to the marketplace that could easily grab the attention of crypto enthusiasts to your platform.
How much does it cost to develop an NFT Marketplace clone?
The cost wholly depends on your business requirements. There is no fixed rate for developing a clone NFT marketplace platform.
What are the money-making methods of NFTs?
You can consider NFTs as a business concept. Some of the business ideas related to NFTs are for your reference:
Becoming an NFT Artist – Convert your digital artwork as NFTs and display it on the NFT marketplace. By doing so, you can get good profits.
Starting an NFT Online course – If you master the concept of NFTs, you can even make money out of it. You can share knowledge via online courses with many aspiring NFT folks and get a decent earning out of it.
Transforming as an NFT Blogger – If you have good writing skills and knowledge in NFTs, you can make good money. You can start publishing your blogs related to NFT and profit from it. This might take a long time but is considered a steady income-generating business concept.
NFTs are the future!!!!
The exclusive benefits of NFTs have become the attention-grabbing factor for a wide range of aspiring NFT folks across the globe. Many individuals from various backgrounds express their enthusiasm to use this life-changing trend.
Apart from them, even celebrities started to utilize this innovation to make massive profits and make their presence in the digital space. We have witnessed only a glimpse of NFTs, and there is a lot more in stock for us to catch in the forthcoming years.