What is NFT?
The world has become advanced. Everything is digital, even the money we spend. You may have heard of cryptocurrency and the Blockchain system. Many have become wealthy by tapping into the crypto market. Common cryptocurrencies include Bitcoin, Ethereum, and Dogecoin among others. These cryptocurrencies work on the same principles as physical currencies. They serve as a store of value and means of exchange. But there is another kind of digital currency – NFT.
NFT is an acronym that stands for Non-Fungible Token. Non-Fungible refers to an item that has no substitute, it is unique. A token represents ownership of something of value or a stake in an item of value. Thus Non-Fungible tokens are proof that you have unique assets in the digital world. The assets or properties may include videos, photos, and audio files among others.
NFTs represent rights in these items, a sort of proof, this time digital, that shows you own these items. NFTs can also track whoever uses these assets such that you can get royalties and other rewards. NFTs don’t give you copyright claims as these items are visible on different sites on the web.
Why should You own a NFT?
Why should any of the above interest you? You may or may not even know anything about Blockchain and online assets. You may have some investment in other cryptocurrencies. Still, there are several reasons you should own NFTs. Consider ten of such reasons.
- You may have missed Bitcoin unless you acquired it early. NFT can be the next big thing:
Why can we be so sure? Because the growth has already started and it is already showing great potential. When Bitcoin first came out, many laughed it off as something doomed to fail. Today Bitcoin’s value is in the thousands of dollars. NFT shows similar potential and aims to redefine the crypto market. A business magnate has predicted that big companies will use NFTs to gain traffic. NFTs will also be useful in providing loyalty programs for customers to win big prizes. NFTs will also be useful to establish ownership rights on all online content.
- In a new Covid shaped world NFT can be a new way to get non-digital assets.
The pandemic sure changed things. To adapt to these changes NFTs provide a way out. Say you are in an online auction or you need to buy non-digital assets, your tokens can come in handy. They provide you with options for acquiring both digital and non-digital assets.
- Even conservative institutions like The New York Times (and others) are starting to incorporate NFT.
If you are still skeptical about NFTs, your fears are understandable. Yet, some conservative institutions are already trying out Non-Fungible Tokens. Lottery companies, political institutions, and big news agencies like The New York Times are incorporating NFTs into how they do things. Why are they doing so? Because everyone can see the potential! NFTs are providing what many have thought could not exist – digital ownership.
- Timing. It is an ideal time to start as we are not at the pick peak? of the hype, and it is not a household name like “Bitcoin”.
As the saying goes “Be Fast or be last”; the best time to own and use NFTs is now! Quick investment decisions helped those who got rich through Bitcoin. NFTs are new and the opportunities are easy to seize. You can realize rich gains by becoming an early bird in the NFT investment.
- Easy start, no investments needed – just publish your NFT on one of the platforms if you do not want to develop your own thing.
Why should you own NFTs? Because it cost little or nothing to own and profit from NFTs. Unlike many other digital stores of value, investment in these tokens is easy to start. You don’t need a huge amount of capital to start your trading. All you need is to start by publishing your token on a digital marketplace. These “marketplace” are sites where intending buyers can buy or auction your tokens. You can sell to the highest bidder or a generally acceptable price. Some of these sites include;
- Myth Market
- Enjin Marketplace
- Great ROI. If you can come up with an algorithm to recognize potential there is a chance to get NFTs for cheap, and sell much higher later.
Every business venture aims to receive a huge return on investment (ROI). The nature of NFTs is that the value of digital assets increases over time. Recently, Twitter boss Jack Dorsey sold the first tweet on the Twitter app for $2.9 million. If you have a digital item of value, and a good sense of judgment you can make a fortune by selling it as an NFT. A good algorithm can help you buy NFTs cheap, and sell at a higher price.
- Great tool for creative individuals. NFT is not only for tech gigs or Silicon Valley elite – it is also used by artists who want to monetize their works.
The good news about NFTs is that anyone with a creative mind can receive a rich reward. By putting their work of ingenuity for sale through the use of NFT, there is much to gain. If you are a digital artist or graphics designer, you can make it big by monetizing your creations.
- NFT is not only about financial gain or monetary speculation – it is a way to record the ownership of valuables and represent an item in digital space.
The NFT system provides another kind of benefit – a sentimental sense of ownership. Even if your collectibles are not physical, NFTs will make them appear as real as possible, giving you a sense of ownership.
- You don’t need any technical skills to get, buy, or sell.
The concept of NFT is not far-fetched, and it is very easy to understand. You can create the digital asset yourself or get one from any online “marketplace.” No technicality, just good, old-fashioned commerce.
- There is no way your NFT can be as volatile as Bitcoin or Ethereum. Every NFT is unique and does not depend on trends, news, or political situation. Think of it as your currency, that no one can de-evaluate.
If you think that volatility or other challenges in the market can affect NFT, then you are wrong. Remember, the token is unique, you control your asking price, and you can sell it anytime you choose. NFT keeps you in control. It is your currency.
NFTs has opened a door of opportunities for everyone to own, buy, and sell online assets. It is one of the few systems that keeps you in control. If you study your pros and cons well, you can make a fortune that you never thought you could. In this technological-driven age, you can own something of value and make money while at it.