NFTs are “one-of-a-kind” assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own.With the rise of the usage of blockchain technology and cryptocurrencies, NFTs have also become popular as collectibles and investments. It has paved the way for aspiring artists, gamers, and enthusiasts to achieve personal and nancial success.
Forgeries do not exist in the realm of NFTs.With NFTs, artwork can be “tokenised” to create a digital certificate of ownership that can be bought and sold. Smart contract is a computer program stored on the blockchain that runs when certain conditions are met. With collectible art projects, royalties can be programmed into the smart contract. Typically royalties are set at around 10%. This means that every time the NFT is sold, a percentage of that sale is programmatically sent to the original creator’s wallet. Investing in NFTs is a lucrative opportunity.The “Gunky’s Uprising” MP3 sold for $1.3 million, Visa bought a Cyberpunk NFT for $150,000.The main selling point of NFT is to market them.Social media influencers promote NFT’s through social media platforms such as Instagram / Twitter channels to drive up the price .
With NFTs, the range of possibilities is unlimited and diverse. NFT is still in its infancy, but its promise is already considerable and it gives creators benefits they have never seen before.
A writing enthusiast.