If today, anyone asks about the future money, the answer will be NFTs for sure! From a beginner to a pro, its craze has been over everyone’s head. And why not? After all, it has been ruling the internet. Wait!!! If you think that this craze is nothing but a matter of a few years, then you must think again. Yes, it’s high time that you should know everything about NFT and the reasons why you should invest in NFTs to have a secure future.
Gone are the days when you needed to trade in physical money to become rich. Ahhh!! We live in the digital world. If it can bring on people to the digital world, then why not the money? I mean, just think about cryptocurrency. Who would have thought of it in the past? Well, not only money, it has brought a revolution in the art world as well in the form of NFTs.
But, is it really worth the hype? To answer this, each NFT has a different number of potential future results. But the direct answer to this query is a big YES! Also, it is the right time that you should take the step and invest in NFTs. Though it has huge benefits, you should have a piece of proper knowledge about it before investing as it is not related to other cryptocurrencies.
If so, then what is it all about the NFTs? Why do you need to invest in them? Is this buzz profitable for the future? You must be having such thoughts. Don’t worry! Below, you will get to know the answers to all these queries.
What Is It All About The NFTs?
It’s almost a year and still, NFT is a hot topic that made most people wonder about this flood of money. How would you react if you get to know that the image of Nyan Cat got more than millions of dollars?
Ahhh! It’s not over yet! You will be more shocked to know that Twitter’s founder too had put an NFT sale on an autograph tweet. That’s really crazy.
So, Why is this cat or autograph worth millions of dollars?
What is it all about? Let’s end this confusion!
Non-Fungible tokens aka NFTs are way too much more than merely being an image or an artwork.
Yes, those ordinary-looking images can be the cryptographic assets that are distinguished from each other via unique identification metadata and the codes stored in an Ethereum blockchain. Here, the blockchain stores the name of the original craftsman as such and keeps on adding the successive owners. This means your copyrights are secured forever. That might sound too technical!
Simply, the NFTs are the digital art representation of the real-world art or real- estate that cannot be exchanged or traded, unlike the fungible tokens.
Also Read, Marketer’s Guide To NFTs And The Metaverse
This means that, unlike the other crypto money, for instance, bitcoin, one artform cannot have the same value as the other and that is why it is irreplaceable. Also, it gives you the liberty to connect one NFT with any other. This means you can combine two different NFTs together and make a third new NFT out of it. Amazing, right?
It’s Great, but, what does this token mean?
Is it like a chit?
Tokenizing the art means that now it is accessible to be bought. Also, you can sell it, or if needed, you can even trade with it. This means the person owning the particular NFT can sell out his token to anyone.
Wait! You to invest so much money on NFT if you can have the option of duplicating or taking the screenshot? Isn’t this an easy option?
HA! HA! HA! Yes, you can have the screenshot of the image or the meme or whatsoever. But it is not about the artwork only! it’s about authenticity.
What Does The Current Market Of NFTs Center?
NFT can be anything but these days, digital art is getting all the hype. The worth of a particular NFT depends on whether you are the artist, buyer, or collector. Yes! All these things are different.
If you are an Artist, then congratulations. WUHUUU!!! You can be a proud millionaire in the future if you are interested in the NFT. Just make your NFT and that’s it. How about if you get money every time when someone sells your art or changes your hands?
if you are a buyer, great! Though you will invest millions of dollars for someone else’s art, yet you will be in profit. You will enjoy the basic rights that others can not enjoy ever!
And, lastly, if you are a collector, you can buy a few NFTs and sell them out in profit by fetching some tempting offers.
But!!! This is not all that is applicable for all. I mean, why would someone consider your art for NFT? Wait! I am not discouraging you. Instead, you need to come out of your imaginary bubble. It is not that you cannot become a proud owner of the NFT, but it is mostly the big brands or the famous celebrities that launch their NFT and fans keep on drolling over those.
Also, you need to know that it is not the traditional investors who are interested in these assets, instead, it’s the fans or the art collectors who want to have their hands over such art.
How To Mint An NFT?
Hitting again to the technological terms, you must be confused with this minting mean. Right?
Don’t get confused. It is not rocket science. Minting NFT refers to the process of turning a digital file into a crypto collectible or digital asset on the Ethereum blockchain.
If you wish to mint an NFT, all you have to do is to create an account> Log in> Install Metamask (chrome extension)> upload the file to the marketplace> Listing it.
And, you Voila! You are done!
Where to buy NFTs?
Obviously, you cannot buy the authentic NFTs from any other site or the local buyers. Ahhh!!! Internet is filled with fraudsters. So, to check if you are not being fooled, it’s advised to buy these NFTs from Nifty Gateway, Grimes’ choice, OpenSea, and Raible.
If you can buy these digital assets, can you buy the physical objects as an NFT?
Well! Well! Well! this is a nice option but I cannot be sure if it will work or not. Yet, the good news is that NIKE has connected a few real-world objects with the NFT, called the CryptoKicks.
Reasons Why You Should Invest In NFTs | Why Are NFTs Important?
At least now it might be clear as to what the term NFT means and why it has got so much hype. Now the question arises why are NFTs important for you?
You need to search this all over the internet. Here are the best possible reasons why you should invest in NFTs:
1. Infinite Growth And Development Prediction
NFT has been in the picture in the crypto world for a few years now. It is creating the hype for its value. Yet there are questions if it will be able to maintain the same hype or not? But, predicting the currency market, the NFTs will rule the future.
Well, one of the major steps that can prove to be beneficial in the coming years will be pegging the NFT with the land pieces. It’s up to you if you want to sell out your virtual land or to rent it as it will be in high demand.
2. Liberty Of Tokenized Assets
Asset tokenization is the process by which an issuer creates digital tokens on a distributed ledger or blockchain, which represent either digital or physical assets. The best thing about tokenization is that no one can steal your authority.
Think for a second! If your physical art will be there forever?
Ahhh! You cannot say this. Right? Even if it does, can’t it be duplicated? Obviously! But it is not the case if you are creating an art and then tokenizing it. Do you know what does it mean?
If tokenized, it will have a complete blockchain with the name of the creator and the successive buyers. Thus, creating value and originality.
3. Excessive Liquidity
Liquidity of the NFT is the ease with which it can be bought or sold within that network for cash in return. Not only the cash, you can swap two of the NFTs.
How about renting a space?
Yes, the NFTs allow you to rent a place anytime. Yes, its upto you whom you want to rent your NFT and whom not without anyone else’s consent. And, the best part is that you will still remain the owner of that virtual land. Isn’t it amazing?
4. Decentralised Money
Decentralized means you and everyone else can verify you own something. All without trusting or granting custody to a third party who can impose their own rules at will.
The best thing about the NFT system is that it is based on trade in Ethereum and everyone knows Ethereum is secure and decentralized.
Another great thing to understand about the NFT is that no two NFTs can have the same value. Also, no one can legally copy your work or the item that you own.
With every object, there are two aspects! GOOD and the BAD and the same is the case with the NFTs. You need to hold a trained eye to check if the NFT you are wishing to invest in is really precious or not?
All you need to have is the proper knowledge.
So, this was all about NFTs and the reasons why you should invest in NFT in the present. Now it’s your turn to share your thoughts over the same in the comment section below and do share it with your investor’s friends.
Frequently Asked Questions:
Q. You Should Mint An NFT Or Buy one?
Talking about the profit, the mint price of an NFT is the lowest price point. It can take a hype from it or may not (depends on a lot of factors). In contrast to this,
Q. How long Does It Take To Mint An NFT?
Precisely, it is not predictable as to how much time does it take to mint an NFT.
Q. What’s The Most Expensive NFT Ever Sold?
It is not shocking that the NFTs can be sold for millions of dollars. The most expensive NFT belonged to Beeple who sold his artwork for $69.3 to Vignesh Sundaresan
Q. What’s The Weirdest NFT Ever Sold?
You never know what can be sold online. You will be surprised to know that the weirdest NFT ever sold is the X-ray of teeth. Yes, you read it right, It is so weird!