Non-Fungible tokens– The new trend that rife among investors to research and study NFT. These NFTs are expected to evolve as a new avatar of stocks. Its flamboyant nature and demand drag huge crowds to invest in NFT. NFTs started to grow in multiple dimensions by their subtle characters in numerous streams with the involvement of many artists, celebrities, and social luminaries.
NFTs accelerate the transformation of the economics of creative activities by allowing creators to monetize directly with their fans. NFTs enable creating artworks on the blockchain as NFTs where the artist’s content can be sold globally on decentralized marketplaces. NFT carries a feature that pays the artist a percentage every time the NFT is sold or changes the owner.
Games assets are the revenue streams of the gaming industry. The vast community is being attracted to NFT by its virtual gaming assets and characters. This offers exclusive gameplay for the gamers and enables developers to create unique avatars to list in the marketplace for better profits.
The 2.5 Million dollar tweet,
These NFTs allows to create and convert any unique contents to digitize into an NFT
Which also allowed Jack Dorsey, the billionaire co-founder and CEO of Twitter, to convert his tweets to an NFT and introduce a new possibility of tokenization. The bidding for the tweet is already raised to $80K. Saturday morning, the highest bid for Dorsey’s tweet was $2 million from tech entrepreneur Justin Sun. By Saturday evening, the bid peaks to $2.5 million.
There have been 5,368,992 NFT sales equating to $381 million in sales to-date since nonfungible.com started tallying up the market history. A project called Valuables or the Web3 compatible web portal v.cent.co is attempting to make tweets valuable by tokenizing them via the Matic blockchain.
The report shows the majority (78%) of investors are yet to embrace crypto. Early adopters of NFTs like Rarible, opensea launched its marketplace that enables artists, game developers, and other creatives to participate in the market. This early adoption to such a profitable niche made them emerge as significant players to harvest their NFT revenues.
Will it be a better investment?
NFT tokenization of your unique assets adds value to the assets based on the market’s uniqueness and demand. One can create multiple tokens for the assets and sell them in the market. Marketplace allows ]the creator to sell your tokens in bundles which enables the seller to sell multiple tokens in the marketplace with a lower gas fee.
Non-fungible token standards allow non-fungible tokens to interact with multiple ecosystems. When a new project is launched in NFT, it is immediately visible for the wallet providers to trade NFT in the marketplace. These projects can be displayed under a variety of available marketplaces. The open standards provide a clear, consistent, reliable, and permissioned API for reading and writing data to attain this possibility.
Instant tradability of non-fungible tokens will lead to higher liquidity. NFT tokens can be kept as collateral for liquid cash or other forms of cryptocurrencies for instant cash. The huge pool in the market offers immediate liquidity with a huge audience in the marketplace. NFTs have the ability to expand the market for unique digital assets.
Immutability and provable scarcity:
Smart contracts allow developers to place massive capital on the supply of non-fungible tokens and enforce persistent properties that cannot be modified after the issuance of NFTs. A developer can restrict programmatically that only a specific number of a specific rare item can be created. Developers can also enforce those specific properties do not change over time by encoding them on-chain. This improves the uniqueness of your creation.
NFT has huge market growth, and its value substantially grows with its distinct features. This non-fungible token drives the economy with its virtual platform by attracting Investors and brands to make investments in virtual space. The participation of the audience and NFTs extensive feature increases its market value.
NFTs are currently sold primarily for ETH on decentralized exchanges. Some transactions take place with stablecoins like DAI or USDC due to the acquisition of stable coins. The actions like dutch and English offers a large bidding opportunity for your NFTs for the concentration of a global audience.
Blockchain App Factory, The pioneer of blockchain technology, offers a variety of blockchain solutions for the growth of market players. Now, the promising company finds it as the right time to enable investors to build their revenue stream with the NFT marketplace. With a proficient team, the Blockchain App factory offers a reliable marketplace development solution to emerge as a market leader and harvest your revenue in NFT like Rarible and opensea.