NFTs have taken the world by storm. Ever since they were introduced, people started investing in NFTs and making a unique NFT collection to earn profits. In 2021 alone, NFTS managed to cross the 12 billion dollar markup, which is huge for the digital market. From mainstream brands to celebrities and local businesses, everyone is investing in NFTs to bring uniqueness to their social media profiles. These investments are proving to be profitable for many.
The ever growing NFT market makes one wonder what is the reason behind this? Why are there so many NFT marketing agencies on digital platforms? If you do not know much about NFTs, then here is your beginners guide in simple and easy words.
What Does NFT Stands For?
NFT simply means Non-Fungible Tokens. These unique tokens are created on blockchain technology and can not be replicated. Non-fungible means that these tokens are unique in their capacity. There is only one certain NFT in the world and you can never find its exact replicas.
Bitcoins are fungible. If you trade a bitcoin, you can receive the exact same cryptographic coin. However, when you trade an NFT, you will not find the matching replica for it. This uniqueness of NFTs make them popular among artists and art collectors.
Why Are NFTs Important?
You must be wondering that NFTs are digital assets just like bitcoins, Etherium, and other cryptocurrencies, so how are they so important? The answer is simple. NFTs solve problems for digital assets like no one else does.
Previously, digital assets have always faced one major issue, the ownership rights. If you are the owner of a digital asset, you might understand the struggle of keeping your rights in the vast digital markets. NFTs are unique. No one can replicate your artwork. Therefore, your ownership rights are always intact unless you sell the NFT and agree to give up your ownership rights. This is what makes NFTs so popular among investors in the digital world.
How Are NFTs Available In The Market?
NFTs are available in different cases in the market. For instance,
Art is one of the most popular cases in the NFT world. People turn their portraits, abstract art, paintings, memes, and much more into an NFT.
There is a generative Art and a non-generative art category in the NFT world that you can explore.
Music is relatively a developing category in the NFT cases. Music NFTs allow creators and artists to capture larger portions of value that they create. Normally an artist revives only upto 12% of the artwork they create. However, an NFT can help them generate greater revenues.
Gaming is one of the blooming NFT cases. People can easily earn revenues by letting their NFTs be used in the games. Players can collect these NFTs to earn game points whereas the creator will earn profits. This option is relatively more popular because the gaming industry is always booming. NFT creators have greater chances of earning profits here.