What are NFTs and what is special about them
Furthermore, one of the characteristics of these tokens is that anyone can convert their creations, be they images, videos, audios, URLs, or even physical objects in the real world, into non-fungible tokens.
How do NFTs really work?
Blockchain technology allows the creation of smart contracts endowed with the necessary metadata to guarantee their authenticity. This metadata includes:
What determines the value of an NFT :
From the outset, one might think that the value of an NFT is subjective; however, its value is also linked to a series of market rules:
Utility: — The value will increase if the NFT Development Company use cases inside or outside the crypto ecosystem. In the event that the NFT can be exchanged for a tangible good for real use, it will be an added value that will directly influence its market value. This is the case of NFTs that allow you to enter events or are exchangeable for other real goods. The combination of the principle of scarcity together with the utility of the NFT will undoubtedly have a positive impact on its value.
Rarity :— This feature plays an important role in the world of art NFTs. When a project or an artist creates a collection of NFTs, they have a series of characteristics that make them unique, which can be verified in a rarity table provided by the creators. This rarity index will directly influence the market value of each NFT.
Membership :— One of the big factors influencing the NFT token price lies in the prestige and popularity of the project. As in the world of collecting, having an NFT of the largest collections released to date in your wallet gives you a reputation and a value for which any user would be willing to bid;
The main platforms where to buy or create an NFT
Unlike other processes that require more advanced technical knowledge when operating in the crypto world, creating, buying or selling an NFT Development Services does not need anything more than a virtual portfolio or wallet .
open sea :
Opensea is the platform par excellence where you can buy, sell and above all create NFTs, since it offers its users to create these non-fungible tokens without the need to write a single line of code and completely free of charge. Active since 2017 and with more than 14 million digital assets, it is undoubtedly the most used platform in terms of the digital market and one of the safest, since it is backed by the security of the Ethereum blockchain.
In order to operate on this platform, keep in mind that you will need an Ethereum network wallet such as MetaMask and, of course, available ETH.
rarible:
Rarible is the most recent platform, launched in 2020. It is a decentralized platform that brings together all the characteristics of an NFT marketplace , where you can buy, sell and create digital works converted into non-fungible tokens, and even add additional content in the different works, such as encrypted messages that only the current owner of the token can see.
It is an easy-to-use and very intuitive platform for newly initiated users; Thanks to blockchain technology , just by entering the characteristics of your work or digital item, users will be able to start trading with their new NFT. Thanks to the preview, you can easily recognize the NFTs that are on the market, as well as those that other users have in their wallets.
Furthermore, Mintable also allows content creators to monetize their digital brand without having to make any initial investment in crypto.
What types of NFTs exist and what are the most popular projects?
There are several categories of NFT, each one has its own characteristics in terms of design, utility, community or sector to which they are directed, let’s take a brief look at the most popular:
Crypto Art : as its name indicates, it is a current or discipline that focuses on the design of digital art turned into NFT; Its recent success is due to the fact that blockchain technology allows its creators to claim ownership.
Video games (virtual worlds/metaverse): this category of NFTs has been booming for a few months. Users can get hold of an NFT that later grants them access or benefits, either in a virtual world or in video games. There are games that encourage their users to play following a classic play to earn mode; that is, the more you play, the more native tokens of that project you will earn and the more benefits you will earn.
Real Asset Tokenization — One of the first real-world uses of NFTs has been in real estate. Many companies in the sector have created NFTs that are equivalent to real estate titles, allowing sellers to claim ownership of real estate, and buyers to verify its authenticity through blockchain technology .
The future of non-fungible tokens:
Its future is highly linked to the advances of the blockchain, so if something is certain, it is that both creators and developers will be able to advance to an even safer environment if possible and will unlock new use cases in the NFT space.
We are witnessing the birth of a sector that is booming and growing at an accelerated pace, since the possibilities it offers are endless. It is a fact that it is increasingly common to see how projects and companies take their products from a collection of NFTs, which guarantee certain benefits and privileges to their users, so there is nothing left to do but wait to discover what the new ones are. use cases that are about to reach the hands of these emerging projects.
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