What makes NFT so special and how you can keep up with the trend
The trend of tokens, when millions learned about them, came in 2021. Now every well-known and not-so-celebrity or a company is trying to enter this market and create its own NFT token. Why is it so attractive and how do they make money on it?
What is the strength of NFT?
● Non-fungibility. It is hidden in the name itself that this is not just a token, like any cryptocurrency. It is a token that cannot be freely exchanged one for another. Bitcoin is the same token and one coin is easily changeable to another. But NFT does not lend itself to such easy conversion.
● The uniqueness of digital content. Virtual-only items were usually created as NFT, however, nowadays real things can be attached to NFT as well. This increases its value, significance and collectible appeal.
● Exclusivity. Nowadays, there are several tens of thousands of variants of NFTs issued. For example, 10,000 tokens were created in the Bored Ape collection. But each of them is unique. About 170 different variations of the background, facial expressions, hats, and so on were used. That is, not only is each NFT unique, but there are not many of them within a project.
All this makes NFT a tasty morsel for companies, collectors and those who want to make money on it.
How people make money on tokens
Since the trend is only gaining popularity, good money is being made by selling NFTs.
1. Purchase and subsequent resale of unique tokens. Here it is important to guess (or perfectly analyze the market) those positions that will grow in price after a while. The initial cost is often minimal and affordable. People usually buy them right after the drop and after 2–6 months they sell them for hundreds and thousands of dollars.
2. Create your own NFT. Yes, this is also a way to make money. Technologies are going far ahead, so everyone can create their own token but not just artists or digital illustrators.
3. Copyright. A token gives ownership of a digital object. For example, one of the paintings by the popular artist Banksy was digitized in NFT. And the real work was burned. That is, in fact, only a digital copy remained. Why not make money if you make other copies and sell them?
There will be more monetization options over time. Simply because this market is growing day by day.
NFT platforms designed for your profit
To buy or sell a token, special marketplaces are used. The most famous one is OpenSea. It was the first marketplace where the first sales of tokens through smart contracts were organized. The top three also include Rarible (often chosen by celebrities) and SuperRare. Each platform has its own characteristics and intent. It is important to choose what is closer to you.
NFT-marketplace Cifris is a new look at the usual sales. Our clients are various companies that create tokens, both for virtual and for real items. For example, you can buy a non-fungible token for sneakers and request a real pair from the manufacturer with it.
Other interesting lots are also presented on the NFT-market. You can buy, sell and auction NFTs here.