Whats the point of a nft

Sixth, it’s so easy to get started, and we show you howas well as which NFT wallets should be considered.

Before diving more in-depth into these reasons, though, let’s cover NFTs and NFT art in case these are new concepts to you—and, if not, just skip on ahead.

What are NFTs?

NFT is an acronym that stands for “non-fungible token.” It’s a fancy word, but non-fungible just means “unique.” You can think of it as the opposite of fungible, which essentially means interchangeable.

Fungible goods you’re likely familiar with include things like common shares of a given company or standardized currency like dollar bills. For all intents and purposes, they’re completely interchangeable.

So, all this is to say that NFTs are unique and noninterchangeable.

What’s the point of a nft

You can also sort pieces by sales volume to discover new artists.

Rarible: Similar to OpenSea, Rarible is a democratic, open marketplace that allows artists and creators to issue and sell NFTs. RARI tokens issued on the platform enable holders to weigh in on features like fees and community rules.

Foundation: Here, artists must receive “upvotes” or an invitation from fellow creators to post their art.
The community’s exclusivity and cost of entry—artists must also purchase “gas” to mint NFTs—means it may boast higher-calibre artwork.

What’s the purpose of a nft

But you are quite not sure how the buying process of NFT’s really work.

There are basically two ways you can buy an NFT:

Direct Buy : Direct buy is basically when you buy the NFT without participating in the auction and competing with other buyers. During this time, you are able to buy the NFT directly at the price it was listed for. However, it is still upto the seller to make the final decision as to if he wants to sell or not.

Auctions: Auctions is where seller lists the item for sale in the auction and many buyers try to compete with each other by bidding their highest price to win the auction. If the seller finds a price that is suitable for him, he decides to sell the NFT to the highest bidder.
Normally, what I’ve seen is that, most NFT sales eventually become an auction.

What’s the point of nfts

While most of the Crypto Tokens are “Fungible” like Bitcoin as they can be duplicated and replaced.

For example, say, you have5 BTC, and you give one to your friend.Do you think, your friend will own his version of Bitcoin, No. He will have the exact same kind of Bitcoin as yours.

This is not the case with NFT’s as NFTs are unqiue to each other and every NFT Token out there is different. Due to this, Today, NFT’s are used to represent digital assets and collectibles such as Original Artwork, Trading Cards, Music, Videos, Digital collectibles and anything digital.

Whats the point of a nft

You’ll likely need to purchase some cryptocurrency, like Ether, depending on what currencies your NFT provider accepts. You can buy crypto using a credit card on platforms like Coinbase.

You’ll then be able to move it from the exchange to your wallet of choice.

You’ll want to keep fees in mind as you research options. Most exchanges charge at least a percentage of your transaction when you buy cryptocurrency.

Popular NFT Marketplaces

Once you’ve got your wallet set up and funded, there’s no shortage of NFT sites to shop.
Currently, the largest NFT marketplaces are:

OpenSea.io: This peer-to-peer platform bills itself a purveyor of “rare digital items and collectibles.” To get started, all you need to do is create an account to browse NFT collections.

And apps can’t be resold—so those purchasers weren’t in it for any perceived investment value.

At this point, no one should be surprised that NFTs can gain such high valuations based on so little. They are, after all, traded via cryptocurrency blockchains whose core function is to record the sale of unique internet tokens that need not point to anything at all and yet are independently accorded value because they’re commonly understood to be currency.

When the cryptocurrency Ether—whose name is literally a synonym for vapor!—is going for $2,100 a unit, why should an Ethereum NFT that points to a digital artwork not also accrue independent attention? A single unit of bitcoin that fetched $4 when one of us first taught a class about it in 2011 is worth thousands of dollars today.

If you are concerned about copyright and how it applies to NFTs, then this may help you out.

  • Is NFT Art Protected by Copyright Law? (How To Get Sued)
  • Can NFTs Be Copied? 7 Things to Know

NFT art platforms help creators tokenize their artworks as unique assets, making the record of ownership forever available on the blockchain.

While many people might view it—proving that it has intrinsic worth—only you will have the official ownership of the asset.

Final thoughts

NFT art might not be for everyone, but it’s appealing to many collectors, particularly those who focus on the many positives of NFTs, such as democratized access, authenticity, scarcity, and the ability to forge a unique relationship with artists.

What about creating the art? Perhaps that’s what you want to do.

What is the most exciting however is that according to Decentraland, NFTs allow for items to be moved to different games, even if they aren’t from the same developers.

Like wow, just how incredibly exciting is that? You could purchase an NFT skin in one game and flex your unique skin in another!

Secondly, player records can be stored on blockchains and transferred in the same way as items through NFTs. This would mean that it would also be possible to maintain and be recognized by a single identity across gaming platforms, simplifying login and account creation.

Future of NFT not limited to gaming

As we can see, NFTs could potentially bring countless benefits to the online world, but hold on! The future of NFTs is not only limited to gaming.
This phenomenon has also been speculated to revamp the music and movie industry.

The value of the clip is based on the popularity of the team, players, the moment and how many of them are available. The value of the Coles Golden Trolley was higher than other items due to its rareness. You can buy many of the Top Shot Moments for USD$2, however the current asking price of the NFT of LA Lakers LeBron James’ slam dunk in Nov 2019 against Sacramento is currently USD$225,000 (there were 32 sold). The Top Shot version includes the video of the play.

NBA NFTs

Providing you have copyright, anyone can make an NFT. The credibility of the NFT comes from the originality of the item, the copyright and the value the community places on it. The value of the originality (uniqueness) and the interest in it, is potentially more important than the creator.

Yes, other people can see the painting or can even make copies of or enjoy the music, but the original version will belong to you and no one else.

How Do The NFT / Non-Fungible Tokens work?

If you can understand how the Non-Fungible Tokens work, it will be easier for you to acknowledge what is the point of buying NFTs.

NFTs can be minted directly from the websites or can be bought from the NFT Marketplaces after the public minting is done at the official website.

However, when the sale happens, you do not get the original version of the NFT, but you get the certificate of ownership. Everything happens under the security of Blockchain Technology.

When you purchase an NFT, it will be stored in your digital wallet.

The Blockchain is like a database, keeping all the data of the transactions and the ownerships.

Some NFTs are selling for tens of millions of dollars.

These high prices suggest that regulators may not be moving quickly enough to protect unsuspecting investors. Impulsively buying GameStop shares on Robinhood is risky enough—the equivalent of placing a long-shot Kentucky Derby bet because the horse had a cool name.

Worse still is losing your money because you didn’t understand what a horse race was and thought your wager was actually buying a horse.

Derek Thompson: The GameStop story you think you know is wrong

Yet the presumption that NFT buyers are being ripped off misses an important paradox of certain digital goods: The less of a link they have to tangible, non-internet stores of value, the higher the price they might command.

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