The NFT as a sector has improved, evolved, and adapted itself as the perfect breeding ground for revenue generation in the last few years. It found its footing during the lockdown. Because people are finding ways to penetrate the market for its opportunistic benefits with many people tuning into the online sector. Moreover, the investments in the sector have economically uplifted many of its participants. And part of the reason for the growth in the sector is the unmatched security, exclusivity, utility aspects that come in handy with real-world consequences and applications. It is also the ultimate new-age formula for artists and creators to start their careers on the right foot, as many have done already.
Let’s look at NFTs, blockchain, why you should invest in NFTs, a few NFT marketplaces leading the industry, and the future in the sector.
The nature of the tokenized assets is non-fungible, which means the assets cannot be valued the same. A non-fungible token is abbreviated as NFT. These tokens are assigned to digital native and/or digital copies of real-life objects. Whereas cryptocurrencies cannot be valued the same as these assets, they are fungible. Fungibility arises from the ability to exchange one asset of a particular value to the next. The non-fungibility makes them very compatible investment material. NFTs are fundamentally “code” in their purest form. Investing and buying code has become the luxury norm that many people gravitate towards nowadays.
The blockchain is an online ledger that records every transaction and authenticates ownership of the assets. The records are made in a variety of instances throughout a large region. Preventing any scams or plagiarism of digital assets, making it impossible. NFTs are a byproduct of the blockchain, just as they are for cryptocurrencies. The projects and niches of industries that can be minted and developed on the blockchain are varied and diverse. In their trajectory for development, the NFTs constantly evolve themselves to integrate many online or digital native industries. Industries available today are music, games, metaverse elements, and documentation, which all stemmed from art.
Why invest in NFTs?
NFTs are current. Their investment and trading platform has integrated the important aspects of the luxury factor found in the real-world use case. The exclusivity and luxury paired together have helped skyrocket their value and, in turn, make them more desirable. The project owners exploit this aspect to the maximum extent. NFTs become more and more desirable as their scarcity is proven undeniable and authentic. The utilities, roadmap and use cases of the project also help raise its worth.
Why do NFTs give hope to investors and collectors?
They are the makeshift assets that don’t exist anywhere except the ether for the most part. And short-term volatile investments prove worthy more often than not. These investments in the sector help propel and generate revenue for both the creators and buyers in folds. The NFTs, as mentioned, holds an air of luxury around them, making it impossible to deny their attraction in modern times. Unless their volatile nature is taken too nonchalantly or effortless, they often prove to be very good investments. The key to a good investment in the NFT trading space is the research behind the project. Any factor pertaining to the project must be thoroughly scoured and verified. The trading listings in the primary and secondary marketplaces, transaction history, track record of the marketplace, etc.
How to purchase NFTs?
There are many factors that influence a purchase of an NFT in its relevant marketplace. The main elements are – open an account in the marketplace you want to buy the NFT from. Read through their company policy, terms and conditions, and subscribe to their newsletters, discord, social platforms. Exchange your currency in Metamask or similar exchange platforms. Fund your wallets in the relevant wallets the marketplace supports. At last, buy your NFT either through auctions or fixed price sales, depending upon the project.
Notable NFT marketplace in the NFT hemisphere
Many iconic NFT marketplaces exist, and each stands out for a unique feature. They are also very nuanced, depending upon their niche. Each market varies in one way or another.
Beyondlife.club is one of the biggest NFT marketplaces in India responsible for Indian-based NFTs on a global standard. Amitabh Bachchan, Stan Lee, The Hindustan Times, and The metaverse marriage are some of the few projects that they host.
Colexion is one of the exciting platforms that combine both sports and metaverse elements into their interface. They have a collection of avatars, in-game assets, and metaverse spaces to play around with.
Some of the other prominent spaces in the mix are Rario, Bollycoin, Always First, Diginoor, etc.
Looking to the future
The NFT marketplace is highly volatile and beneficial for short-term-based investments. They provide a wonderful space for revenue generation for anyone who dares to participate in the platform. Start investing in your dream NFTs and trade further to multiply your inputs.